Dow Jones Industrial Average Pares Losses; Nasdaq Outperforms

Where Does Apple Go After Earnings? Plus, Big Plans for Fitbit

Apr 28, 2016 at 12:03 PM
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The Dow Jones Industrial Average (DJIA) was down triple digits out of the gate, after a surprise policy decision from the Bank of Japan sent global stocks reeling. However, the Dow has pared most its losses at midday, even as traders digest slower-than-expected gross domestic product (GDP) growth and a small rise in weekly jobless claims. Meanwhile, the tech-heavy Nasdaq Composite (COMP) is enjoying a healthy lead, thanks in part to impressive earnings from Facebook Inc (NASDAQ:FB).

Continue reading for more on today's market -- and don't miss:

Midday Market Stats April 28

Pandora Media Inc (NYSE:P) is among the stocks with unusual options volume at midday. The company is due to report quarterly earnings after the close tonight, and traders are flocking to the options pits to make last-minute bets. P calls are crossing at eight times their typical intraday click, with about 9,100 on the tape so far. But not all of these are bullish bets. In fact, the most active option today -- the weekly 4/29 10.50-strike call -- saw a big sweep of apparent sell-to-open action, indicating the speculator expects the $10.50 level to serve as a ceiling for the shares through the end of the week. P was last spotted up 1.3% at $9.57.

Medical device maker St. Jude Medical, Inc. (NYSE:STJ) is one of the top performers on the Big Board today, up 28% at $79.21 on news that it will be bought by Abbott Laboratories (NYSE:ABT). The deal is valued at $25 billion, or about $85 per share -- a level the equity has never before seen.

One of the worst performers on the Nasdaq, meanwhile, is Infinera Corp. (NASDAQ:INFN). The stock was last seen 23% lower at $11.94, and hit a new annual low of $11.76 earlier in trading. The company's less-than-impressive first-quarter revenue led at least seven brokerage firms to lower their outlooks on the security, which is off 34% year-to-date.

INFN Daily Chart

CBOE Volatility Index (VIX) down 0.4 point, or 2.8%, at 13.39.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.22, with puts outpacing calls. SPY was last seen up 0.2 point, or 0.1%, at $209.54.

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