Top Story
McDonald's puts sought as shares dip, U.S. dollar strengthensMCD
McDonald's puts bought ahead of August same-store sales. Some may be fearing that recent U.S. dollar strength could eat into the fast-food chain's overseas profits.
Jobless report, storms, Boeing lead watch listA day after the markets were pummeled on all fronts, other wild cards continue to add to the uncertainty. Potential catalysts range from persistent questions among the financials to today's unemployment report, major storms, and a potential Boeing strike.
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Keep Johnson & Johnson (JNJ) on your radarJohnson & Johnson (JNJ) hit an all time high earlier this week with $72.10, moving up since March. Stock is assumed overweight today by Morgan Stanley with a price target of $82.
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UST, SanDisk jump on takeover reportsAfter optionMONSTER first reported unusual trade activity for UST, the maker of Copenhagen and Skoal smokeless tobaccos, it is reported that the company will likely be acquired by Atria (MO) at a price that may exceed $10 billion. That news was followed by more news of another possible takeover--Samsung buying SanDisk.
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How to read the VIX futuresConfused by the VIX? You're not alone. Chris McKhann dissects the vagaries of the volatility index with lucid explanation and insight.
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Despite market bloodbath, some still find goldThe markets were under attack from all sides today, and the VIX naturally benefited from the resultant rise in the fear factor--and the bottom still isn't here yet. But gold miners are happy campers.
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September 5, 2008
UPDATE: U.S. Steel
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Yesterday Goldman Sachs (GS) downgraded the American steel sector to neutral from attractive. Goldman went on to remove U.S. Steel (X) from their Conviction Buy List. It did, however, maintain a buy rating on the name.
What's news?
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A summary of today's top stories for traders.
Fertilizer names defended; oil reversal on way?
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Morgan Stanley believes that peak earnings will come in 2011 rather than 2008 as the equity market is suggesting. Meanwhile, there may be a sharp reversal in crude oil coming soon.
Altria talks drive up UST in pre-market trading
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A $10 billion takeout would price UST over $66, and already shares are nearly there -- up over $10 in premarket.
September 4, 2008
VIX foreshadowed SPX decline, maybe more
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The S&P 500 is down more than 36 points, and it was probably of no surprise if you read the apparent indications in the VIX.
UST call activity surges after the company pulls out of a conference
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UST calls jump after company cancels a presentation at a Lehman conference, leaving some to believe a takeover offer may be in the works.
Clorox calls pick up as shares hit highest level since February
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Clorox calls get snatched up as underlying shares finally breakout of a range to the upside. Options traders are looking for more gains.
Boeing, union to resume negotiations
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A full 87 percent of the union voted in favor of a strike, and Boeing has 48 hours to resolve their differences.
Wal-Mart comps beat projections
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The retail giant's August sales come in at $30.67 billion.
What's news?
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A summary of today's top stories for traders.
September 3, 2008
United Rentals traders bet stock stays mired
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United Rentals in-the-money put buying suggests options traders don't expect any sharp upmoves any time soon.
El Paso calls jump before CEO presentation this afternoon
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El Paso calls are being aggressively bought ahead of a presentation at a Lehman Brothers conference. The company's president and CEO is slated to speak this afternoon. There is also talk of a bullish research report.
Small caps continue to outperform
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The IWM, the exchange traded fund for small-cap Russell 2000 Index, has been outperforming both the SPY (S&P 500 ETF) and the QQQQ (Nasdaq 100 ETF), but all three may soon retest support levels.
Europe hit early and often
Banking and insurance stocks have taken their toll in the UK today as well as mining stocks as gold falls $11 per oz. Ospraie hedge fund run by Dwight Anderson is closing its fund.