Qualcomm Calls Rise; Market Sinks
Profit taking took all three major indexes lower Thursday, just three trading
days ahead of the much-anticipated Fed meeting. Biotechs were the biggest losers
of the day, and banks were the biggest gainers.
By the close, the VIX had increased 2.11 to 25.68.
The OEX July 810 calls finished down 4 3/4 to 10 1/4.
Among bigger movers on heavier-than-average volume:
Qualcomm
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PowerRating) avoided the Nasdaq selloff and rose 3 3/4 to 68 1/4. The
Qualcomm July 75 calls jumped 1 3/8 to 3 7/8 on quadruple average volume.
Vision correction laser producer VISX
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PowerRating) jumped 4 3/8 to 32 15/16 on
word that a it would receive a reissue of one of its patents. The VISX July 35
calls rose 1 5/8 to 2 1/4 on ten times the average volume.
Biotechs were under pressure, as Incyte Pharmaceuticals
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PowerRating) gave up
18 11/18 to 94. The Incyte July 120 calls fell 7 7/8 to 5 1/2 on
heavier-than-average volume.
Peoplesoft
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PowerRating) added to early gains, finishing up 2 1/16 to 16 1/16 while the Peoplesoft July 15 calls
added 1 7/16 to 2 1/4 on nearly 8000 contracts.
Looking ahead, the next economic news out before the Fed meets on Tuesday is
the report for May’s existing home sales which will be released on Monday at
10:00 AM ET.