Lehman Calls Leap; Nasdaq Sinks
The technology selloff in the Nasdaq continued Monday as concerns over oil
prices mounted, with many analysts commenting how the rise in energy costs may
hurt corporate profits. The Nasdaq fell 2% as biotechs and semiconductors were
under pressure. Oil services, retailers and financials were the strongest
sectors of the day, and they helped keep the blue chips’ losses to a minimum.
By the close, the VIX had increased .40 to 21.09.
The OEX September 810 puts finished up 3/4 to 7.
Among bigger movers on heavier-than-average volume:
Lehman Brothers
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PowerRating) paced the broker/dealers, gaining 12 3/16 to 160
1/4. The Lehman Brothers September 150 calls added 2 to 6 1/4 on five times the
average volume.
Next Level Communications
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PowerRating) jumped 15 3/16 to 72 7/16 while the
NXTV September 70 calls rose 3 7/8 to 4 5/8 on quadruple the average volume.
Juniper Networks
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PowerRating) continued its sharp pullback, falling 14 9/16 to
183 1/16. The Juniper September 200 calls fell 5 1/16 to 2 5/16 on triple the
average volume.
Ciena
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PowerRating) also fell victim to selling pressure, sinking 15 5/8 to
184. The Ciena September 175 puts jumped 2 1/16 to 2 7/8 on triple the average
volume.