Dow Jones Industrial Average Erases Gains as Oil Slides

3 Plummeting Solar Stocks

Aug 10, 2016 at 12:09 PM
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The Dow Jones Industrial Average (DJIA) started the day with modest gains, but has since turned lower, as sliding crude oil prices weigh on stocks. September-dated crude futures were last spotted down 2% at $41.90 per barrel, after the Energy Information Administration (EIA) said domestic crude stockpiles unexpectedly rose last week and amid reports Saudi Arabia produced a record amount of oil last month. Traders are also digesting the Labor Department's Job Openings and Labor Turnover Survey (JOLTS) for June, which showed 5.6 million job openings -- a slight increase from 5.5 million in May. Meanwhile, retailers remain in the spotlight on the earnings front. 

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Midday Market Stats August 10

Retailer Michael Kors Holdings Ltd (NYSE:KORS) is among the stocks with unusual options volume at midday, with the contracts crossing the tape at 10 times the typical intraday rate. Most active is the August 51 call, where there looks to be a mix of buying and selling activity occurring. The stock was most recently seen down 1.1% at $49.57, following the company's disappointing earnings report.

Among the top performers on the New York Stock Exchange is online review site Yelp Inc (NYSE:YELP), last seen up 13.9% at $37.17, after earlier tapping an annual high of $37.57. The company reported strong second-quarter sales, along with an upbeat full-year outlook, earning it dozens of bullish analyst notes.

YELP Daily Chart August 10

Diagnostics specialist Myriad Genetics, Inc. (NASDAQ:MYGN) is the worst performer on the Nasdaq at midday, after the company's disappointing quarterly earnings was met with a round of bearish brokerage attention. To the delight of recent option bears, the stock has dropped 32.9% to $19.77, hitting a four-year low of $19.75 along the way.

CBOE Volatility Index (VIX) is up 0.6 point, or 4.8%, at 12.22.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.15, with puts more than doubling calls. SPY is down 0.7 point, or 0.3%, at $217.49.

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