Genentech Calls Jump; Market Mixed
Following last week’s 19% Nasdaq run-up, stocks are trading mixed Monday with
the Nasdaq posting modest gains and the Dow and S&P edging lower.
Biotechs and software makers are the strongest sectors while insurance and
banking are the weakest.
At mid-day, the VIX is up 1.17 to 25.28.
The OEX June 785 calls are down 3/4 to 16 5/8.
Among resurgent biotechs, Genentech
(
DNA |
Quote |
Chart |
News |
PowerRating) is trading up 18 3/4 to 127
5/16 after filing for regulatory approval of a new asthma drug. The Genentech
June 125 calls are up 7 3/16 to 8 5/8 on five times the average volume.
Business-to-business Internets are showing some strength with Internet
Capital Group
(
ICGE |
Quote |
Chart |
News |
PowerRating) up 4 1/4 to 40 13/16. The ICGE June 45 calls are up 1
1/8 to 1 7/8 on quadruple average volume.
B2B Commerce One
(
CMRC |
Quote |
Chart |
News |
PowerRating) has gained 3 to 53 5/16 while the Commerce One
June 45 calls have added 1 7/8 to 9 3/8 on five times the average volume.
IBM
(
IBM |
Quote |
Chart |
News |
PowerRating) is one of the top Dow performers and is up 2 15/16 to 111 3/4.
The IBM June 115 calls are up 7/8 to to 1 5/8
on triple the average volume.
Looking ahead, with a relatively light week of economic news, traders will be
looking mainly toward the Friday release of the Producer Price Index numbers.