Dow Jones Industrial Average Dips, Aims For Best Week Since 2011

Bill Ackman's Big Plans for Valeant

Nov 11, 2016 at 12:17 PM
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The Dow Jones Industrial Average (DJIA) is sitting lower for the day, although the Dow is still aiming for its best weekly gain since December 2011, after notching a record-high close yesterday. Energy stocks are falling as December-dated oil futures plummet 3.3% to $43.19 per barrel, with a rise in October crude output casting doubt on a production-cut deal from the Organization of the Petroleum Exporting Countries (OPEC). The Nasdaq Composite (COMP) is still struggling as the tech sector continues to take a hit, and as healthcare stocks take a breather from their post-election rally. Elsewhere, the Thomson Reuters/University of Michigan consumer sentiment index surged to 91.6 from 87.2 in early November, in a reading taken before the U.S. presidential election.

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Among the stocks with unusual volume at midday is retailer J C Penney Company Inc (NYSE:JCP), after posting weaker-than-expected quarterly sales. JCP is currently trading 0.7% lower at $8.75, with options crossing the line at eight times their average intraday pace, with calls leading puts, 40,000 to 35,000, and option volume on pace to hit an annual high.

Chipmaker NVIDIA Corporation (NASDAQ:NVDA) is among the top performers on the Nasdaq today, currently up 25% at $84.73 -- and earlier notched an all-time high of $84.85 -- after delivering an exceptional earnings report. As a result, the tech stock -- set for its best day in more than a decade -- received a flurry of optimistic analyst attention, including no fewer than 14 price-target hikes. NVDA is now up a whopping 156% so far this year, and has been ushered higher by its 50-day moving average since February.

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Tech stock Photronics, Inc. (NASDAQ:PLAB) is among the worst performers on the Nasdaq today, trading 16.7% lower at $8.95, after slashing its 2016 fiscal-year forecast on weak demand, and receiving a subsequent downgrade and price-target cut from Stifel. Year-to-date, PLAB is now down over 27%, and earlier notched a new annual low of $8.20. 

The CBOE Volatility Index (VIX) is up 4.3%, or 0.6 point, at $15.37.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.42, with puts more than doubling calls. At last check, SPY was down 0.5%, or 1.1 points, at $215.80.

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