Stocks on the move
Real-time equity news
U.S. stock market report
1725 ET 02Mar2010
U.S. earnings diary for March 3
Corporate results expected on Wednesday include Big Lots Inc, Costco Wholesale Corp and Take-Two Interactive.
For details, please see
Reuters Messaging: leah.schnurr.reuters.com@reuters.net
1720 ET 02Mar2010
U.S. economic diary for March 3
Economic data on tap for Wednesday includes the ADP report on private sector employment and the ISM non-manufacturing index. The Federal Reserve will release its Beige Book of economic conditions.
For details, please see
Reuters Messaging: leah.schnurr.reuters.com@reuters.net
1700 ET 02Mar2010
Wall St lifted by M&A but gains fade late day
U.S. stocks ended slightly higher as mergers and acquisitions supported selected sectors, but investors pulled back from recent gains in some big-cap technology and bank shares.
The S&P 500 has risen for eight of the past 11 trading days, but there were signs of fatigue as investors grew cautious in advance of key employment data at the end of the week.
Reuters Messaging: leah.schnurr.reuters.com@reuters.net
1641 ET 02Mar2010
Intrepid Potash draws bullish option bet
Despite a lower-than-expected earnings report from Intrepid Potash Inc on Monday, at least one investor bought far out-of-the-money calls, betting on some upside in the fertilizer maker, said Jud Pyle, chief investment strategist at www.ONN.tv. Intrepid posted lower-than-expected fourth-quarter earnings as prices for its products fell by almost half, though it said it is upbeat about 2010 demand. For details, see. Intrepid shares rose 2.17 percent to $29.13. During the session, 8,000 June $40 calls traded thanks to an investor who bought the calls for about 25 cents per contract on a very bullish bet, Pyle said. These calls have open interest of 102 lots, indicating new positions were opened. The call buyer will make money if shares close above $40.25 at June expiration. But it is more likely the investor will try to make money by having the calls rise in value, even if the stock does not go above $40, Pyle said. The stock's 52-week high is $34.55, set on June 1, 2009. But prior to the financial crisis in 2008, Intrepid stock was well-above $40. So if the shares regain that past level, the call buyer could stand to gain in a big way. he said.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1619 ET 02Mar2010
Player takes profits in Zions put plays
A bullish options player appeared to have celebrated the gains in Zions Bancorp's shares by taking some chips off the table on previously established short put positions. Zions shares rose 1.86 percent to $18.64 after notching a high of $19.18. Interactive Brokers Group equity options analyst Caitlin Duffy said the trader originally sold 10,000 puts at the April $13 strike for a premium of 40 cents apiece on Feb. 4, when shares of the underlying stock were trading at $17.50. One week later, on Feb. 11, with shares trading at $18.16, it appeared the same individual shed another 12,500 puts at the same strike for a premium of 35 cents. Today, the trader bought back all 22,500 put options for 15 cents per contract, she said. Net profits amounted to $500,000 because the investor banked net gains of 25 cents per contract on the 10,000-lot position, and pocketed a net 20 cents per contract on the 12,500-lot position, Duffy wrote in a note to clients.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1503 02Mar2010
Dendreon shares up after FDA says no public hearing for vaccine
Dendreon Corp was trading about 4 percent higher heading into the final hour of trading after the U.S. Food and Drug Administration said it is not planning to seek advice from outside advisers over the company's experimental prostate cancer vaccine. Earlier, the company's shares dipped in speculation that the vaccine, called Provenge, might have to face public scrutiny at an FDA advisory panel. But the stock recovered later to trade up as much as 8.5 percent to $35.27, its new high.
In the options market, overall trade volume was six times greater than the recent average daily turnover with about 78,000 puts and 50,000 calls traded by late afternoon, according to Trade Alert. WhatsTrading.com option strategist Frederic Ruffy said the March $27 and $30 puts were among the most active contracts. Provenge could be a blockbuster for the biotech company, which has said it would ramp up production to handle an expected $1.2 billion to $2.5 billion of annual sales by late 2011. For details, see
Reuters Messaging: angela.moon.reuters.com@reuters.net
doris.frankel.reuters.com@reuters.net
Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2010. 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.
