Dow Jones Industrial Average Trims Lead Amid Oil's Retreat

The possibility of a global crude production freeze boosted the Dow Jones Industrial Average (DJIA) out of the gate this morning. However, as oil futures have given back early gains -- March-dated crude was last seen down 1.3% at $29.07 per barrel -- so too has the Dow, after adding as much as 172 points. In fact, oil stocks Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX) stand as the biggest Dow losers at midday. Beyond that, traders listened as new Minnesota Fed President Neel Kashkari urged Congress to consider breaking up banks that remain "too big to fail," and digested lackluster data on homebuilder sentiment and New York-area manufacturing. 

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

• Why J.P. Morgan Securities says it's time to buy this blue-chip finance stock. 
• While Freeport-McMoRan Inc (NYSE:FCX) is flourishing, a fellow commodity stock is trading right into bears' hands. 
• Plus ... Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

Among stocks with unusual option volume at midday is in-flight Internet provider Gogo Inc (NASDAQ:GOGO). With the stock short-sale restricted, puts are crossing at a whopping 18 times the average midday pace. This mad dash for bearish bets was sparked by news that American Airlines Group Inc (NASDAQ:AAL) could terminate its partnership with GOGO in order to work with other Internet providers. GOGO was last seen down 38.4% at $8.55, and earlier hit an all-time low of $7.90. 

Security systems provider ADT Corp (NYSE:ADT) is the top gainer on the Big Board today, on news the company has been purchased by Apollo Global Management LLC (NYSE:APO) -- who's really been shelling out the cash lately -- for $7 billion, or $42 per share. ADT shares are up 49.6% at $40.19. 

Elsewhere, one of the Nasdaq's biggest laggards is toy manufacturer Mattel, Inc. (NASDAQ:MAT). The shares have dropped 2.8% at $29.91, after Jana Partners reported it dissolved its sole stake in the firm. Still, MAT is over 10% in the green year-to-date, thanks to solid earnings and M&A rumors involving its largest competitor. 

The CBOE Volatility Index (VIX) is down 0.9 point, or 3.7%. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.42, with puts outnumbering calls. At last check, SPY is up 1.9 points, or 1%, at $188.51.