Stocks are in the red this Wednesday morning as the current earnings season—once thought to be the savior of the market, turns into just another bloody rout. In what is becoming a too-familiar story, Apple (AAPL) and Southwest Airlines (LUV) reported having earned more per share than the Street’s consensus estimate, but ultimately provided more negative than positive news. For AAPL, down 3.6%, the problem is a declining profit margin, while for LUV, down 11.7%, the problem is weak guidance.
Here are your Wednesday morning market metrics. Industries doing well today include communications equipment, biotechnology, and electronic equipment. Industries showing weakness include airlines, equity REITs, and technology hardware. The VIX is up 6%% to 14.29, after closing on Tuesday at 13.46. The most heavily traded options this morning are for Apple (AAPL), with 12,507 December 120 calls and 10,769 December 125 calls on the board. The total put/call ratio as of 10:00 AM was 1.07 (260,537/278,027). NYSE Adv/Dec 792/2,022. Nasdaq Adv/Dec 932/1,435.