The DJIA is lower at midday, while the COMP is eyeing its seventh straight weekly win
The Dow Jones Industrial Average (DJIA) is in the red at midday, as this morning's lackluster economic data -- including a disappointingly muted July retail sales report -- overshadows another round of well-received earnings from retailers. The weak data has tamed expectations for a Fed rate hike in December, sending financial stocks into the red. However, rising oil prices are helping to stem the bearish tide, gaining ground on a weaker dollar, as well as persistent hopes of production stabilization following Thursday's comments out of Saudi Arabia. Crude futures for September were last seen up 1.8% at $44.27 per barrel, on pace for a gain of more than 5% for the week. At last check, the tech-heavy Nasdaq Composite (COMP) had erased its early losses, on pace for its seventh straight weekly win.
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Mining issue Freeport-McMoRan Inc (NYSE:FCX) is among the stocks with unusual options volume at midday. FCX puts are changing hands at roughly twice their average intraday rate -- more than doubling calls -- with over 20,000 contracts on the tape. Most active by a mile is the weekly 8/12 12-strike put, where traders are closing out their positions before the option's expiration at the close tonight. FCX was last spotted down 0.6% at $12.04, continuing a slump that began just after its late-July earnings report.
Among the top performers on the Nasdaq at midday is fiber optics firm Acacia Communications, Inc. (NASDAQ:ACIA), up 32.6% at $89.77 following a huge earnings beat and a round of bullish brokerage notes. The shares hit a new record high of $91.16 this morning, and have now added 190% since they began trading publicly in May.
Drugmaker Concordia International Corp (NASDAQ:CXRX) is one of the Nasdaq's worst performers for the day so far. The stock dropped 26.6% to $12.00 after the firm reported weak quarterly earnings, lowered its full-year guidance, suspended its dividend, and announced the departure of its CFO. The shares are now off 71% year-to-date, and hit a fresh two-year low of $11.85 this morning.
The CBOE Volatility Index (VIX) is down 0.3 point, or 2.6%, at 11.38, set for its seventh straight weekly loss.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.48, with puts outnumbering calls yet again. SPY was last seen essentially flat, at $218.66.
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