Option Investor
Newsletter

Daily Newsletter, Thursday, 5/26/2011

Table of Contents

  1. Market Wrap
  2. New Option Plays
  3. In Play Updates and Reviews

Market Wrap

Weak Economics, Weak Market

by Jim Brown

Click here to email Jim Brown
Talk of QE3 is growing as economic reports continue to show a slowing economy. The market rebounded from its opening lows but volume evaporated along with those afternoon gains.

Market Statistics

It was a typical pre-holiday trading session. All the real market activity came shortly after the open as traders reacted to some disappointing economics and weak earnings reports. Once the smoke cleared the volume collapsed as traders headed for the door to start the long weekend early.

Starting the morning off was a weaker than expected Q1 GDP report. Analysts were "officially" expecting +2.2% GDP growth but they were disappointed when growth came in at only +1.84%. This was only slightly better than the initial reading of +1.75%. Private inventory and exports were adjusted higher but an unexpected drop in consumer spending erased those gains.

Personal consumption declined from 2.79% growth in Q4 to +1.53% in Q1. Fixed residential investment declined -0.07, exports -0.06 and government spending by -1.07%.

The core PCE, excluding food and energy, rose by an annualized +1.4%. This is the Fed's preferred inflation measure and shows inflation is well below the Fed's target rate. The core PCE actually declined from 1.5% in the first release.

This allows the Federal Reserve to remain aggressive with their monetary policy. With unemployment near 9% and consumer spending slowing dramatically the Fed will think very hard before removing any accommodation currently in the market. QE2 may end on schedule but expectations are increasing for some new monetary stimulus from the Fed. They simply can't step back from the market with unemployment that high and the economy now slowing.

GDP Chart

Also depressing the market was a very sharp drop in the Kansas Fed Manufacturing Survey to 1.0 from 14.0. That is only one point above recession levels. The major components plunged into negative territory with New Orders and Back Orders turning really ugly. Another problem was the mismatch between prices paid and prices received. Manufacturers paid more for materials but received less for finished goods. That will impact future profits. The employment component remained in expansion territory but did decline significantly. Any number over zero represents expansion while any negative number represents contraction territory.

Kansas Fed Component Table

Kansas Fed Manufacturing Chart

Weekly Jobless Claims rose again with a +15,000 gain to 424,000 from a revised 409,000 in the prior week. There is a lot of noise in the weekly numbers but the four-week moving average has risen to 438,500. Florida was the only state that reported an increase in claims of more than 1,000. Analysts believe the flood around the Mississippi River could have had a negative impact on employment for the last 4-6 weeks.

Jobless Claims Chart

Nonfarm Payrolls are next Friday and it will be very interesting to see if employment took a dive over the last month. The consensus estimate today is for a gain of +191,000 jobs.

Reports due out tomorrow include Personal Income, Consumer Sentiment and Pending Home Sales. I doubt there will be anyone around to listen. If a report falls in the market on a holiday Friday does it make any noise?

There were a flurry of earnings reports on Thursday and most were lackluster. I am only going to touch on the high points because the economics were the market movers.

Tiffany (TIF) reported earnings that increased +26% on a +20% increase in sales. This is more evidence that the higher income consumer is not holding back on spending while the Wal-Mart crowd is staying home. Unfortunately there are far more Wal-Mart shoppers in the U.S. than Tiffany shoppers. Earnings of 63-cents beat analyst estimates of 56-cents. Tiffany shares rallied +6.00 on the news. The continued good news from high-end retailers helped to push the sector higher with Coach (COH) gaining more than +5%.

Tiffany Chart

On Wednesday Computer Sciences Corp (CSC) reported profits that fell -34% thanks to the drop in spending by the government. CSC gets 40% of its revenue from government contracts. The company also lowered guidance for the full year to $4.70-$4.80 and analysts were expecting $5.18. CSC shares fell -13% to $38 on the news.

Big Lots (BIG) fell -3% to a new four-month low after posting earnings of 70-cents compared to 68-cents in the year ago quarter. That beat estimates by a penny. The bad news came from a -3.6% decline in same store sales and a cut to full year guidance to $2.75-$2.90 from prior guidance of $3.05-$3.15 per share. Big Lots shifted its product mix toward lower margin, lower priced items and that knocked 30 points off its gross margins for the quarter. Higher fuel costs were also blamed. We better get used to that excuse for the Q2 earnings cycle.

