AMCC Puts Rise; Techs Tank

Tech stocks are under pressure Friday following a round of
weaker-than-expected earnings and quite a few negative warnings about future
quarters. Drugs are the day’s top sector while semiconductors are the weakest.

At mid-day, the VIX is up .74 to 25.72.

The OEX February 720 calls are down 2.30 to 9.20.

Among bigger movers on heavier-than-average volume:

Applied Micro Circuits
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has fallen 6 13/16 to 71 3/16 as select
techs have been walloped. The AMCC Febraury 70 puts are up 2 3/8 to 5 1/4 on
more than 10,000 contracts.

Qualcomm
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has gained 4 5/8 to 78 7/16 after better-than-expected
earnings. The QCOM February 75 calls have gained 1 3/8 to 7 on more than 5800
contracts.

PMC Sierra
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is the disaster of the day, falling 26 1/4 to 69 5/8
after warning of future revenue problems. The PMCS February 89 puts have jumped
9 1/4 to 14 on more than 1300 contracts.

Pfizer
(
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is up 1/2 to 44 15/16 in a resurgent drug group. The Pfizer
March 45 calls are up 1/2 to 2 3/8 on more than 8000 contracts.