NITE Calls Jump; Stocks Edge Lower
Stocks have moved lower Wednesday amid tech downgrades and third quarter
earnings concerns. Transportation stocks and airlines are the day’s top sectors
while retailers and oil services are the weakest.
At mid-day, the VIX has increased .62 to 21.80.
The OEX September 810 calls are down 1 to 1 5/8.
Among bigger movers on heavier-than-average volume:
Knight Trading Group
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NITE |
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PowerRating) is up 6 3/8 to 35 13/16 on takeover
speculation. The NITE September 35 calls have gained 2 11/16 to 2 3/4 on more
than 5000 contracts.
Chase Manhattan
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CMB |
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PowerRating) is down 2 7/8 to 49 15/16 following its proposed
merger with J.P. Morgan
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JPM |
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PowerRating). The Chase October 50 calls are down 4 3/8 to
2 1/2 on triple the average volume.
Fannie Mae
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FNM |
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PowerRating) has jumped 4 1/16 to 65 1/16 in a strong financial
group. The Fannie Mae September 60 calls are up 3 1/16 to 5 on quadruple average
volume.
Sun Microsystems
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SUNW |
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PowerRating) is up 1/2 to 114 13/16 while the Sun September
115 calls have risen 11/16 to 2 13/16 on nearly 5000 contracts.