Dow Jones Industrial Average Reacts to D.C. Drama

AMD Options Volume Explodes

May 16, 2017 at 11:49 AM
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The Dow Jones Industrial Average (DJIA) has explored both sides of breakeven so far, with the blue-chip barometer last seen trading lower. While the Dow was initially boosted on a positive earnings reaction for Home Depot stock, controversy over the counterintelligence information President Donald Trump shared with Russian officials is stoking uncertainty in the stock market. Stocks are also digesting a fresh batch of economic reports, namely a bigger-than-expected drop in housing starts and industrial output growth that doubled the consensus estimate. Elsewhere, both the S&P 500 Index (SPX) and Nasdaq Composite (COMP) tapped new highs earlier, but have since swung into the red as traders take profits.

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

  • The latest retail stock to sink after earnings.
  • AMD options volume explodes.
  • Plus, RIG sees heavy options volume; Etsy's big day; and the construction stock down 32% this week.

midday market stats may 16

Among the names with accelerated options activity is Transocean LTD (NYSE:RIG), with more than 30,300 contracts exchanged -- nearly six times the expected intraday amount. Most of the action has centered at the May 12 call and put, where it looks like one trader may be closing out of a straddle that may have been initiated on Nov. 17, when RIG stock was trading near $11. At last check, RIG stock was down 0.6% at $10.73.

Etsy Inc (NASDAQ:ETSY) is one of the biggest gainers on the Nasdaq, after a pair of notable hedge funds unveiled a joint stake in the online marketplace. ETSY stock was most recently seen trading up 21% at $13.70 -- back in positive year-to-date territory and north of its 200-day moving average.

etsy stock daily price chart may 16

One of the leading decliners in the Nasdaq is pipe manufacturer Forterra Inc (NASDAQ:FRTA). After gapping lower post-earnings yesterday, FRTA stock is down another 10.8% today to trade at $13.30 -- and earlier hit a record low at $13.13 -- following a round of bearish brokerage notes.


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