Earnings Season Highlights

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A collection of noteworthy post-earnings reactions
Published on Mar 23, 2016 at 4:27 PM
Updated on Mar 9, 2022 at 3:00 PM
  • Market Recap
The Dow Jones Industrial Average (DJIA) spent the entire session in the red, as rate-hike speculation and sliding oil prices weighed on stocks. Hawkish comments from Philadelphia Fed President Patrick Harker put Wall Street on edge early, sending the dollar soaring and commodity stocks lower. The broader energy sector also suffered heavy losses, after a government report on U.S. oil stockpiles sent crude futures spiraling. As a result, the Nasdaq Composite's (COMP) win streak came to an end just a day after the Dow's, while the SPDR S&P 500 ETF Trust (SPY) fell back below its year-to-date breakeven level

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

The Dow Jones Industrial Average (DJIA - 17,502.59) stood no chance today, as the blue-chip index suffered an 80-point, 0.5%, loss. Just nine of the Dow's 30 components closed in the black, with UnitedHealth Group Inc (NYSE:UNH) leading the way for a second straight day, gaining 1.4%. Nike Inc's (NYSE:NKE) 3.8% post-earnings loss paced the losers. 

The S&P 500 Index (SPX - 2,036.71) dropped 13.1 points, or 0.6%, to fall back into negative year-to-date territory. The Nasdaq Composite (COMP - 4,768.86) had the worst day of all, giving back 52.80 points, or 1.1%, to end its win streak at five sessions. 

The CBOE Volatility Index (VIX - 14.94) climbed 0.8 point, or 5.4%. 

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5 Items on Our Radar Today:

  1. New home sales popped 2% in February, according to the Commerce Department. However, the West accounted for an overwhelming amount of this increase. New home sales for the month came in at 512,000, on a seasonally adjusted basis. (CBS News)

  2. Philadelphia Fed President Patrick Harker is making the case for the Fed to raise interest rates sooner rather than later. "I think we need to get on with it," he said, adding that, if the economy continues to improve, he would be "supportive of another 25 basis point rise." (Reuters)

  3. The M&A news that kept this fast-food stock's hot streak alive. 

  4. How analysts are betting on all-time highs from Adobe Systems Incorporated (NASDAQ:ADBE)

  5. 25 stocks that could outperform next week


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Data courtesy of Trade-Alert

Commodities:

Crude oil futures got drilled today, as U.S. stockpiles rose by much more than expected last week. The May-dated crude contract dropped $1.66, or 4%, to end at $39.79 per barrel. 

Today's rate-hike fears pushed the dollar higher, sending gold prices lower in a hurry. At the close, gold dated for April was down $24.60, or 2%, at $1,224 per ounce. 

Published on Mar 24, 2016 at 12:13 PM
Updated on Mar 9, 2022 at 3:00 PM
  • Midday Market Check

The Dow Jones Industrial Average (DJIA) briefly slipped into negative year-to-date territory earlier, and is on track to snap its five-week winning streak, with bank stocks -- including Goldman Sachs Group Inc (NYSE:GS) -- trading in the red. A rising U.S. dollar is having a ripple effect across the market, with stocks, oil prices, and gold futures all lower at midday.

Specifically, the dollar is gaining ground against a basket of other major currencies for a fifth straight session, as support for a near-term interest-rate hike gains traction among regional Fed officials. Elsewhere, May-dated crude futures are down 2.3% at $38.89 per barrel, while April-dated gold futures are off 0.2% at $1,221.30 per ounce.

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

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Among today's stocks with unusual put volume is Tesla Motors Inc (NASDAQ:TSLA), with the contracts crossing at two times the average intraday pace. Shares of the electric car concern have swung 1.2% higher to $225.41 -- after an initial analyst-induced turn lower -- and eleventh-hour speculators are honing in on TSLA's weekly 3/24 series. Most active is the 215-strike put, which appears to be seeing a mix of buy- and sell-to-open activity.

Pandora Media Inc (NYSE:P) is one of the biggest gainers on the New York Stock Exchange (NYSE) today, up 8.2% at $10.69. While shares of the streaming service are rallying on M&A buzz, the surge is running out of steam near P's 80-day moving average -- a trendline that has been working against the stock since a late-October bear gap.

