Stocks on the move Real-time Equity news
U.S. stock market report 1726 ET 08July2009 Meritage option volume pops up, traders see more volatility
Meritage Homes Corp option volume of about 30,000 contracts was 19 times the norm as option traders braced for more price movement in the stock. In all, about 28,000 puts and 1,980 calls traded in the homebuilder with shares down 9.51 percent to $14.65 at the close, according to Trade Alert. The demand for options sent the stock's implied volatility, a barometer of anxiety conveyed by option prices, higher. It earlier stood at 88 percent, up from about 80 percent the previous session, said WhatsTrading.com option strategist Frederic Ruffy. There was no apparent news to explain the action. The August $17.50 put strike was the most active with more than 20,300 contracts traded. The volume included 19,000 lots bought for a $2.725 (premium) against a position in 1.1 million shares -- 'not necessarily bearish, but a likely play on increasing volatility in shares of the homebuilder,' Ruffy said.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1702 ET 08July2009
Economic diary for July 9
The day's economic agenda includes data on initial jobless claims and on wholesale trade.
For more please double click
Reuters Messaging rm://caroline.valetkevitch.reuters.com@reuters.net
1701 ET 08July2009
Earnings diary for July 9
The day's earnings calendar includes an interim report from Chevron Corp .
For more please double click
Reuters Messaging rm://caroline.valetkevitch.reuters.com@reuters.net
1651 ET 08Jul2009-AFTER THE BELL
Alcoa shares jump
Shares of aluminum producer Alcoa Inc rose 6.8 percent after the closing bell on Wednesday after the company reported a smaller-than-expected quarterly loss. For details, see
Shares were up at $10.10 after being halted as the results were released. The stock closed on the New York Stock Exchange at $9.46.
For more please double click
Reuters Messaging rm://caroline.valetkevitch.reuters.com@reuters.net
1603 ET 08Jul2009 RTRS-ANALYSIS-Long
awaited correction confronts Wall Street
Wall Street's spring surge looks to be wilting in the heat, judging by the emergence of bearish chart patterns, anemic trading volumes and rising volatility.
For two months U.S. equities have defied expectations for a correction, but charts show that major averages are finally on the cusp of their first significant pullback since the start of the March rally due to worries about economic growth.
For details, see
Reuters Messaging: ellis.mnyandu.reuters.com@reuters.net; Editing by Kenneth Barry
1456 ET 08July2009 Players target upside Alcoa calls before results
Shares of aluminum giant Aloca Inc fell 7 cents to $9.34 ahead of its quarterly results due after the close.
So far about 69,000 calls and 39,000 puts traded in Alcoa late in the session. The July $10 call options are the busiest, with more than 30,000 contracts on the tape against open interest perched at 115,283 lots, Reuters data show. The flow this morning appeared to be aggressive buying in that strike price but later in the day as shares lost ground seller of premiums surfaced, said Trade Alert president Henry Schwartz. More than 53,000 of these calls traded yesterday, with buyers opening nearly 29,000 contracts of new open interest in that strike. After spiking early with the surge of call buyers, the stock's July option implied volatility stood at 95 percent a point at where it started the session, Schwartz said.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1152 ET 08July2009
Credit Suisse starts coverage on three REITs
Credit Suisse on Wednesday started coverage on two apartment real estate investment trusts (REITs) at 'underperform,' saying weak fundamentals would overshadow a strong long-term story.
The two companies are AvalonBay Communities and Equity Residential .
'We believe the financing advantages of Avalon and other apartment REITs are embedded in valuation, while high revenue sensitivity to employment losses creates downside risk,' the firm wrote to clients.
The firm started coverage of Macerich Co with a 'neutral' rating and said the mall owner's stock performance will depend on the size, pace, and price of deleveraging. 'An asset sale is not necessarily 'good' if a Macerich crown jewel asset is sold,' the analyst said, adding 'an equity offering is not 'bad' if it is able to permanently fix a financial problem at a reasonable price.'
For details, see
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1142 ET 08July2009
DynCorp shares gain after contract win
Shares of DynCorp International rallied on Wednesday, after the defense contractor won a contract to provide logistics services to support the U.S. Army in Afghanistan.