Real-time equity news
U.S. stock market report
1725 ET 02Mar2010
U.S. earnings diary for March 3
Corporate results expected on Wednesday include Big Lots Inc, Costco Wholesale Corp and Take-Two Interactive.
For details, please see
Reuters Messaging: leah.schnurr.reuters.com@reuters.net
1720 ET 02Mar2010
U.S. economic diary for March 3
Economic data on tap for Wednesday includes the ADP report on private sector employment and the ISM non-manufacturing index. The Federal Reserve will release its Beige Book of economic conditions.
For details, please see
Reuters Messaging: leah.schnurr.reuters.com@reuters.net
1700 ET 02Mar2010
Wall St lifted by M&A but gains fade late day
U.S. stocks ended slightly higher as mergers and acquisitions supported selected sectors, but investors pulled back from recent gains in some big-cap technology and bank shares.
The S&P 500 has risen for eight of the past 11 trading days, but there were signs of fatigue as investors grew cautious in advance of key employment data at the end of the week.
Reuters Messaging: leah.schnurr.reuters.com@reuters.net
1641 ET 02Mar2010
Intrepid Potash draws bullish option bet
Despite a lower-than-expected earnings report from Intrepid Potash Inc on Monday, at least one investor bought far out-of-the-money calls, betting on some upside in the fertilizer maker, said Jud Pyle, chief investment strategist at www.ONN.tv. Intrepid posted lower-than-expected fourth-quarter earnings as prices for its products fell by almost half, though it said it is upbeat about 2010 demand. For details, see. Intrepid shares rose 2.17 percent to $29.13. During the session, 8,000 June $40 calls traded thanks to an investor who bought the calls for about 25 cents per contract on a very bullish bet, Pyle said. These calls have open interest of 102 lots, indicating new positions were opened. The call buyer will make money if shares close above $40.25 at June expiration. But it is more likely the investor will try to make money by having the calls rise in value, even if the stock does not go above $40, Pyle said. The stock's 52-week high is $34.55, set on June 1, 2009. But prior to the financial crisis in 2008, Intrepid stock was well-above $40. So if the shares regain that past level, the call buyer could stand to gain in a big way. he said.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1619 ET 02Mar2010
Player takes profits in Zions put plays
A bullish options player appeared to have celebrated the gains in Zions Bancorp's shares by taking some chips off the table on previously established short put positions. Zions shares rose 1.86 percent to $18.64 after notching a high of $19.18. Interactive Brokers Group equity options analyst Caitlin Duffy said the trader originally sold 10,000 puts at the April $13 strike for a premium of 40 cents apiece on Feb. 4, when shares of the underlying stock were trading at $17.50. One week later, on Feb. 11, with shares trading at $18.16, it appeared the same individual shed another 12,500 puts at the same strike for a premium of 35 cents. Today, the trader bought back all 22,500 put options for 15 cents per contract, she said. Net profits amounted to $500,000 because the investor banked net gains of 25 cents per contract on the 10,000-lot position, and pocketed a net 20 cents per contract on the 12,500-lot position, Duffy wrote in a note to clients.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1503 02Mar2010
Dendreon shares up after FDA says no public hearing for vaccine
Dendreon Corp was trading about 4 percent higher heading into the final hour of trading after the U.S. Food and Drug Administration said it is not planning to seek advice from outside advisers over the company's experimental prostate cancer vaccine. Earlier, the company's shares dipped in speculation that the vaccine, called Provenge, might have to face public scrutiny at an FDA advisory panel. But the stock recovered later to trade up as much as 8.5 percent to $35.27, its new high.
In the options market, overall trade volume was six times greater than the recent average daily turnover with about 78,000 puts and 50,000 calls traded by late afternoon, according to Trade Alert. WhatsTrading.com option strategist Frederic Ruffy said the March $27 and $30 puts were among the most active contracts. Provenge could be a blockbuster for the biotech company, which has said it would ramp up production to handle an expected $1.2 billion to $2.5 billion of annual sales by late 2011. For details, see
Reuters Messaging: angela.moon.reuters.com@reuters.net
doris.frankel.reuters.com@reuters.net
Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2010. 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.