Dow Jones Industrial Average On Track for Fourth Straight Weekly Win

Why Valeant's In the Hot Seat Again

Jul 22, 2016 at 12:16 PM
facebook twitter linkedin

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.

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

Midday Market Chart 072216

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.

PBYI 160day 072216

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. 

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


Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 



Special Offers from Schaeffer's Trading Partners