The DJIA has erased its earlier losses, as crude oil soars
The Dow Jones Industrial Average (DJIA) has erased its early morning deficit, as a rebound in oil prices helps boost stocks. At last check, October-date crude oil was up 0.9% at $46.29 per barrel, as the U.S. dollar retreated. The Federal Reserve continues to be in the spotlight, too, after rate-hike fears sent the market reeling to its worst session in months on Friday. In addition to Minneapolis Fed President Neel Kashkari -- who offered up a relatively dovish outlook to CNBC earlier -- Fed Governor Lael Brainard is due to speak this afternoon.
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Among the stocks with unusual options volume at midday is alternative energy name SolarCity Corp (NASDAQ:SCTY), with calls trading at twice the expected volume for this point in the day. The September 17 call is leading by a mile, and it looks like much of the action is of the buy-to-open variety. The shares are up 8.1% at $18.13 on a price-target hike at J.P. Morgan Securities, and news the Elon Musk company has raised $305 million to fund solar projects.
Biotech firm Raptor Pharmaceutical Corp. (NASDAQ:RPTP) is the top performer on the Nasdaq so far today. The stock has added 20.3% to $8.97 on news Horizon Pharma PLC (NASDAQ:HZNP) has agreed to buy the company in an $800 all-cash deal, valuing RPTP at $9 per share. The stock has been riding higher atop its 40-day moving average for months.
Among the worst performers on the Nasdaq, meanwhile, is TrueCar Inc (NASDAQ:TRUE), off 4.2% at $8.46. A downgrade to "underweight" from "equal weight" at Morgan Stanley sent the shares reeling this morning, even as the brokerage firm increased its price target on TRUE. The stock is now roughly 11% lower year-to-date.
The CBOE Volatility Index (VIX) is down 1 point, or 5.7%, at 16.50.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.68, with puts nearly doubling calls. SPY was last seen up 1.1 points, or 0.5%, at $214.42.
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