Hopes For Dow Jones Industrial Average 20,000 Dashed by Ho-Hum Data

The Drugmaker Down 50%; Plus, the 'Best Idea' for 2017

Dec 22, 2016 at 12:00 PM
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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.

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

midday market stats dec 22

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.

mu daily dec 22

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.

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


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