Corning Calls Leap; Stocks Slide
Stocks drifted lower Monday amid concerns about profit warnings as well as a
general uneasiness ahead of a week packed with economic numbers. The Nasdaq lost
approximately 2.7% while the
Dow and S&P fell 0.5% and 0.7% respectively.
Oil services and gold and silver were the top sectors of the day while
Internets and software were the weakest.
By the close, the VIX had increased .18 to 25.37.
The OEX June 790 calls finished down 3 3/4 to 17 1/4.
Among bigger gainers on heavier-than-average volume:
Corning
(
GLW |
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PowerRating) added to early gains and finished up 18 to 230 after saying it would top second
quarter earnings expectations. The June 230 calls finished up 6 1/8 to 7 1/8 on more
than quadruple the average volume.
MiniMed
(
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PowerRating) sank 35 3/4 to 96 1/2 on news that two products would be
delayed. The MiniMed June 120 calls fell 9 1/2 to 2 1/4 on heavier-than-average
volume.
Phillip Morris
(
MO |
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PowerRating) was on of the top Dow stocks of the day, rising 3/4 to
27 3/4. The Phillip Morris June 17 1/2 calls rose 2 1/8 to 10 1/8 on 2500
contracts.
Qualcomm
(
QCOM |
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Chart |
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PowerRating) rose 2 5/8 to 81 11/16 on positive news regarding the
expansion of Qualcomm’s CDMA technology in China. The Qualcomm June 80 calls
rose 1 to 3 3/4 on double average volume.
Looking ahead, the first big economic numbers of the week are the May retail
sales numbers due out Tuesday at 8:30 AM.