Dow Jones Industrial Average Notches New High After Mixed Data

3 Biotech Stocks Getting Slaughtered

Nov 23, 2016 at 12:17 PM
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The Dow Jones Industrial Average (DJIA) is higher -- touching yet another all-time high -- as traders digest the latest round of economic data ahead of the November Fed meeting minutes and tomorrow's market holiday. On the other hand, the S&P 500 Index (SPX) and Nasdaq Composite (COMP) are struggling amid a decline in tech stocks.

Durable goods orders rose more than expected in October, the flash Markit purchasing managers manufacturing index (PMI) rose to a 13-month high, and the Thomson Reuters/University of Michigan consumer sentiment index surged by more than expected in November. Meanwhile, new home sales fell 1.9% in October, and weekly jobless claims came in slightly higher than anticipated. Elsewhere, domestic crude inventories showed a larger-than-expected drawdown last week, yet a stronger dollar has January-dated oil futures still 0.2% lower at $47.95 per barrel. 

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Among the stocks with unusual volume at midday is retailer Urban Outfitters, Inc. (NASDAQ:URBN), after disappointing third-quarter results and some negative analyst attention. URBN is currently 9.5% lower at $35.32, with options crossing at five times their average intraday rate, with puts leading calls 5,099 to 3,366.

Farm equipment manufacturer Deere & Company (NYSE:DE) is among the top performers on the New York Stock Exchange (NYSE) today, currently trading 10% higher at $101.21 -- and just off a record high of $101.96 -- after delivering well-received earnings and reiterating a plan to cut cuts by $500 million by the end of 2018. DE now sits up more than 32.7% so far in 2016, and has been enjoying support from its 20-day moving average since September.

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Data storage stock Nimble Storage Inc (NYSE:NMBL) is among the bottom performers on the NYSE today, currently trading down 15.3% at $7.83, after a disappointing earnings report and a pair of price-target cuts by J.P. Morgan Securities and BMO, to $8 and $12, respectively. NMBL now sits down more than 14% in 2016, and has landed itself on today's short-sale restricted list.

The CBOE Volatility Index (VIX) is up 2.7%, or 0.3 point, at $12.74.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.45, with puts leading calls. At last check, SPY was down 0.2%, or 0.5 point, at $220.07.

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