Dow Jones Industrial Average Swings Higher; New High for Nasdaq

Analyst: Netflix Could Lose Half Its Value

Jan 10, 2017 at 12:05 PM
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The Dow Jones Industrial Average (DJIA) has overcome a slow start to push into positive territory, as stocks shrug off concerns over tomorrow's press conference from President-elect Donald Trump. While the Nasdaq Composite (COMP) has notched yet another record high, the S&P 500 Index (SPX) and Dow are both near session peaks, following the latest batch of economic data. On top of an encouraging NFIB small business optimism index, the Labor Department's job openings and labor turnover survey (JOLTS) matched forecasts for November. 

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

Midday Market Stats Jan 10

Among the stocks with unusual options volume today is fast-casual restaurant stock Chipotle Mexican Grill, Inc. (NYSE:CMG). After the company released mixed financial data this morning, shares of the burrito chain are up 5.7% at $417.71, and call volume is running at three times the expected pace. The weekly 1/13 options series is seeing heavy action, with the 425-strike call the most popular option. Anyone buying to open positions here is betting that CMG will rally past the $425 level before the options expire at this Friday's close. 

Looking at the top gainers on the Nasdaq, Uranium Resources, Inc. (NASDAQ:URRE) is again making a big move, adding 14.7% to trade at $2.01.  The uranium mining stock has been rallying since the election of Donald Trump, more than doubling in value since its November record low. 

Daily Chart of URRE Jan 10

Among the worst performers on the Big Board is pipeline expert Williams Companies Inc (NYSE:WMB), after the company last night announced a public stock offering priced at $29 per share -- prompting a downgrade to "hold" and price-target cut to $22 at Jefferies. The stock was last seen 9.6% lower at $28.86, but it still boasts a year-over-year lead of greater than 54%. 

The CBOE Volatility Index (VIX) is down 0.1 point, or 1%, at 11.44. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.16, with puts outpacing calls. The SPY is up 0.7 point, or 0.3%, at $227.17. 

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