Dow Jones Industrial Average Touches Record High; Tech Sinks Nasdaq

FANG Falls; Plus, 3 Skyrocketing Retail Stocks

Nov 10, 2016 at 12:14 PM
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The Dow Jones Industrial Average (DJIA) is just off a new record intraday high, as blue-chip stocks continue to react to Donald Trump's surprising election victory. However, the S&P 500 Index (SPX) -- just off its biggest three-day run since late June -- is struggling to stay positive, while the Nasdaq Composite (COMP) is in the red, pulled lower by notable losses from "FANG" stocks: Facebook Inc (NASDAQ:FB),, Inc. (NASDAQ:AMZN), Netflix, Inc. (NASDAQ:NFLX), and Google parent Alphabet Inc (NASDAQ:GOOGL). Meanwhile, St. Louis Fed President James Bullard said the central bank is still on track for a single rate hike, although overall he expects interest rates to remain low for the next several years. Elsewhere, weekly jobless claims came in lower than expected.

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Among the stocks with unusual volume at midday is retailer Macy's Inc (NYSE:M), currently trading up 7.3% at $41.18, as an upbeat outlook overshadows lackluster earnings. M options are trading at seven times their average daily pace, with calls doubling puts, 29,000 to 14,000.

Ad tech stock TubeMogul Inc (NASDAQ:TUBE) is among the top performers on the Nasdaq today, currently up 81.4% at $13.91, after announcing the company will be acquired by Adobe Systems Incorporated (NASDAQ:ADBE) for $14 per share, or a total of $500 million. Before today TUBE was sitting on a year-to-date loss of nearly 50%, with rebound attempts largely contained by its 50-day moving average.  

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Cybersecurity firm Rapid7 Inc (NASDAQ:RPD) is among the worst performers on the Nasdaq today, down 16.9% at $11.82, after disappointing third-quarter earnings results and some negative analyst attention. RPD shares have given up 22% for the year, and have been steadily declining since peaking above $19 in August.

The CBOE Volatility Index (VIX) is up 7.8%, or 1.1 points, at $15.50.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.70, with puts leading calls. At last check, SPY was down 0.5%, or 1.1 points, at $215.33.

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