Cisco Puts Rise; Nasdaq Sinks
The Nasdaq gave back early gains and sank into the close Tuesday on growing
fears that companies will fail to meet third quarter earnings expectations.
Retailers and drugs were the top sectors while semiconductors were the weakest.
By the close, the VIX had increased .22 to 21.18.
The OEX September 810 calls fell 4 1/8 to 2 5/8.
Among bigger movers on heavier-than-average volume:
Cisco
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PowerRating) fell 2 5/16 to 58 7/8 to lead the Nasdaq lower. The Cisco
September 60 puts added 1 to 2 1/16 on more than 9000 contracts.
J.P. Morgan
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PowerRating) added to early gains and finished up 14 11/16 to
184. The J.P. Morgan September 175 calls rose 6 3/16 to 8 1/2 on more than
10,000 contracts.
Nortel
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PowerRating) also remained weak, falling 5 1/16 to 64. The Nortel October
65 puts rose 2 to 5 7/8 on more than 6000 contracts.
Banc One
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PowerRating) showed a spike in call volume, as the September 35 calls
gained 1/2 to 3 1/4 on more than 6000 contracts. Banc One closed up 1/4 to 38
3/16.