Merck Calls Jump; Nasdaq Soars
The Nasdaq and the S&P 500 finished strong Tuesday following the May
retail sales number which 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.
By the close, the VIX had decreased .78 to 24.59.
The OEX 800 calls rose 2 5/8 to 3 7/8.
Among bigger movers on heavier-than-average volume:
Merck
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PowerRating) added to early gains, finishing up 3 1/2 to 73 7/16 in the
solid performing drug sector. The Merck June 70 calls gained 2 3/4 to 3 3/4 on
triple the average volume.
In the business-to-business space, PurchasePro
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PowerRating) rose 9 1/16 to 39. The PurchasePro June 35 calls rose 3
13/16 to 4 1/8 on nearly 10 times the average volume.
Intel
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PowerRating) finished the day strong, rising 6 7/16 to131 1/2. The Intel
June 130 calls gained 2 1/4 to 3 1/8 on triple the average volume.
Also pacing the Nasdaq’s good finish was Cisco
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PowerRating) which added 2 7/8
to 65. The Cisco June 65 calls rose 11/16 to 1 1/16 on heavier-than-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.