The DJIA is being pressured by profit-taking, but is staring at its best annual gain in three years
The Dow Jones Industrial Average (DJIA) is only an inch higher at midday after some early profit-taking, suggesting the index's trek to the 20,000 level will have to wait until 2017. Nevertheless, the Dow is poised to close 2016 on an almost 14% gain -- its best year since 2013 -- topping the S&P 500 Index (SPX) and Nasdaq Composite (COMP), which are up nearly 10% and 8%, respectively. Meanwhile, despite February-dated crude futures being down 0.4% at $53.56 per barrel, oil is on track for its biggest annual percentage gain since 2009, up almost 45%.
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Among the stocks with unusual call volume at midday is Cal-Maine Foods Inc (NASDAQ:CALM), with the contracts running at eight times the usual intraday rate. From all indications, one trader bought to open a block of 2,000 May 45 calls, betting on extended upside for shares of the egg marketer. At last check, CALM stock was 0.7% higher at $44.00.
Cabela's Inc (NYSE:CAB) is the biggest loser on the New York Stock Exchange (NYSE) today, down 6.4% at $57.73. The retail shares are tanking after the Federal Trade Commission (FTC) requested additional information related to the company's planned merger with Bass Pro Shops.
Innocoll Holdings PLC (NASDAQ:INNL) is the worst performer on the Nasdaq, down 65% at $0.62, and fresh off a record low of $0.60. Weighing on the drug stock is the Food and Drug Administration's (FDA) refuse to file letter on company's pain treatment, Xaracoll, which was followed by a pair of downgrades.
The CBOE Volatility Index (VIX) is up 0.3 point, or 2.5%, at 13.71.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.63, with puts comfortably outpacing calls. Currently, SPY is off 0.3 point, or 0.1%, at $224.06.
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