Cindy Green, director of investor relations at DynCorp, said the company had won the task order for the Logistics Civil Augmentation Program (LOGCAP IV) for Afghanistan. She said in an e-mail that the initial award for the first year of the contract was for $640 million to $650 million. For details, see
The stock gained 13 percent to $17.87.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
U.S. stock market report 1726 ET 08July2009 Meritage option volume pops up, traders see more volatility
Meritage Homes Corp option volume of about 30,000 contracts was 19 times the norm as option traders braced for more price movement in the stock. In all, about 28,000 puts and 1,980 calls traded in the homebuilder with shares down 9.51 percent to $14.65 at the close, according to Trade Alert. The demand for options sent the stock's implied volatility, a barometer of anxiety conveyed by option prices, higher. It earlier stood at 88 percent, up from about 80 percent the previous session, said WhatsTrading.com option strategist Frederic Ruffy. There was no apparent news to explain the action. The August $17.50 put strike was the most active with more than 20,300 contracts traded. The volume included 19,000 lots bought for a $2.725 (premium) against a position in 1.1 million shares -- 'not necessarily bearish, but a likely play on increasing volatility in shares of the homebuilder,' Ruffy said.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1702 ET 08July2009
Economic diary for July 9
The day's economic agenda includes data on initial jobless claims and on wholesale trade.
For more please double click
Reuters Messaging rm://caroline.valetkevitch.reuters.com@reuters.net
1701 ET 08July2009
Earnings diary for July 9
The day's earnings calendar includes an interim report from Chevron Corp .
For more please double click
Reuters Messaging rm://caroline.valetkevitch.reuters.com@reuters.net
1651 ET 08Jul2009-AFTER THE BELL
Alcoa shares jump
Shares of aluminum producer Alcoa Inc rose 6.8 percent after the closing bell on Wednesday after the company reported a smaller-than-expected quarterly loss. For details, see
Shares were up at $10.10 after being halted as the results were released. The stock closed on the New York Stock Exchange at $9.46.
For more please double click
Reuters Messaging rm://caroline.valetkevitch.reuters.com@reuters.net
1603 ET 08Jul2009 RTRS-ANALYSIS-Long
awaited correction confronts Wall Street
Wall Street's spring surge looks to be wilting in the heat, judging by the emergence of bearish chart patterns, anemic trading volumes and rising volatility.
For two months U.S. equities have defied expectations for a correction, but charts show that major averages are finally on the cusp of their first significant pullback since the start of the March rally due to worries about economic growth.
For details, see
Reuters Messaging: ellis.mnyandu.reuters.com@reuters.net; Editing by Kenneth Barry
1456 ET 08July2009 Players target upside Alcoa calls before results
Shares of aluminum giant Aloca Inc fell 7 cents to $9.34 ahead of its quarterly results due after the close.
So far about 69,000 calls and 39,000 puts traded in Alcoa late in the session. The July $10 call options are the busiest, with more than 30,000 contracts on the tape against open interest perched at 115,283 lots, Reuters data show. The flow this morning appeared to be aggressive buying in that strike price but later in the day as shares lost ground seller of premiums surfaced, said Trade Alert president Henry Schwartz. More than 53,000 of these calls traded yesterday, with buyers opening nearly 29,000 contracts of new open interest in that strike. After spiking early with the surge of call buyers, the stock's July option implied volatility stood at 95 percent a point at where it started the session, Schwartz said.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1152 ET 08July2009
Credit Suisse starts coverage on three REITs
Credit Suisse on Wednesday started coverage on two apartment real estate investment trusts (REITs) at 'underperform,' saying weak fundamentals would overshadow a strong long-term story.
The two companies are AvalonBay Communities and Equity Residential .
'We believe the financing advantages of Avalon and other apartment REITs are embedded in valuation, while high revenue sensitivity to employment losses creates downside risk,' the firm wrote to clients.
The firm started coverage of Macerich Co with a 'neutral' rating and said the mall owner's stock performance will depend on the size, pace, and price of deleveraging. 'An asset sale is not necessarily 'good' if a Macerich crown jewel asset is sold,' the analyst said, adding 'an equity offering is not 'bad' if it is able to permanently fix a financial problem at a reasonable price.'
For details, see
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1142 ET 08July2009
DynCorp shares gain after contract win
Shares of DynCorp International rallied on Wednesday, after the defense contractor won a contract to provide logistics services to support the U.S. Army in Afghanistan.
Cindy Green, director of investor relations at DynCorp, said the company had won the task order for the Logistics Civil Augmentation Program (LOGCAP IV) for Afghanistan. She said in an e-mail that the initial award for the first year of the contract was for $640 million to $650 million. For details, see
The stock gained 13 percent to $17.87.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.