Qualcomm Calls Fall; Stocks Sink
The Nasdaq fell nearly 3% Wednesday despite the fact that earnings continue
to come in better-than-expected. Banking was the top-performing sector while
biotechs and airlines were the weakest.
By the close, the VIX had decreased .11 to 22.44.
The OEX 810 calls finished down 3 to 3 1/2.
Among bigger movers on heavier-than-average volume:
Qualcomm
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PowerRating) fell 2 1/8 to 63 ahead of its earnings report that
matched Street estimates of 27 cents per share. The Qualcomm July 65 calls sank
1 to 2 on triple the average volume.
Microsoft
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PowerRating) added to early losses and finished down 5 3/8 to 73 1/8
despite beating earnings estimates. The Microsoft July 75 puts rose 1 7/16 to 2
1/8 on more than 11,000 contracts.
Intel
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PowerRating) alsobeat earnings estimates on Tuesday but fell 4 7/8 to
138 1/8 on Wednesday. The Intel July 140 puts rose 1 1/16 to 3 1/4 on more than
9000 contracts.
Nokia
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PowerRating) fell 1 7/8 to 53 1/4 while the Nokia August 55 puts added 7/8
to 4 1/2 on more than 7800 contracts.
Looking ahead, June’s housing starts and building permits reports will be released Thursday at 8:30 AM ET.
Street consensus looks for 1.57 million housing starts and 1.50 million new
building permits.