JP Morgan Puts Jump; Stocks End Mixed
Blue chips took a hit Friday as earnings warnings and interest rate worries
combined to send the Dow down 2.5% and the S&P 500 down 1/0%. Financial
stocks led the downturn as yet another regional bank offered gloomy prospects
for the upcoming quarter’s earnings. The Nasdaq was able to avoid the selloff
and ended the day slightly higher.
By the close, the VIX had increased .37 to 23.55.
The OEX 785 calls fell 10 1/4 to 3 3/4.
Among bigger movers on heavier-than-average volume:
Also weak was Bank of America, which lost 4 7/16 to 47 1/2. The Bank of
America July 50 puts rose 2 1/4 to 4 on more than 27,000 contracts.
PowerRating) issued a profit warning, and that sent the stock plummeting 4
3/4 to 20 9/16. The Xerox June 25 puts soared 4 3/8 to 4 5/8 on ten times the
Looking ahead, it is just a little over a week until the much-anticipated Fed
meeting on Tuesday, June 27.