The DJIA turned sharply higher shortly after the open, as oil prices pan 2016 highs
After
disappointing economic data at home and abroad sent the
Dow Jones Industrial Average (DJIA) into the red at the open, the blue-chip index quickly changed course to follow crude futures higher. In fact, June-dated crude oil was last spotted 3.1% higher at $47.63 per barrel -- in year-to-date high territory -- as output disruptions in Nigeria prompted Goldman Sachs to boost its full-year price target for crude. Additionally,
a nearly $1 billion nod from Warren Buffett's Berkshire Hathaway Inc. (NYSE:BRK.A) is helping Apple Inc. (NASDAQ:AAPL) lead a long list of Dow stocks north.
Continue reading for more on today's market -- and don't miss:
Athletic apparel retailer
Lululemon Athletica inc. (NASDAQ:LULU) is among the stocks with unusual option volume at midday, with puts trading hands at four times their typical intraday clip. The shares are off 1% at $60.94, and it looks like new positions are being purchased at the May 60 put -- LULU's most active option. This bearish preference is
just an extension on the action seen in LULU's options pits in recent months. In fact, at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 10-day put/call volume ratio of 1.73 sits higher than 89% of the past year's readings.
Anacor Pharmaceuticals Inc (NASDAQ:ANAC) is one of the top performers on the Nasdaq today, up 54.8% at $98.81 on news that pharmaceutical giant Pfizer Inc. (NYSE:PFE) will
buy the company in a $5.2 billion cash deal. Despite today's huge boost, however, ANAC is still 37% shy of its record high of $156.93, seen last July.
One of the worst performers on the New York Stock Exchange is energy stock
Range Resources Corp. (NYSE:RRC), down 6% a $39.49 on news
the company will buy sector peer Memorial Resource Development Corp (NASDAQ:MRD).
The
CBOE Volatility Index (VIX) is down 0.3 point, or 1.9%, at 14.75.
Today's put/call volume ratio on the
SPDR S&P 500 ETF Trust (SPY) is 1.65, with puts significantly outnumbering calls. SPY was last seen up 1.8 points, or 0.9%, at $206.54.
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