Dow Jones Industrial Average Flat, Despite Apple Rally

iPhone 7 Chatter; Plus, One 'Attractive Investment Opportunity'?

May 23, 2016 at 12:08 PM
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The Dow Jones Industrial Average (DJIA) is flat on M&A Monday, as a decline in oil prices and relatively hawkish statements from Fed officials offset a rally in Apple Inc. (NASDAQ:AAPL). Specifically, the Dow stock is up nearly 2% amid rumors of bigger-than-expected iPhone 7 production in 2016. Meanwhile, July-dated crude futures are off 0.6% at $48.08 per barrel, and San Francisco Fed President John Williams said he is projecting two to three rate hikes this year, and that he sees "the upcoming meetings as live meetings."

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

Midday Market Stats May 23

Among the stocks with unusual call volume today is Shire PLC (ADR) (NASDAQ:SHPG). Roughly 12,000 calls are on the tape -- 13 times the average intraday pace, and an annual high. Most active is SHPG's July 190 call, which looks to be connected to a larger spread involving the July 170 and 210 calls. At last check, the shares were up 1% at $187.56, after Bryan Garnier started SHPG with a "buy" -- the second bullish brokerage note for the drugmaker in as many sessions.

Intrepid Potash, Inc. (NYSE:IPI) is one of the biggest gainers on the New York Stock Exchange (NYSE), up 9.4% at $1.40, amid a sector-wide rally and ahead of tomorrow's annual meeting of shareholders. However, the fertilizer stock is running out of steam near its 80-day moving average, a trendline that has helped usher IPI to an 88% year-over-year deficit.

 IPI daily chart

Tribune Publishing Co (NYSE:TPUB) is one of the leading losers on the Big Board, down 15% at $12.10. The media group unveiled a $70.5 million investment from billionaire Patrick Soon-Shiong, while also saying it rejected Gannett Co Inc's (NYSE:GCI) latest buyout bid.

The CBOE Volatility Index (VIX) is up 0.6 point at 15.77.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.95, as puts nearly double calls. At last check, SPY was fractionally lower at $205.19.


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