VZ and GE are playing tug of war with the DJIA
After breaking its nine-day winning streak yesterday, the Dow Jones Industrial Average (DJIA) has failed to make any big moves today, as Verizon Communications Inc. (NYSE:VZ) and General Electric Company (NYSE:GE) play tug of war with the blue-chip barometer. VZ stock, specifically, is higher amid reports the firm is Yahoo! Inc.'s (NASDAQ:YHOO) top bidder, while GE is lower on a negative earnings reaction. In addition to earnings, stocks are also reacting to Markit's flash purchasing managers manufacturing index (PMI) for July, which rose to a nine-month high. At last check, though, the Dow was in the green, easily on track to extend its weekly win streak to four.
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Among the stocks with unusual option volume is oil-and-gas explorer
Whiting Petroleum Corp (NYSE:WLL), with puts trading at five times their usual intraday clip. The majority of the activity appears to be the result of one speculator
rolling her long September 12 puts down to the 10 strike. Elsewhere, the weekly 7/29 7- and 7.50-strike puts are popular, with earnings due next Wednesday. WLL was last seen down 1.8% at $8.18.
Biotech
Puma Biotechnology Inc (NYSE:PBYI) is among the best performers on the New York Stock Exchange (NYSE) today. PBYI shares are up 19.4% at $41.21, following
upbeat data for the company's breast cancer drug neratinib. However, today's surge is being contained by the stock's 160-day moving average -- a trendline not conquered on a daily closing basis since April 2015.
Footwear retailer Skechers USA Inc (NYSE:SKX) is among the worst performing stocks on the NYSE today, down 22.7% at $24.87, after a disappointing earnings report that suffered from "challenges in the domestic retail space" was met with a round of bearish brokerage notes.
The CBOE Volatility Index (VIX) is down 5.7%, or 0.7 point, at 12.02.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 0.71, with calls outpacing puts. SPY is up 0.3%, or 0.7 point, at $216.93.
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