Qualcomm Puts Jump; Stocks Mixed
Stocks are trading mixed Thursday following stronger-than-expected economic
numbers for industrial production and capacity utilization. Retailers and
software are the top sectors of the day while banks and broker/dealers are the
weakest.
At mid-day, the VIX is up .15 to 24.66.
The OEX June 790 calls are up 3/4 to 7 1/2.
Among bigger movers on heavier-than-average volume:
Qualcomm
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PowerRating) has fallen 9 1/2 to 61 after receiving unfavorable
analyst comments. The Qualcomm July 75 puts have jumped 6 1/8 to 16 3/8 on more
than 11,000 contracts.
Chip maker Conexant
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PowerRating) has risen 5 5/8 to 47 1/8 after an analyst
upgrade that set a price target of 100. The Conexant June 45 calls have moved up
2 1/2 to 2 7/8 on triple the average volume.
Banks and brokers are under pressure, and that has moved Morgan Stanley Dean
Witter
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PowerRating) down 3 11/16 to 81 13/16. The Morgan Stanley July 70 puts have
risen 11/16 to 1 11/16 on more than 3000 contracts.
International Paper
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PowerRating) is down 1 7/16 to 32 11/16 as worries about an
economic slowdown affect cyclicals. The International Paper July 35 puts have
risen 7/8 to 3 1/4 on ten times the average volume.
Looking ahead, the May new housing starts will be released at 8:30 AM ET on
Friday. Street estimates look for a figure of 1.62 million.