March 2, 2017 Market Wrap Up

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The markets sold off today on rather light volume. However, today’s headlines were dominated by Snap. The much anticipated IPO traded over 216M shares on its opening day, closing up more than 40%, at 24.48. With that said, this was the largest IPO in over 2 years.

Strong earnings performers included: Abercrombie & Fitch Company (ANF), Burlington Stores (BURL), and Intrexon (XON)

Weak earnings performers included: Costco Wholesale (COST), Anheuser-Busch (BUD), and Shake Shack (SHAK)

ETF Performers: United States Oil Fund (USO) -2.02%, iShares 20+ Year Treasury Bond (TLT) -0.43%, SPDR Gold Shares (GLD) -1.23%.

On the options front, we saw large call buying activity in HRG Group Inc (HRG), which traded 5.2 times normal option volume. In addition, we saw heavy put buying in Fastenal Company (FAST), which traded 2.6 times normal option volume.

There are no major events on the schedule for tomorrow.

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April 21, 2016 Market Wrap Up

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The market was relatively weak today, with the Dow Jones Industrials, S&P 500, and Nasdaq all closing in the red. For the most part, earnings have been somewhat mixed.

This evening we got results out of Starbucks (SBUX) -5.4%, Microsoft (MSFT) -2.5%, and Alphabet (GOOGL) -3.8%. This might weigh down the Nasdaq tomorrow.

The VIX caught a bid, closing the day at 13.95. This is the fourth straight close under 14, and the second lowest closing print of the year.

Crude Oil has had a nice bounce off Sunday’s lows, following an unproductive Doha meeting. WTI Crude closed the day above 41, at 41.08.

On the options front, we saw large call buying activity in CDK Global (CDK). In addition, we saw heavy put buying in Tidewater Inc (TDW), which saw 6.9 times usual options volume.

Stocks in play included: Biogen (BIIB) +5%, Viacom (VIAB) +13.8%, and Intrexon (XON) -26.4%.

Here’s what’s left for tomorrow:

Key Earnings:
22 April 2016- CAT, GE, KMB, MCD, SYF, STI