Intel Calls Rise; Market Mixed
Stocks are mixed following a weaker-than-expected May retail sales number
that showed a decrease of 0.3%. Street estimates had looked for a flat number,
so the decrease has suggested that the Fed may not need to raise rates at its
meeting in two weeks.
At mid-day, the VIX has increased .14 to 25.51.
The OEX 785 calls are up 1/4 to 5 1/4.
Among bigger movers on heavier-than-average volume:
Intel
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PowerRating) is up 1 13/16 to 126 7/8 to help the Nasdaq. The Intel June
125 calls are up 13/16 to 3 3/4 on triple the average volume.
Drug companies are strong, with Merck
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PowerRating) gaining 2 9/16 to 72 1/2. The
Merck June 70 calls have added 1 7/8 to 2 7/8 on heavier-than-average volume.
Pfizer
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PowerRating) is up 1 1/2 to 45 7/8 to also help the drug sector. The
Pfizer July 42 1/2 calls are up 5/8 to 4 1/2 on heavier-than-expected volume.
Among Dow stocks under pressure is Hewlett Packard
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PowerRating), which is off 8
1/8 to 117 7/8. The Hewlett Packard June 120 puts have risen 2 13/16 to 3 3/4
double the average volume.
Looking ahead, the Consumer Price Index is due out on Wednesday at 8:30 AM
ET, and Street estimates look for a 0.2% increase in both the CPI and the core
rate.