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Sunedison Inc (NYSE:SUNE) is one of the biggest decliners on the NYSE, down 5.9% at $1.20 -- and fresh off a 14-year low of $1.15. It's been a rough road for the alternative energy stock, and today's losses come courtesy of recent reports that the company is attempting to secure debtor-in-possession financing.

The CBOE Volatility Index (VIX) is up 0.5 point, or 3.4%, at 15.45.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.13, with puts more than doubling calls. SPY is down 0.5% at $202.28.
Published on Mar 28, 2016 at 8:59 AM
Updated on Mar 9, 2022 at 3:00 PM
  • Opening View
Dow Jones Industrial Average (DJIA) futures are trading above fair value this morning, as U.S. stocks look to bounce back from their first weekly loss in six weeks. Many on Wall Street are looking ahead to Fed Chair Janet Yellen's speech tomorrow, after last week's hawkish comments from Fed officials. There's still plenty of economic data out today, though, including this morning's personal income and spending data, which showed a slight increase in consumer spending in February. Looking to oil prices, May-dated crude futures are trading up 1% at $39.87 per barrel. 

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

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Futures on the Dow Jones Industrial Average (DJIA) are 51.3 points above fair value. 

5 Things You Need to Know Today

 

  1. Japanese and Chinese stocks went in different directions in a low-volume session
  2. The Chicago Board Options Exchange (CBOE) saw 617,616 call contracts traded on Thursday, compared to 507,322 put contracts. The resultant single-session equity put/call ratio slid to 0.82, while the 21-day moving average notched up to 0.69.  
  3. ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) is up 14% in pre-market trading, after Food and Drug Administration (FDA) staff members on Friday said the company's treatment for psychosis related to Parkinson's disease, Nuplazid, was effective enough for approval. Now, ACAD awaits a Tuesday decision from a committee of medical experts on whether the drug should be approved for use. 
  4. Gilead Sciences, Inc. (NASDAQ:GILDhas been ordered to pay Merck & Co., Inc. (NYSE:MRK) $200 million in damages after a jury last week ruled in MRK's favor in the companies' patent dispute. However, MRK had asked for $2 billion from GILD, and now the latter stock is up 1.5% ahead of the open. 
  5. Yahoo! Inc. (NASDAQ:YHOO) is up 1.8% in electronic trading, on reports Microsoft Corporation (NASDAQ:MSFT), along with some private equity firms, may be interested in buying the company. This comes after one of YHOO's biggest investors called for major changes last Thursday. 


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Earnings and Economic Data

Also due out today are the international trade balance, the pending home sales index, and the Dallas Fed manufacturing survey. Cal-Maine Foods (CALM) will report earnings. To see what else is coming up on this week's agenda, click here.

Published on Mar 30, 2016 at 9:06 AM
Updated on Mar 9, 2022 at 3:00 PM
  • Opening View
Dow Jones Industrial Average (DJIA) futures are pointing to a positive start, as stocks continue to react to Fed Chair Janet Yellen's dovish comments from Tuesday. Oil prices are also on the rise, with May-dated crude futures picking up 2% at $39.05 per barrel, ahead of the Energy Information Administration's (EIA) domestic inventories update. Also on the data front, ADP's private sector job report for March -- often seen as a precursor to the Labor Department's nonfarm payrolls report -- was roughly in line with estimates, showing 200,000 new jobs. Against this backdrop, Dow futures are more than 100 points above fair value, with the Dow taking aim at fresh year-to-date highs. 

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

  • Is it time to buy calls on these 25 stocks? Schaeffer's Senior Quantitative Analyst Rocky White investigates. 
  • Why ACADIA Pharmaceuticals Inc.'s (NASDAQ:ACAD) monumental drug victory isn't good news for everyone. 
  • The "best-case scenario" for Chipotle Mexican Grill, Inc. (NYSE:CMG).
  • Plus... Global markets rally, the Dow component cutting jobs, and a bullish note on Apple. 

