CVX is one of the best Dow stocks today as oil prices stabilize
The Dow Jones Industrial Average (DJI) was down triple digits earlier, but has since swung into positive territory as surging oil prices boost blue-chip energy stock Chevron (CVX). At last check, December-dated crude futures were up 1.5% at $57.31 per barrel ahead of this afternoon's rig count -- though they're still on track for a sixth straight weekly loss. And while the S&P 500 Index (SPX) hovers close to the flatline, the Nasdaq Composite (IXIC) is still solidly in the red as weak forecasts from Nvidia (NVDA) and Applied Materials (AMAT) spark a sell-off in chip stocks.
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Among the stocks seeing unusual options activity today is Groupon Inc (NASDAQ:GRPN), with about 9,750 calls on the tape -- seven times the expected intraday amount, and 29 times the number of puts traded. Day traders are initiating new positions at the November 2.50 and 3 calls, while others are opening the weekly 11/23 3-strike calls. GRPN stock is up 7.7% to trade at $3.07, with Trade-Alert hinting at takeover chatter.
Acadia Healthcare Company Inc (NASDAQ:ACHC) is near the bottom of the Nasdaq, after CNBC reported takeover talks between the behavioral health center operator and private equity firm KKR & Co (KKR) have stalled, and that the sale process does "not look particularly promising." ACHC stock is down 22.4% at $29.37, slicing through recent support at its 10-week moving average and hitting a new annual low of $28.02 along the way.
EMC Insurance Group Inc. (NASDAQ:EMCI) is the top stock on the Nasdaq at midday, after Employers Mutual Casualty Company offered to buy the 45% of outstanding EMCI common stock it does not currently own for $30 per share. In reaction, EMCI shares are up 29.6% to trade at $31.09.