Stocks are sagging this Friday morning, having apparently run out of energy after Thursday’s big gains. Oil is slightly higher than at this time Thursday, reversing a four-day trend. Williams-Sonoma (WSM) is down 13% at this hour, following the company’s announcement that it was acquiring the augmented reality company “Outward” for $112 million. One assumes the company’s management failed to ascertain what the market’s likely reaction to such a move would be. Bucking the Trend is Tesla (TSLA), up 2.1% after unveiling an electric semi-truck and a new Roadster that goes from zero to sixty in 1.9 seconds.
Industries doing well today include textiles, multiline retail, and specialty retail. Industries showing the greatest weakness include beverages, banks, and machinery. The VIX is down 4% to 11.29 after closing on Thursday at 11.76. The most heavily traded options this morning are for the iShares MSCI Emerging Markets ETF (EEM), with 20,002 December-15 46 calls on the board. The total put/call ratio as of 10:00 AM was 0.85 (362,913/306,690). The advancers/decliners ratio for NYSE stocks is 1,501/1,294 while the advancers/decliners ratio for NASDAQ stocks is 1,329/1,426.