Dow Up Triple Digits as Oil Prices Plummet

The S&P 500 and Nasdaq are also higher this afternoon

Fernanda Horner

Digital Content Manager

Dec 12, 2023 at 11:49 AM

The Dow Jones Industrial Average (DJI) is up triple digits midday, following a consumer price index (CPI) reading for November that was in line with Wall Street's expectations. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also higher, as investors await tomorrow's interest rate decision. Meanwhile, oil prices were last seen down 3% amid inflation concerns, record U.S. oil output, and an economic slowdown in China.

Continue reading for more on today's market, including:

CFO departure hurts struggling EV stock.
Oracle stock sinks amid growth concerns.
Plus, options traders blast MBI; EGLE surges on multi-million takeover; and stock offering weighs on SBOW.

MMC Stats 1212

MBIA Inc (NYSE:MBI) is getting blasted in the options pits, with 17,000 puts and 3,064 puts exchanged so far today, or 20 times the intraday average volume. Most active is the January 19, 2024 8-strike call, followed by the February 13 put, with new positions being opened at both. The equity was up 0.2% to trade at $13.83 at last check, and is cooling from yesterday's 52-week high of $14.29, though it remains well above the majority of long-term moving averages. So far this quarter, MBI has added a whopping 89.9%.

Eagle Bulk Shipping Inc (NYSE:EGLE) is among the top performers on the New York Stock Exchange (NYSE) today, last seen up 10.6% at $51.07. The company agreed to a takeover by Star Bulk Shipping (SBLK) valued at roughly $522.42 million, or $52.30 per share, implying a 13.2% to its last close. EGLE is brushing off a downgrade from Noble Capital to "market perform," earlier hitting its highest level since March. EGLE is over 22% this quarter.

SilverBow Resources Inc (NYSE:SBOW) is one o the worst stocks on the NYSE, last seen down 9.1% at $27.24. The company upsized its secondary common stock offering to 2.2 million shares earlier. The shares are trading at their lowest level since July, and are now firmly below its 260-day moving average. SBOW has shed more than 34% in the last three months.

SBOW 260 Day

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