Yahoo Calls Soar; Nasdaq Powers Ahead
The Nasdaq staged a 3.6% rally following a better-than-expected earnings
report from Yahoo. Internets and broker/dealers were the top sectors of the day
while chemicals and oils were the weakest.
At the close, the VIX had increased .56 to 22.95.
The OEX 810 calls finished up 1 3/4 to 8 1/4.
Among bigger movers on heavier-than-average volume:
Yahoo
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PowerRating) added 19 7/16 to close at 124 15/16 and was the spark for
the Internet surge. The Yahoo July 120 calls soared 6 to 8 3/4 on nearly 5000
contracts.
Qualcomm
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PowerRating) gained 8 to 61, reversing some of its recent slide. The
Qualcomm July 60 calls gained 3 1/4 to 4 3/8 on double the average volume.
In the B2B realm, Commerce One
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PowerRating) gained 9 3/8 to 51 7/8 as several
B2Bs received upgrades from analysts. The CMRC July 45 calls rose 5 5/8 to 7 5/8
on more than 1200 contracts.
JP Morgan
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PowerRating) gained 4 5/8 to 122 9/16 along with selected financials
that benefited from the Paine Webber buyout announcement. The JP Morgan July 120
calls gained 2 1/4 to 4 1/2 on heavier-than-average volume.