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Futures on the Dow Jones Industrial Average (DJIA) are almost 104 points above fair value. 

5 Things You Need to Know Today

 

  1. China is leading a global stock rally following Yellen's speech, although one region is missing out
  2. The Chicago Board Options Exchange (CBOE) saw 698,255 call contracts traded on Tuesday, compared to 423,600 put contracts. The resultant single-session equity put/call ratio slid to 0.61, while the 21-day moving average moved down to 0.69.  
  3. Yoga apparel retailer Lululemon Athletica inc. (NASDAQ:LULU) is up almost 6% in electronic trading after reporting better-than-expected fourth-quarter profit. The expected price action would make this LULU's first post-earnings win in three quarters, which isn't something option bears were expecting
  4. Dow component Boeing Co (NYSE:BA) has announced it will be cutting more than 4,000 jobs over the next few months. The shares have underperformed in 2016, dropping 9.5% to trade at $130.88, and hit a two-year low just last month. 
  5. As expected, a judge has vacated the government's request for Apple Inc. (NASDAQ:AAPL) to unlock the iPhone of one of the San Bernardino shooters. Separately, the firm signed a deal with the MLB to equip each coaching staff with iPad Pros, while the stock was upgraded at Cowen and Company to "outperform." The brokerage also upped its price target to $135 -- just above AAPL's all-time high of $134.54 from last April. 


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Earnings and Economic Data

Chicago Fed President Charles Evans is scheduled to speak today. Reporting earnings are Micron Technology (MU) and Paychex (PAYX). To see what else is coming up on this week's agenda, click here.

Published on Mar 30, 2016 at 12:14 PM
Updated on Mar 9, 2022 at 3:00 PM
  • Midday Market Check

The Dow Jones Industrial Average (DJIA) is flirting with year-to-date highs, as traders continue to react to dovish Fed remarks, along with the rise in oil prices. Echoing comments from Fed Chair Janet Yellen, Chicago Fed President Charles Evans this morning said "I'd be surprised if we met [the inflation target] myself in April," and predicted two rate hikes this year. Crude futures are continuing their rally today, after the Energy Information Administration reported a 2.3-million-barrel rise in domestic crude inventories -- smaller than the 2.6 million increase reported Tuesday by the American Petroleum Institute -- and said U.S. oil production and gasoline supplies fell. May-dated crude was last seen 2.9% higher at $39.39 a barrel.  

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

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Among the stocks with unusual option volume today is steel producer AK Steel Holding Corporation (NYSE:AKS), where calls are crossing the tape at seven times the average intraday rate. About 30,000 contracts have changed hands so far, compared to a mere 589 puts. The resulting put/call volume ratio of 0.02 is in the 1st percentile of its annual range. Among the most active options today is the weekly 5/6 4.50-strike call, where it looks like one trader bought to open several blocks, expecting the security to resume its 2016 rally through the option's expiration in early May. AKS was last seen up 1.2% at $4.22.

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) is among the top performers on the Nasdaq at midday, up 10.9% at $26.40, as traders react to Tuesday's encouraging drug news. The stock was halted in yesterday's session pending an FDA decision, but with help from a bullish brokerage note has so far today trimmed its year-to-date loss to 26.4%. But the shares could run out of steam if they run into resistance at their 100-day moving average. 


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Among the biggest laggard on the Big Board, meanwhile, is Opko Health Inc. (NYSE:OPK), last seen off 7.9% at $10.20. And like ACAD, OPKO's big move is largely FDA-inspired, as an application for the company's new treatment for secondary hyperparathyroidism was rejected.

The 
CBOE Volatility Index (VIX) is down 0.3 point, or 2.2%, at 13.52, after earlier hitting a year-to-date low of 13.06.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.57, with puts significantly outnumbering calls. In fact, SPY put volume is going off at 1.5 times the average intraday pace. SPY was last seen up 1.41 points, or 0.7%, at $206.64.
Published on Mar 24, 2016 at 4:29 PM
Updated on Mar 9, 2022 at 3:00 PM
  • Market Recap
The Dow Jones Industrial Average (DJIA) spent most of the day deep in the red, but managed to claw higher in late-session trading. Still, stocks' upside was limited during a session dominated by the dollar's surge and sinking oil and gold prices. What's more, rate-hike talk was again prevalent, due to hawkish comments from St. Louis Fed President James Bullard. Though the holiday-shortened week -- and the Dow's weekly win streak -- has come to an end, traders now await tomorrow's final reading on fourth-quarter gross domestic product (GDP).

