Kodak Puts Jump; Stocks Slip
New earnings warnings are weighing on stocks Tuesday, with the Dow taking the
biggest hit following Kodak’s admission that third quarter earnings will not
meet analysts’ expectations. Utilities and oil services are the day’s strongest
sectors while retailers and broker/dealers are the weakest.
At mid-day, the VIX has risen .43 to 24.09.
The OEX October 790 calls are down 1 3/4 to 6 1/4.
Among bigger movers on heavier-than-average volume:
Eastman Kodak
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PowerRating) has plunged 12 15/16 to 46 1/16 following its earnings
warning. The Kodak October 60 puts have jumped 12 to 13 3/4 on more than 8000
contracts.
Microsoft
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PowerRating) has gained 2 5/16 to 63 9/16 following news that its
antitrust case will be sent back to a lower court. The Microsoft October 70
calls have risen 3/4 to 2 on more than 9000 contracts.
Optical infrastructure company Metro Media Fiber
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PowerRating) has lost 2 3/4
to 21 1/16 while the MFNX November 20 calls have lost 3 1/2 to 3 5/8 on
heavier-than-average volume.
AT&T
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PowerRating) has eased 5/16 to 28 5/8 and is just slightly above its
52-week low. The AT&T October 30 calls are down 1/8 to 7/8 on heavy call
volume of more than 9000 contracts.