Palm Calls Gain; Stocks Sink
Stocks are in the red Thursday despite news that May’s new home sales of
875,000 were less than the 900,000 analysts expected. The strongest sectors of
the day are oil services and drugs while the weakest are semiconductors and
biotechs.
At mid-day, the VIX is up .93 to 24.51.
The OEX July 790 calls are off 5 1/4 to 11.
Among bigger movers on heavier-than-average volume:
Hewlett Packard spin-off Palm
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PowerRating) is up 1 1/2 to 27 7/8 after posting
better-than-expected earnings. The Palm August 25 calls are up 3/4 to 4 on
quadruple average volume.
Nokia
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PowerRating) is off 3 3/8 to 47 1/16 on concerns about decreasing sales in
the wireless realm. The Nokia July 50 puts have gained 1 1/2 to 4 5/8 on
quadruple the average volume.
Semis are under pressure, and that is hurting Altera
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PowerRating), which is
down 6 1/16 to 95 1/2. The Altera July 110 calls are down 2 3/8 to 2 1/4 on
triple the average volume.
Microsoft
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PowerRating) is down 1 1/2 to 77 1/2 while the Microsoft July 80
calls are down 1/2 to 2 on heavier-than-average volume.
Looking ahead, the Chicago Purchasing Managers Index will be released Friday
at 10:00 AM ET. Street estimates look for a figure of 53.5.