Schaeffer's 43rd Anniversary Stock Picks in 2024

Dow Jones Industrial Average Eyes Another Huge Win; Oil Erupts

2 Biotechs Making Massive Moves

Jun 29, 2016 at 11:47 AM
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The Dow Jones Industrial Average (DJIA) is on track for its second straight triple-digit gain, as stocks continue to recover from last week's "Brexit" shake-up. Specifically, stocks are taking their cues from red-hot oil, with August-dated crude futures up 2.5% at $49.04 per barrel. Crude oil is picking up steam following a sharper-than-forecast drop in domestic weekly inventories, as well as supply disruptions in Venezuela and Norway. Today's other economic data has come in mixed, with pending home sales suffering a steeper-than-expected slide, and consumer spending rising for a second straight month (and in line with estimates).

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

midday market stats june 29

Among the stocks with unusual option activity is blue chip Nike Inc (NYSE:NKE), with intraday volume at seven times the norm. The stock is 1.1% higher at $53.68, shrugging off negative post-earnings analyst attention. The most active strike is the out-of-the-money July 55 call, where International Securities Exchange (ISE) data confirms some buy-to-open activity.

Biotech Esperion Therapeutics Inc (NASDAQ:ESPR) is the worst performer on the Nasdaq, dropping nearly 39% to $9.91 -- and earlier hitting a record low of $9.65. Weighing on the stock are negative notes from the Food and Drug Administration (FDA) and the brokerage crowd.

ESPR daily chart

Among the top gainers on the Nasdaq is drugmaker Shire PLC (ADR) (NASDAQ:SHPG), thanks to upbeat drug data. Currently, the stock has gained 4.8% to trade at $179.21.
The CBOE Volatility Index (VIX) has dropped 2 points, or 10.6%, at 16.77.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.00, with puts and calls trading evenly. At last check, SPY has gained 2.4 points, or 1.2%, to sit at $205.57.

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