QCOM Calls Shine; Nasdaq Soars
Nasdaq rocketed 14% higher following a 50 basis point rate cut by the Fed
Wednesday. Internets were the day’s strongest sector while oil services were the
weakest.
At the close, the VIX was down 5.54 to 28.66.
The OEX January 720 calls ended up 6.20 to 8.30.
Among bigger movers on heavier-than-average volume:
Qualcomm
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QCOM |
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PowerRating) was one of the day’s tech burners, rising 13 3/16 to 84
1/16. The QCOM January 100 calls rose 1 11/16 to 2 1/4 on more than 11,000
contracts.
In the resurgent telecom arena, WorldCom
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WCOM |
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PowerRating) gained 4 1/16 to 20
while the WCOM January 15 calls added 3 1/8 to 5 on more than 19,000 contracts.
Cisco
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PowerRating) rose 8 to 41 5/16 while the Cisco January 35 calls added 4
7/8 to 7 3/8 on more than 11,000 contracts.
Broker/dealers celebrated the rate cut news by posting some of the biggest
sector gains of the day. Leading the pack was Schwab
(
SCH |
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PowerRating), which gained 6
13/16 to 32 7/8 while the Schwab January 32 1/2 calls gained 2 to 2 1/4 on
triple the average volume.