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

The Dow Jones Industrial Average (DJIA - 17,515.73) rode a late-session surge to a 13.1-point, or 0.1%, win. Sixteen of the 30 Dow components managed gains, led by Caterpillar Inc.'s (NYSE:CAT) 2.2% advance. Nike Inc (NYSE:NKE) was the biggest loser again, down 1.3%, as it continues to edge lower after its earnings release. The Dow closes the week down 0.5%, its first weekly loss in the past six. 

The S&P 500 Index (SPX - 2,035.94) also snapped a five-week win streak, falling 0.8 point, or 0.04%. The Nasdaq Composite (COMP - 4,773.51) said goodbye to a five-week win streak, although the tech-heavy index managed a 4.6-point, or 0.1%, win on the day. For the week, the SPX dropped 0.7%, while the COMP gave back 0.5%. 

The CBOE Volatility Index (VIX - 14.74) dropped 0.2 point, or 1.3%, ending the week 5.1% higher -- the first weekly win for the "fear gauge" in six weeks. 

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5 Items on Our Radar Today:

  1. Another Fed official has spoken up about a potential rate hike in the near future. St. Louis Fed President James Bullard this morning stated that the next rate increase "may not be far off," should the economy continue to improve. (CNBC)

  2. Speaking of the economy, durable good orders dropped by 2.8% in February. However, economists were expected a 2.9% decline, with many pointing to a stronger dollar as a primary reason for the dip. However, orders for so-called core capital goods fell 1.8%, compared to expectations for a 0.1% drop. (Reuters)

  3. How a judge helped Staples, Inc. (NASDAQ:SPLS) and Office Depot Inc (NASDAQ:ODP) to big wins

  4. Could these 3 stocks be under-the-radar gems

  5. Why this Apple supplier may be due for a bounce


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Data courtesy of Trade-Alert

Commodities:

Like the Dow, crude oil futures settled lower on the week for the first time in six weeks. The May-dated contract finished 33 cents, or 0.8%, lower at $39.46 per barrel, as a stronger dollar and yesterday's troubling inventory report overshadowed a weekly drop in active oil rigs. For the week, May crude fell 4.1%.

Elsewhere, gold futures suffered their third straight weekly loss, also hurt by the dollar. At the close, April-dated gold was down $2.40, or 0.2%, at $1,221.60 per ounce. For the week, gold futures dropped 2.6%. 

Published on Mar 30, 2016 at 4:20 PM
Updated on Mar 9, 2022 at 3:00 PM
  • Market Recap
The Dow Jones Industrial Average (DJIA) shot to its highest close of 2016, still buoyed by Fed Chair Janet Yellen's dovish remarks -- echoed today by another central banker. Financial and tech stocks led the way higher, even as oil prices trimmed an early lead after another weekly inventory build. Meanwhile, the broader S&P 500 Index (SPX) and tech-centric Nasdaq Composite (COMP) picked up their third straight daily victories.

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

The Dow Jones Industrial Average (DJIA - 17,716.66) added 83.6 points, or 0.5%, ending on its fourth consecutive daily gain. Two-thirds of the Dow's 30 components advanced, with Visa Inc (NYSE:V) in the lead -- up 1.9%. On the flip side, BA was the largest of 10 blue-chip losers, sliding 1.8%.

The S&P 500 Index (SPX - 2,063.95) added close to 9 points, or 0.4%, to flirt with its highest level of 2016. Meanwhile, the Nasdaq Composite (COMP - 4,869.29) tacked on 22.7 points, or 0.5%. 

The CBOE Volatility Index (VIX - 13.56) surrendered 0.3 point, or 1.9%, for its lowest settlement since mid-August.

