Q2 STOCKS TO BUY

Dow Jones Industrial Average Slides With Earnings, Oil

The Drugmaker Down More Than 80%

Oct 25, 2016 at 11:57 AM
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The Dow Jones Industrial Average (DJIA) started the morning cautiously higher, but dropped off shortly after the open, as stocks react to one of the busiest sessions of the earnings season. Notably, upbeat results from Procter & Gamble Co (NYSE:PG) helped the stock add 4.3% to lead the large-cap index, while 3M Co (NYSE:MMM) is tracking the losers, shedding 3.1% after its report. Meanwhile, oil prices are falling on a stronger dollar, mixed comments regarding potential production cuts from the Organization of the Petroleum Exporting Countries (OPEC), and amid expectations that U.S. crude inventories will rise following a pipeline leak in Cushing, Oklahoma. At last check, December-dated crude oil is off 1.2% at $49.93 per barrel -- on pace to close below the $50 mark for the first time since September.

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

Midday Market Stats October 25

Among the stocks with unusual options volume at midday is media ratings specialist Nielsen N.V. Ordinary Shares (NYSE:NLSN). The stock has dropped 14.3% to $47.06 today after a disappointing third-quarter earnings report and full-year forecast, landing NLSN on the short-sale restricted list. While stock volume has already hit a fresh annual high this morning, the equity's calls are trading at 14 times the expected intraday rate -- though puts still outpace calls nearly 2-to-1, and volume remains light on an absolute basis, with 650 calls and 1,208 puts traded. The November 46 put is most active so far, but it looks like traders may be selling to open new positions here, betting on a short-term floor for the shares.

Oil-and-gas stock SAExploration Holdings, Inc. (NASDAQ:SAEX) is the top performer on the Nasdaq at midday, up 26.2% at $9.44, after the company received a huge tax credit from Alaska's Department of Revenue. But even with today's gains, SAEX stock is sitting on a 96.6% year-to-date loss. 

SAEX Daily Chart Oct 25

Among the worst performers on the Nasdaq is drugmaker Corbus Pharmaceuticals Holdings Inc (NASDAQ:CRBP). The stock has shed 22.5% to $6.90 following a bearish write-up at The Street.com, landing CRBP on the short-sale restricted list. As a result, the equity's options pits are heating up, particularly on the call side of the aisle. 

The CBOE Volatility Index (VIX) is up 0.6 point, or 4.4%, at 13.59.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.98, with puts roughly doubling calls. SPY was last seen down 0.6 point, or 0.3%, at $214.25.

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