The DJIA started the session in the red, but has moved back into positive territory
The Dow Jones Industrial Average (DJIA) fell out of the gate, amid lingering concerns that President Donald Trump's legislative agenda could be derailed and a negative earnings reaction for Cisco Systems stock. However, the Dow has since turned higher as Wal-Mart stock rallies post-earnings, and following a round of well-received economic reports. Elsewhere, the S&P 500 Index (SPX) has also swung into positive territory, while the Nasdaq Composite (COMP) took a successful bounce off the round 6,000 mark earlier. With stocks steadying themselves, the CBOE Volatility Index (VIX) is down 8% -- but not before touching 16.30 earlier, its loftiest perch since Nov. 9.
Continue reading for more on today's market -- and don't miss:
- The drug stock that's up more than 66% this week.
- Takeover talk has Pandora stock booming.
- Plus, a big bearish bet on gold; athenahealth gaps higher; and one retail stock's worst day ever.
Among the names with unusual options activity is Kinross Gold Corporation (USA) (NYSE:KGC), with nearly 66,000 puts traded -- 33 times the expected intraday pace and a new annual high. By comparison, 1,805 calls are on the tape. Almost all of the action is a result of 59,010 June 4 puts being bought to open for an initial cash outlay of $767,130 (number of contracts * $0.13 premium paid * 100 shares per contract). In other words, the put buyer is hoping the gold stock breaches $4 over the next four weeks. KGC stock was last seen down 1% at $4.23, after hitting an eight-month high yesterday.
athenahealth, Inc (NASDAQ:ATHN) is one of the biggest advancers on the Nasdaq, after Paul Singer of Elliott Associates unveiled a 9.2% stake in the healthcare company. While ATHN stock was last seen up 18.5% at $125.99 and on track to close north of its 320-day moving average for the first time since last July, gains are being contained by familiar resistance in the $126-$127 region.
Stein Mart, Inc. (NASDAQ:SMRT) is one of the biggest decliners on the Nasdaq, after the retailer reported disappointing earnings and offered weak guidance, and suspended its quarterly dividend. SMRT stock is down 39.4% at $1.03 -- fresh off an eight-year low of $1.00 -- on track for its worst single-day percentage loss on record.