J.P. Morgan Calls Leap; Stocks Charge Ahead
The August rally is continuing Thursday, with the Dow, Nasdaq, and S&P
500 all solidly higher following a greater-than-expected decline in July’s
factory orders. Gold and silver and biotechs are the day’s top sectors while
oils and retailers are the weakest.
At mid-day, the VIX is down .31 to 19.28.
The OEX September 830 calls are up 3 3/4 to 11 3/4.
Among bigger movers on heavier-than-average volume:
J.P. Morgan
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PowerRating) has soared 12 5/16 to 164 3/16 on speculation that it
could be an acquisition candidate. The J.P. Morgan September 145 calls have
jumped 13 1/8 to 21 3/4 on triple the average call volume.
Dell Computer
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PowerRating) continues to rebound from recent lows, gaining 2
1/2 to 42 7/16. The Dell September 40 calls have jumped 1 1/2 to 2 3/4 on more
than 4000 contracts.
Best Buy
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PowerRating) is under pressure with the rest of the retailers, falling
8 7/8 to 62 1/16. The Best Buy September 65 puts have gained 3 7/16 to 5 on more
than 4500 contracts.
Metomedia Fiber
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PowerRating) has gained 1 3/8 to 38 9/16 while the Metromedia
September 37 1/2 calls have gained 1 1/16 to 2 7/8 on more than 4000 contracts.