Dow Jones Industrial Average Set to Snap Nine-Day Winning Streak

3 Tech Stocks Breaking Out; Plus, A Biotech Bidding War?

Jul 21, 2016 at 12:20 PM
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The Dow Jones Industrial Average (DJIA) fell out of the gate, and is on track to break its nine-day winning streak -- the longest since 2013 -- due to lackluster earnings from a trio of blue-chip stocks. Upbeat economic data may be keeping losses in check, though, as traders digest an unexpected drop in weekly jobless claims and a nine-year high for existing home sales in June. 

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

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Among the stocks with unusual option volume is personal camera maker GoPro Inc (NASDAQ:GPRO), with calls trading at four times their usual intraday pace, and activity centered around the weekly 7/22 11- and 11.50-strike calls. The stock was last seen up 3.8% at $11.31, ahead of next Wednesday's earnings report.

Mining equipment maker Joy Global Inc. (NYSE:JOY) is among the best performers on the New York Stock Exchange today. JOY shares are up 17.5% at $27.67, after news that Japanese mining and construction equipment company Komatsu Ltd. will purchase the firm for $2.89 billion. 
    
Office supply wholesaler Essendant Inc (NASDAQ:ESND) is among the worst performers on the Nasdaq today, down 28.8% at $23.15, after a disappointing earnings report. This latest drop pushes the shares well below the $29 level, which had contained pullbacks since May, with ESND touching a near-seven-year low of $21.18 earlier.

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The CBOE Volatility Index (VIX) is up 5.2%, or 0.6 point, at 12.38.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.50, with puts more than doubling calls. SPY is fractionally lower at $216.61. 


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