Nasdaq Breaks Out; Incyte Calls Jump
The Nasdaq broke out of its two-week trading range and moved 3.3% higher in a
session led by biotechs, semiconductors and banks. The Dow and S&P 500 rose
1.0% and 1.5%, respectively.
By the close, the VIX had declined 1.11 to 22.44.
The OEX July 800 calls finished down 1.11 to 22.44.
Among bigger movers on heavier-than-average volume:
Incyte Pharmaceuticals
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PowerRating) rose 29 1/2 to 115 7/8 to pace the
genome/biotech sector. The Incyte July 90 calls rose 20 1/4 to 30 1/8 on more
than 3000 contracts.
EMC
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PowerRating) rose 2 3/8 to 81 1/2, an all-time high. The EMC July 80 calls
added 1 3/4 to 5 3/4 on triple the average volume.
Among tech winners, Sycamore Networks
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PowerRating) rose 15 1/2 to 115 7/8. The
Sycamore July 125 calls gained 5 1/4 to 8 1/2 on quadruple average volume.
In the wireless realm, Nokia
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PowerRating) rose 2 5/8 to 61 3/8 while the Nokia
July 65 calls added 1 1/16 to 2 1/2 on triple the average volume.
Looking ahead, the May trade deficit figures are due out Tuesday at 8:30 AM
ET, and estimates look for a figure of $29.6 billion.