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5 Items on Our Radar Today:

  1. A jury found that a 2014 accident involving a General Motors Company (NYSE:GM) car was not caused by a defective ignition switch, and accordingly did not award damages. This represents the first verdict on the faulty parts since GM's massive recall in 2014. (Reuters)

  2. Chicago Fed President Charles Evans struck a confident tone during a speech in New York. "My assessment is the economy is going to be strong enough, we'll be raising rates two times this year," Evans said. However, the non-voting central banker doesn't expect a rate hike at the April Fed meeting. (Bloomberg)

  3. Despite Fitbit Inc's (NYSE:FIT) struggles, option bulls show no signs of slowing down

  4. Why short sellers are breathing a sigh of relief on this tech stock.

  5. The story behind Valeant Pharmaceuticals Intl Inc's (NYSE:VRX) latest abysmal session.


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Data courtesy of Trade-Alert

Commodities:

Crude futures pared most of their gains after the Energy Information Administration (EIA) reported a 2.3-million-barrel build in stockpiles -- though this was less than anticipated. By day's end, May-dated oil was up just 4 cents, or 0.1%, at $38.32 per barrel. The contract peaked at $39.85 in intraday trading.

The broad-market rally took its toll on gold, just a day after the precious metal surged on Yellen's speech. Specifically, gold for May delivery fell $10.20, or 0.8%, to settle at $1,226.20 per ounce.

Published on Mar 31, 2016 at 9:05 AM
Updated on Mar 9, 2022 at 3:00 PM
  • Opening View
U.S. stocks are signaling a modestly higher open this morning, with futures on the ​Dow Jones Industrial Average ​(DJIA) ​slightly above fair value. Wall Street will hear from two more Fed officials today, as Chicago Fed President Charles Evans and New York Fed President William Dudley will both take the podium. Traders are also digesting this morning's jobless claims numbers ahead of tomorrow's nonfarm payrolls report. Specifically, the number of Americans filing for unemployment benefits unexpectedly rose to a two-month high last week. Regardless, the Dow is set to wrap up the first quarter with a 1.7% lead, after notching its best close of the year on Wednesday

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

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Futures on the Dow Jones Industrial Average (DJIA) are just 9.3 points above fair value. 

5 Things You Need to Know Today

 

  1. A fresh round of monetary stimulus helped Chinese stocks escape a global slide.
  2. The Chicago Board Options Exchange (CBOE) saw 675,223 call contracts traded on Wednesday, compared to 415,467 put contracts. The resultant single-session equity put/call ratio edged up to 0.62, while the 21-day moving average moved up to 0.70.  
  3. Chipmaker Micron Technology, Inc. (NASDAQ:MU) has had a terrible year, dropping 26% to hit $10.48, and trailing the S&P 500 Index (SPX) by almost 27 percentage points over the past 60 sessions. Now the shares are positioned almost 2% lower in electronic trading, following the company's lackluster quarterly results and current-quarter guidance. As a result, no fewer than 10 brokerage firms have lowered their expectations for MU
  4. Chipotle Mexican Grill, Inc. (NYSE:CMG) has been another underperformer that analysts are fleeing from. However, the shares are pointed 0.7% higher ahead of the bell, amid reports the firm is getting into the burger business. Specifically, the company filed a trademark for the name "Better Burger" earlier this month, with a spokesperson telling Bloomberg that "It’s a growth seed idea we are exploring." 
  5. In other restaurant news, McDonald's Corporation (NYSE:MCD) is planning on opening more than 1,500 locations in China, Hong Kong, and South Korea. What's more, RBC upped its price target on the stock to $135 from $132, representing all-time-high territory. MCD has already added 7.4% in March to trade at $125.83, and just touched a record high of $126.10 yesterday. 


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Earnings and Economic Data

The Chicago purchasing managers index (PMI) is also due out today. There are no scheduled earnings reports worth noting. To see what else is coming up on this week's agenda, click here.

