Merrill Lynch Calls Rise; Stocks Sink
Earnings warnings weighed heavily on stocks Friday, as the Nasdaq fell 2.2%
and the Dow and S&P 500 lost 1% each. Forest and paper products and biotechs
were the top sectors while software and semiconductors were the weakest sectors.
By the close, the VIX had decreased .59 to 21.47.
The OEX 815 puts finished up 3 7/8 to 5 3/8.
Among bigger movers on heavier-than-average volume:
Merrill Lynch
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PowerRating) was a standout in the brokerage space, gaining 5
11/16 to 133 1/8. The Merrill Lynch July 120 calls rose 4 7/8 to 13 1/4 on
triple the average volume.
JDS Uniphase
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PowerRating) added to early gains and finished up 6 11/16 to 134
13/16. The JDSU July 130 calls ended up 2 1/16 to 4 1/4 on more than
13,000 contracts
Despite strong earnings, shares of Macromedia
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PowerRating) plunged 29 11/16 to
79 1/16 on future revenue concerns. The Macromedia July 100 puts soared 22 to 23
on five times the average volume.
Lucent
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PowerRating) continued to reel from its recent selloff as it lost another 2
15/16 to 51 1/4. The Lucent July 55 puts rose 2 9/16 to 4 on nearly 20,000
contracts.
Looking to next week, the July consumer confidence numbers and the June existing home sales will both be released on Tuesday at 10:00 AM
ET.