AT&T Calls Fall; Nasdaq Pummeled
The Nasdaq sank 5.6% Wednesday following a revenue shortfall from Nortel. The
top sectors of the day were health care and drugs while Internets and
semiconductors were the weakest.
At the close, the VIX had increased 3.67 to 29.89.
The OEX 740 calls ended down 7 1/4 to 10.
Among bigger movers on heavier-than-average volume:
AT&T
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T |
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PowerRating) fell 3 1/2 to 23 3/8 following news the company would be split
into four companies. The AT&T December 25 calls fell 1 15/16 to 1 9/16 on
more than 9000 contracts.
Amazon
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PowerRating) rose 2 5/16 to 31 7/8 on better-than-expected earnings
news. The Amazon November 30 calls added 1/2 to 4 3/4 on triple the average
volume.
Nortel Networks
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PowerRating) fell 18 7/16 to 44 7/8 following a revenue shortfall.
The Nortel November 65 puts ended up 13 1/4 to 19 7/8 on more than 8000
contracts.
Advanced Micro Circuits
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AMCC |
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PowerRating) added to early losses and finished down
50 5/16 to 148 in sympathy with Nortel. The AMCC November 200 calls fell 13 5/8
to 4 3/8 on more than eight times the average volume.