Dow Jones Industrial Average Turns Higher as Oil Pops

The Drugmaker That's Headed In 'The Wrong Direction'

Sep 12, 2016 at 12:12 PM
facebook X logo linkedin


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. 

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

Midday Market Stats September 12

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.

RPTP Daily Chart Sep 12

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

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI