The DJIA is retreating, as stocks react to the latest economic data, including underwhelming income and spending numbers
The Dow Jones Industrial Average's (DJIA) journey toward the 20,000 level continues to run into speed bumps, with the index down at midday. Stocks are reacting to a raft of mixed economic data that hit the Street this morning. Most recently, consumer spending rose less than expected in November, while personal income was flat -- the first time in nine months it hasn't risen -- casting a shadow on fourth-quarter economic growth.
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Among the stocks with unusual call volume at midday is fashion firm Michael Kors Holdings Ltd (NYSE:KORS), with the contracts speeding at 12 times the usual intraday rate. Based on Trade-Alert, one speculator rolled down a 10,000-contract position of January 2017 52.50-strike calls to the 50 strike, tempering his short-term expectations on the stock. At last check, KORS is down 2.4% at $43.13.
Micron Technology, Inc. (NASDAQ:MU) is the biggest gainer on the Nasdaq so far today, jumping 13.5% to trade at $23.35, and earlier hitting an annual high of $23.49. Sparking the rally was the chipmaker's strong earnings report, which was followed by bullish analyst attention.
Red Hat Inc (NYSE:RHT) is faring the worst on the New York Stock Exchange (NYSE), pounded by a gloomy outlook, CFO departure, and a round of bearish analyst notes. So far, the tech stock has surrendered 12.2% at $70.02, and has found a place on the short-sale restricted list.
The CBOE Volatility Index (VIX) is up 0.3 point, or 2.8%, at 11.59.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.29, with puts more than doubling calls. At last check, SPY is 0.7 point, or 0.3%, lower at $225.04.
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