Published on Apr 4, 2016 at 12:11 PM
Updated on Mar 9, 2022 at 3:00 PM
  • Midday Market Check

The Dow Jones Industrial Average (DJIA) is tracking fluctuating oil prices today, with stocks also reacting to fresh comments from a voting member of the Federal Open Market Committee (FOMC). Specifically, May-dated crude futures have swung 0.3% lower to $36.68 per barrel at last check, while Boston Fed President Eric Rosengren said if the economy continues to recover, "it will likely be appropriate to resume the path of gradual tightening sooner than is implied by financial-market futures."

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

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Among the stocks with unusual option volume at midday is Yahoo! Inc. (NASDAQ:YHOO). The stock's calls are crossing at twice the average intraday pace, due to the latest M&A rumors. It appears traders may be buying to open the May 40 call in hopes of extended gains from YHOO before back-month options expire at the close on Friday, May 20. The shares were last seen 1.2% higher at $36.92. 

Virgin America Inc (NASDAQ:VA) is one of the top performers on the Nasdaq today, thanks to news that fellow airliner Alaska Air Group, Inc. (NYSE:ALK) is purchasing the company. VA was last seen 40.9% higher at $54.82, just below the buyout price of $57 per share offered by ALK. Even before today, the shares were up nearly 32% in the past 12 months.


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Conversely, firearms stock Smith & Wesson Holding Corp (NASDAQ:SWHC) is one of the worst performers on the COMP, sliding 15.6% to $23.43, due to a bearish brokerage note that hit the Street this morning. With the pullback, SWHC now holds just a slim year-to-date lead, after outperforming the S&P 500 Index (SPX) by 17.5 percentage points during the past 40 sessions. 

The 
CBOE Volatility Index (VIX) is up 0.9 point, or 6.9%. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.77, with puts nearly doubling calls. The SPY is down 0.7 point, or 0.3%, at $206.27. 

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Published on Apr 5, 2016 at 9:06 AM
Updated on Mar 9, 2022 at 3:00 PM
  • Opening View
​Dow Jones Industrial Average ​(DJIA) futures are more than 100 points below fair value, amid a slide in stocks globally and weak oil prices. At last check, May-dated crude futures were down 0.7% at $35.46 per barrel after slumping 3% on Monday. Wall Street is also digesting a wider-than-expected international trade deficit, and comments from Chicago Fed President Charles Evans -- who said "financial market expectations are more pessimistic than" the central bank's, and reiterated expectations of two more rate hikes in 2016.

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

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Futures on the Dow Jones Industrial Average (DJIA) are 121 points below fair value.

5 Things You Need to Know Today

 

  1. China bucked the Asian stock trend lower, while a warning from International Monetary Fund (IMF) Managing Director Christine Lagarde has European markets reeling.
  2. The Chicago Board Options Exchange (CBOE) saw 604,114 call contracts traded on Monday, compared to 392,893 put contracts. The resultant single-session equity put/call ratio rose to 0.65, while the 21-day moving average remained at 0.70.
  3. The U.S. Treasury published new rules to curb corporate inversions, putting at risk a merger between Pfizer Inc. (NYSE:PFE) and Allergan plc Ordinary Shares (NYSE:AGN). PFE has risen 2.8% pre-market on the news, while AGN is down more than 19%.
  4. Entertainment giant Walt Disney Co (NYSE:DIS) will be forced to expand its search for a new CEO, after Tom Staggs -- the heir apparent to outgoing CEO Bob Iger -- unexpectedly announced he is stepping down from his role as chief operating officer.
  5. A recent round of option bulls are happy to see Twitter Inc (NYSE:TWTR) up nearly 2% ahead of the bell, after the social media firm reportedly won the rights to stream Thursday night NFL games online.


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Earnings and Economic Data

The economic calendar picks up with the Labor Department's Job Openings and Labor Turnover Survey (JOLTS), and the Institute for Supply Management's (ISM) non-manufacturing index. To see what else is coming up on this week's schedule, click here

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Published on Mar 31, 2016 at 12:22 PM
Updated on Mar 9, 2022 at 3:00 PM
  • Midday Market Check

The Dow Jones Industrial Average (DJIA) is cautiously higher ahead of tomorrow's nonfarm payrolls report. Traders are digesting a larger-than expected rise in weekly jobless claims and a rebound in the Chicago purchasing managers index (PMI), along with additional comments from Chicago Fed President Charles Evans, who noted that the central bank's caution regarding interest rate hikes stems from "quite low" inflation, and said the Fed would prefer to try every other tactic before resorting to negative rates. The Dow and S&P 500 Index (SPX) are set to wrap up their best month since October, and -- despite the worst start to a year since the financial crisis -- end the quarter on a positive note.  

