Corning Calls Jump; Nasdaq Sinks
Stocks are lower in Monday trading to begin a news-filled week of economic
reports that should offer some concrete evidence as to how successful the Fed
has been at cooling the economy. The Nasdaq is off approximately 1.7% while the
Dow and S&P are hovering at break-even.
Oil services and integrated oils are the top sectors of the day while
Internets and software are weak.
At mid-day, the VIX has increased .46 to 25.65.
The OEX June 785 calls are down 1 to 6 3/8.
Among bigger gainers on heavier-than-average volume:
Corning
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PowerRating) is up 14 1/4 to 226 1/8 after saying it would top second
quarter earnings expectations. The June 220 calls are up 6 3/4 to 10 1/2 on more
than triple the average volume.
Exxon Mobil
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PowerRating) has risen 2 1/8 to 81 5/16 as oils remain one of the
day’s top sectors. The Exxon Mobil June 80 calls have risen 1 to 2 on eight
times the average volume.
Retailers remain weak, with Home Depot
(
HD |
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PowerRating) down 1 1/2 to 46 1/8. The Home
Depot June 55 puts are up 2 1/4 to 9 1/8 on triple the average volume.
Citrix Systems
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PowerRating) is off 18 to 23 3/16 after issuing an earnings
warning. The Citrix July 40 puts are up 13 to 18 1/2 on more than 3400
contracts.
Looking ahead, the first big economic numbers of the week are the May retail
sales numbers due out Tuesday at 8:30 AM.