Amazon Puts Rise; Nasdaq Tanks
Stronger-than-expected economic numbers and several earnings warnings
combined to trigger a big tech selloff that took the Nasdaq down 3.6%.
Semiconductors and Internets are the weakest sectors while oil services and
insurance are the strongest.
At the close, the VIX had decreased .54 to 22.21.
The OEX August 790 calls finished unchanged at 12 1/8.
Among bigger movers on heavier-than-average volume:
Amazon
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AMZN |
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PowerRating) fell 4 11/16 to 31 3/8 after beating earnings estimates
but failing to meet revenue expectations. The Amazon August 35 puts gained 1 1/8
to 5 on more than 15,000 contracts.
Nokia
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PowerRating) added to early losses and finished down 14 5/16 to 69 3/8
after issuing an earnings warning. The Nokia August 45 jumped 4 1/2 to 5 on more
than 8000 contracts.
Gemstar
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PowerRating) rose 2 5/16 to 65 3/16 while the Gemstar August 65 calls
rose 2 1/4 to 7 1/2 on more than 8000 contracts.
Microsoft
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PowerRating) bucked the negative tech trend and gained 1 9/16 to 69
3/8. The Microsoft August 70 calls rose 5/8 to 2 5/8 on triple the average
volume.
Looking to Friday, the 2nd quarter GDP numbers will be released at 8:30 AM ET. Estimates look for a 3.5% increase.