Goldman Sachs, UNH Earnings Lift Dow Jones Industrial Average Triple Digits

Why Pre-Earnings Apple Options Look Like a Bargain

Oct 18, 2016 at 12:06 PM
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The Dow Jones Industrial Average (DJIA) has spent the day in positive territory so far -- up triple digits at last check -- as stocks react to a flood of corporate earnings reports. Upbeat earnings reactions for Dow components UnitedHealth Group Inc (NYSE:UNH) and Goldman Sachs Group Inc (NYSE:GS) are helping lead the blue-chip index higher, and overshadowing post-earnings losses for IBM Corp. (NYSE:IBM) and Johnson & Johnson (NYSE:JNJ). Additionally, traders are parsing over the latest inflation data to hit the Street.  

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

Midday Market Stats October 18

Among the stocks with unusual call volume at midday is Domino's Pizza, Inc. (NYSE:DPZ), with the contracts crossing at 13 times the typical intraday rate. Plus, with 5,202 calls on the tape, volume is running in the 100th percentile of its typical intraday rate. The stock soared to a new all-time high of $163.46 earlier -- after the pizza maker's strong earnings were met with a price-target hike to $152 at Nomura -- and was last seen up 7.3% at $163.15.

Streaming media specialist Netflix, Inc. (NASDAQ:NFLX) is among the top performers on the Nasdaq, after the company blew past expectations for quarterly earnings -- prompting a round of upbeat analyst attention. The stock has surged 19.2% at $118.95, tapping its highest level since early January.

Among the worst performers on the New York Stock Exchange at midday is Dow stock IBM, down 3.6% at $149.26. The company reported its 18th consecutive quarter of declining revenue, which has overshadowed an earnings beat, and put the shares on pace to settle south of their 32-week moving average for the first time in seven months.

IBM Weekly Chart Oct 18

The CBOE Volatility Index (VIX) has dropped nearly 1 point, or 5.9%, to 15.26.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.00, with puts trading at two times the rate of calls. SPY was last seen up 1.8 points, or 0.8%, at $214.12.

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


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