May 5, 2016 Market Wrap Up
The S&P 500 sold off for the third consecutive day, although; we closed nearly unchanged. For the most part, earnings related companies dominated the action today.
With that said, we got positive earnings out of Alibaba (BABA) this morning (+3.3%). In the after hours we got results out of Gopro (GPRO) -11.5%, Endo International (ENDP) -28.4%, and Herbalife (HLF) +14%.
The VIX sold off a little, closing the day at 15.91, a drop of nearly 1%
Crude Oil bounced back a little, snapping a 3-day losing streak and closing the day below $45 per barrel. It gave up a lot of gains in the afternoon, but still managed to end the day positive.
On the options front, we saw large call buying activity in Weatherford International (WFT). In addition, we saw heavy put buying in YY Inc (YY), which saw 10.8 times usual options volume.
Here’s what’s left for tomorrow:
Key Economic Data:
6 May 2016- Employment Situation 8:30 AM ET
Key Earnings:
6 May 2016- AGN, WLTW, WY, EXC