The Dow is down 226 points at midday
Stocks are lower heading into the last week of March. The Dow Jones Industrial Average (DJI) is down 226 points this afternoon, as bank stocks take a hit and oil prices cool. Meanwhile, U.S. trade deficit data ticked off the first item on a packed economic slate for the week. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also swimming in red ink, after the 5- and 30-year Treasury yield curves inverted and stoked recession fears. Traders continue to eye the Russia-Ukraine crisis, with peace talks set to take place in Turkey today.
Continue reading for more on today's market, including:
- Why Barclays is delaying its buyback program.
- Unpacking Foot Locker stock's bear note.
- Plus, energy stock with red-hot options; POLY's buyout buzz; and Volta's C-suite shakeup.
One stock seeing an unusual amount of options activity today is Energy Transfer LP Unit (NYSE:ET). So far, 83,000 calls and 11,000 puts have been traded, which is triple the intraday average. The weekly 4/1 10.50-strike call is the most popular, where new positions are now being opened. ET last seen up 1.9% trade at $10.78, as Wall Street continues to watch the energy sector amid the war in Ukraine. Today's price action has Energy Transfer stock contending with a familiar ceiling at the $10.80 level, while its bounce off the 180-day moving average has contributed to ET's 30.8% year-to-date lead.
Plantronics Inc (NYSE:POLY), also known as Poly, is the best performing stock on the New York Stock Exchange (NYSE) today. The equity was last seen up 49.7% at $39.18, after laptop-maker HP (HPQ) agreed to buy the electronics name for $3.3 billion, or $40 per share, which is roughly a 53% premium to its Friday close. POLY is now trading at its highest level since July, overcoming a ceiling a recent ceiling at the $30 level. Year-to-date, though, the stock is up 33.8%.
At the other end of the NYSE is Volta Inc (NYSE:VLTA), last seen pacing towards the bottom of the index. The equity is down 18.9% to trade at $3.36 at last check, after the company reported a leadership transition. Specifically, Founder and CEO Scott Mercer and Co-Founder and President Christ Wendel both resigned and left their positions on the company's board. VLTA is trading at an all-time low, and carries a 69.2% year-over-year deficit.