Qualcomm Calls Rise; Stocks Drift Lower
Stocks have given up early gains and have moved lower Monday with the Nasdaq
down 1.4% and the Dow and S&P 500 down 0.7% each. Broker/dealers and banks
are the big losers of the day while semiconductors and drugs are attempting to
stay in the green.
At mid-day, the VIX is down .21 to 21.72.
The OEX 800 calls are down 1 1/8 to 12 1/2.
Among bigger movers on heavier-than-average volume:
Qualcomm
(
QCOM |
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PowerRating) is one of the day’s lone tech standouts, rising 4 to 70
1/4. The Qualcomm October 70 calls have added 2 1/4 to 6 1/4 on more than 11,000
contracts.
Adobe Systems
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ADBE |
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PowerRating) is also posting solid gains with a rise of 8 1/16
to 140 11/16. The Adobe October 170 calls have gained 1 1/8 to 2 3/4 on double
the average volume.
America Online
(
AOL |
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PowerRating) has risen 2 1/8 to 57 3/8 while the AOL October 60
calls have gained 5/8 to 1 5/8 on heavy call volume of more than 12,000
contracts.
In the weakened banking group, Chase Manhattan
(
CMB |
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PowerRating) is off 1 9/16 to 47
9/16. The Chase October 50 calls have slipped 13/16 to 1 1/4 on more than 4,000
contracts.