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

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Valeant Pharmaceuticals Intl Inc (NYSE:VRX) is among the stocks with unusual option volume today, as contracts are changing hands at twice their typical intraday pace. Puts are outnumbering calls -- and account for seven of the 10 most active options -- with about 54,000 traded so far. But much of today's heavy volume is attributable to the June 30 call and put, where it appears a firm initiated a bearish spread, buying to open 22,500 puts and selling to open an equal number of calls, per data from the International Securities Exchange (ISE). VRX is down 3.4% at $26.15 today, and just notched a new five-year low of $25.75, after Canadian securities regulators issued cease trade orders for Valeant's CEO, CFO, and directors, including activist Bill Ackman.

Among the biggest gainers on the Nasdaq at midday is drugmaker Genocea Biosciences Inc (NASDAQ:GNCA), up 25.7% at $4.99 after reporting positive data on a mid-stage trial of its genital herpes treatment. Today's big move has the shares above their 20-week moving average for the first time in over six months, but GNCA still has a long way to go to catch up with last summer's highs. 

After taking a dip Wednesday on layoff buzz -- exacerbated today by reports the company could cut 8,000 jobs in the U.S. --  Boeing Co (NYSE:BA) is continuing its downward trajectory, and is the leading laggard among Dow components, with a 1.8% drop to $126.29. After being rejected by its 200-day moving average last week, BA could be on track for its lowest close in nearly three weeks.


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The 
CBOE Volatility Index (VIX) is up 0.1 point, or 0.5%, at 13.63.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.44, with puts outnumbering calls again today. SPY was last seen up 0.2 point, or 0.1%, at $206.27.
Published on Apr 5, 2016 at 12:12 PM
Updated on Mar 9, 2022 at 3:00 PM
  • Midday Market Check

The Dow Jones Industrial Average (DJIA) is stuck in the red at midday, despite a rebound in May-dated crude futures, which have muscled 0.5% higher to $35.87 per barrel. At last check, just six of the 30 Dow components were in positive territory, with Walt Disney Co (NYSE:DIS) and Cisco Systems, Inc. (NASDAQ:CSCO) leading the losers. Stocks managed to pare some of their early losses, though, after the Institute for Supply Management's (ISM) non-manufacturing index topped expectations, but the major U.S. markets still seem destined to follow the lead of their global counterparts

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

 

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Among the stocks with unusual call volume is Marvell Technology Group Ltd. (NASDAQ:MRVL), with the options trading at 12 times the average intraday pace -- a sudden switch. The August 11 and May 12 calls are most popular, and it looks like traders are buying to open the options -- expecting more upside for MRVL. Today, the semiconductor stock is up 12.1% at $10.78, on news the company's president and CEO are both stepping down, as well as an upgrade to "buy" from "hold" at Brean Capital.

DragonWave, Inc. (USA) (NASDAQ:DRWI) is one of the top performers on the Nasdaq today, gaining 11.4% at $6.60, poised for its best daily finish since August. The wireless equipment maker has been on an absolute tear recently, gaining over 170% since March 29, after the company launched its e-commerce store


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Over on the New York Stock Exchange (NYSE), Palo Alto Networks Inc (NYSE:PANW) is one of the leading losers, falling 5.7% to $152.46, after this morning's round of analyst notes. Shares of the cybersecurity stock are still almost 8% higher year-over-year, and today's pullback seems to have been contained by the stock's rising 30-day moving average. 

The 
CBOE Volatility Index (VIX) is up 1.1 point, or 8.1%, challenging its 20-day moving average. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.31 -- in the 94th percentile of its annual range -- as puts more than double calls. SPY is down 1.7 points, or 0.8%, at $204.62. 

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