Dow Jones Industrial Average Dodges Sliding Oil Prices

2 Stocks Getting Clobbered; Plus, The Drugmaker Making History

May 2, 2016 at 12:06 PM
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The Dow Jones Industrial Average (DJIA) is bouncing back from last week's miserable showing, thanks to a big boost from bank stock Goldman Sachs Group Inc (NYSE:GS). Additionally, construction spending for March rose a modest 0.3%, while the Institute for Supply Management's (ISM) manufacturing index came in at 50.8. Although this was below estimates, it still remained above the highly watched 50 mark, suggesting expansion. The Dow's gains come despite sliding oil prices, with June-dated crude futures last seen down 1.6% at $45.17 per barrel, amid reports that the Organization of the Petroleum Exporting Countries (OPEC) boosted crude oil production in April.

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Midday Stats May 2

Among the stocks with unusual options volume at midday is TiVo Inc. (NASDAQ:TIVO), as traders take sides following the company's M&A news from Friday. TIVO calls are crossing at 24 times the average intraday clip, thanks to enormous activity at the August 9 call -- where more than 10,000 contracts have traded, compared to fewer than 400 at the next closest strike. However, it's unclear how traders positioning themselves here. TIVO was last seen 4.1% lower at $9.57., Inc. (NASDAQ:AMZN) is again one of the top performers on the Nasdaq, as the company adds to its post-earnings rally. The stock has added another 2.4% at $675.49, after trading as low as $474 back in February. However, AMZN is still looking up at its all-time high of $696.44 from December. 

Daily Chart of Amazon May 2

Drugmaker Pernix Therapeutics Holdings Inc (NASDAQ:PTX) is faring even better on the COMP, booming 38.6% to $1.04, thanks to a recently released regulatory filing. More specifically, it revealed hedge fund Point72 Asset Management took a stake in the company. Unfortunately, this doesn't come anywhere close to putting a dent in PTX's long-term losses, as the stock is still down over 84% in the past 12 months. 

CBOE Volatility Index (VIX) has dropped 0.2 point, or 1%. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.36, with puts outnumbering calls. SPY was last seen up 0.5 point, or 0.2%, at $206.81. 

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