Stocks sink in morning trading


Major indices are in the red this Wednesday morning as traders ponder two big M&A deals: Time Warner (TWX) / AT&T (T), which is now threatened, and Broadcom (AVGO) / Qualcomm (QCOM), which Qualcomm has vowed to fight. Snap (SNAP) is down 11.3% after reporting slower than anticipated subscriber growth, but is likely being buoyed somewhat as the Chinese tech/media giant Tencent reported having taken a 12% stake in the company.

West Texas Intermediate crude is trading at $56.88. At present, the S&P 500 is down 0.13%, the DJIA is down 0.13%, and the NASDAQ is down 0.08%.

Here are your morning market metrics. Industries doing well today include diversified consumer services, food products, and household products. Industries showing weakness include electrical equipment, leisure products, and banks. The VIX is up 2.9% to 10.18 after closing on Tuesday at 9.89. The most heavily traded options this morning are for the PowerShares QQQ ETF (QQQ), with 5,000 December-15 163 calls on the board. The total put/call ratio as of 10:00 AM was 1.38 (226,583/313,701). The advancers/decliners ratio for NYSE 1,206/1,618 stocks is while the advancers/decliners ratio for NASDAQ stocks is 1,131/1,627.

Julian Close

Julian Close

Julian Close became a stockbroker in 1995. In his 20 years of market experience, he has seen all market conditions and written about every aspect of investing. Julian has also written extensively on corporate best practices and even written reports for the United Nations. He graduated from Davidson College in 1993 and received a Master of Arts in Teaching from Mary Baldwin College in 2011. You can see closing trades for all Julian's long and short positions and track his long term performance via twitter: @JulianClose_MIC.

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