Dow Jones Industrial Average Lower as Pre-Fed Anxiety Builds

The Drug Stock Down 70%; Plus, Valeant Gets Some Relief

Jun 13, 2016 at 12:14 PM
facebook X logo linkedin


The Dow Jones Industrial Average (DJIA) is lower at midday, as oil prices retreat back into negative territory. At last check, July-dated crude futures were 0.6% lower at $48.78 per barrel. Additionally, uncertainty ahead of this week's central bank meetings is pressuring the Dow, with Microsoft Corporation (NASDAQ:MSFT) leading the way lower on news of the tech firm's $26 billion buyout of LinkedIn Corp (NYSE:LNKD). Against this skittish backdrop, the CBOE Volatility Index (VIX) has jumped to levels not seen since March 10.

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

Midday Market Stats June 13

Dow component Intel Corporation (NASDAQ:INTC) is among the stocks with unusual options volume at midday. The shares are up 0.8% at $32.31, adding to Friday's iPhone-induced climb, and INTC calls are changing hands at twice their typical intraday rate. Specifically, about 22,000 calls are on the tape so far, with more than half of the action happening at the July 33 strike. It appears traders are purchasing new positions, expecting the stock to rally above $33 within the next five weeks.

Microblogging concern Twitter Inc (NYSE:TWTR) is one of the top performers on the Big Board, getting a halo lift from LNKD's huge buyout news. A recent string of option bulls should be cheering today, with the stock last seen up 5.7% at $14.82, while a round of short covering could send the shares even higher.

A top performer on Friday, Emerge Energy Services LP (NYSE:EMES) has reversed course to start the week as one of the worst performers on the New York Stock Exchange -- down 9.7% to $9.14, following a downgrade to "underperform" from "buy" at D. A. Davidson. The stock has roughly doubled so far in 2016, and after a huge spike to start off June, it looks like the shares may have been due for a breather.


EMES Daily Chart June 13


The CBOE Volatility Index (VIX) is up 2.22 point, or 13%, at 19.25 -- a two-month high.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.56, with puts significantly outnumbering calls. SPY was last seen down 0.8 point, or 0.4%, at $209.26.

Find out where the Dow lands right after the closing bell. Sign up now for Schaeffer's Market Recap
 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI