The DJIA is hanging onto modest gains despite another slide in oil prices
The Dow Jones Industrial Average (DJIA) pared some of its early gains, as oil prices once again slide on oversupply worries. After the Energy Information Administration (EIA) reported a surprise weekly drop in U.S. stockpiles, crude futures briefly popped before turning even lower, as traders panned an increase in domestic production. At last check, crude oil for October is off 2.4% at $43.82 per barrel. Helping the blue-chip index hang on to positive territory, meanwhile, is a solid lead for Dow stock Apple Inc. (NASDAQ:AAPL) on record orders for the new iPhone 7.
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Microblogging issue Twitter Inc (NYSE:TWTR) is among the stocks with unusual options volume at midday. The shares are up 2.1% at $18.13, on news users will be able to live-stream video on compatible devices, as well as reports the company is joining other internet giants in upping the fight against fake news stories. TWTR calls are crossing the tape at 1.3 times their typical intraday rate, with a rush of bulls betting on more gains for the stock. Specifically, buy-to-open action has been spotted at the Dec. 20 call -- the most active contract for the day.
Among the top performers on the Nasdaq so far today is biotech stock Sarepta Therapeutics Inc (NASDAQ:SRPT). The shares surged 26.4% to $32.36 this morning, on hopes the company's Duchenne muscular dystrophy drug is nearing approval from the U.S. Food and Drug Administration (FDA), after months of delays. Today's jump has SRPT on pace to close its January bear gap, but the stock is still off roughly 16% year-to-date.
Among the worst performers on the New York Stock Exchange is retail concern
Coach Inc (NYSE:COH).
A downgrade at Morgan Stanley has the shares down 1.8% at $35.60, continuing a pullback from their July highs, to the delight of recent option bears.
The
CBOE Volatility Index (VIX) is down 0.8 point, or 4.6%, at 17.03.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.51, with puts easily outpacing calls. SPY was last seen up 0.6 point, or 0.3%, at $213.88.
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