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.
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.