Broadcom Calls Surge; Stocks Sink
Stocks sank Thursday as inflation fears again rippled through the market. For
the day, the Nasdaq lost 1.6%, the Dow lost 1.2% and the S&P 500 eased 0.9%.
By the close, the VIX had decreased 1.56 to 22.02.
The OEX July 790 calls finished down 6 1/4 to 10.
Among bigger movers on heavier-than-average volume:
PowerRating) soared 16 7/8 to 204 7/8 ahead of being added to the
S&P 500 on Friday. The Broadcom July 195 calls gained 8 1/4 to 21 1/4 on
five times the average volume.
Hewlett Packard spin-off Palm
PowerRating) added to early gains and finished
up 3 5/16 to 29 11/16 after posting better-than-expected earnings. The Palm
August 25 calls finished up 1 7/8 to 5 1/8 on more than 8900 contracts.
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.