Microsoft (MSFT) caught some flack after hedge fund manager David Einhorn said Microsoft CEO Steve Ballmer needs to leave and be replaced by somebody who can unlock value in the stock. Microsoft has risen only about 4% over the last five years. Einhorn said a company with the assets of Microsoft including more than $40 billion in cash needs to find somebody that can do the job. Obviously Ballmer can't as evidenced by the lack of performance over the last ten years. Microsoft has had a long string of spectacular failures over the last decade while Apple has righted its ship, built a better portfolio of products and consumers are beating a path to their door. The difference is the CEO. Apple had five CEOs who failed before Steve Jobs came back to work and rescued the company. Microsoft has the ability to do anything it wants but can't seem to get out of its rut.

Microsoft Chart

Crude prices rallied slightly on the drop in the dollar and the increased violence in Syria but the rally faded late in the afternoon. The WTI contract closed over $100 but just barely. Gasoline prices continued their decline to $3.81 nationwide.

The Dow lost -77 points at the open but managed to struggle back to positive territory before the close but just barely. The S&P has now traded down to 1315 for four consecutive days and held at that level. That is the 100-day average on the S&P. I mentioned on Tuesday we had moved to oversold and could see a short covering bounce any day. When support held again today I believe the morning rebound was that short covering. I also warned that the normally bullish trend before a long weekend might not appear this week. I could have been wrong there because there was really nothing positive to push the markets higher but they did rise slightly.

The S&P now has resistance at 1325 leaving it a narrow range to trade on Friday between 1315 and 1325.

S&P Chart

Like the S&P the Dow has overhead resistance at 12,425 and the 50-day average. The -77 point drop this morning took it back to Wednesday's lows but the rebound was quick although lacking conviction. I believe it was just traders thinking "we are not going lower ahead of the holiday so I will close my shorts and head out for vacation."

There were no major winners or losers on the Dow with CAT the biggest winner and a gain of +94 cents almost twice the second place finisher HPQ at +54 cents. IBM was the biggest loser at -57 cents.

There was very little volume at 6.2 billion shares and Friday's volume will be even lower.

This was not a trading day. It was a nothing day that would have been even duller had it not been for the ugly economics at the open.

Support is 12,325.

Dow Chart

The Nasdaq actually posted a decent performance with a rebound back above the 100-day average where it had been stuck for the last three days. This rebound was a surprise and was powered by PCLN +7, NFLX +4, CTXS +4, NTAP +3.65, FFIV +3 and AMZN +3. Apple and Google were both drags with losses just under $2 each but LULU -6 and FSLR -3 were the big anchors.

While the rebound was better than expected on the Nasdaq the index had already fallen further than the Dow and S&P in relative terms so it was more oversold. That oversold condition turned into short covering on what was really the last trading day for this week.

Nasdaq Chart

The Russell turned in the strongest performance with a +1.21% gain and another surprising move. It closed under the 50-day but the Russell has not really been paying attention to the support and resistance of the moving averages. The Russell has been far more event driven and had sold off on Tuesday to the lowest relative position of all the indexes. This oversold condition was tested again on Wednesday with 810 providing support and kicking off the rebound.

While I am encouraged about the big gain I have no confidence it will hold. Once the weekend even risk passes it will be interesting to see what direction appears.

Russell Chart

Friday is a holiday. The markets may be open but there will be limited trading in progress. There are no important economic reports and no earnings to provide disappointments. My recommendation would be to go shopping for some weekend groceries and something for the grill rather than adding any new stock positions.

Enter passively and exit aggressively.

Jim Brown

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New Option Plays

Credit Services & Consumer Goods

by James Brown

Click here to email James Brown


NEW DIRECTIONAL CALL PLAYS

Alliance Data Systems - ADS - close: 92.01 change: +2.91

Stop Loss: 87.99
Target(s): 96.50, 99.75
Current Option Gain/Loss: + 0.0%
Time Frame: 3 to 4 weeks
New Positions: Yes, see below

Company Description

Why We Like It:
Monday's breakdown under $90.00 looked pretty bearish for ADS. Yet there was no follow through lower. Shares have spent most of this week building support at the $88 level and now the stock is bouncing from technical support near its 40 and 50-dma. The rally back above $90.00 is bullish. Normally, I would be tempted to wait for a dip and buy calls on a pull back near $91 or even $90. However, ADS has above average short interest and the stock may not see a pull back any time soon. Therefore I am suggesting we buy calls immediately. This does raise the risk on this trade so let's keep our position size small.

FYI: The most recent data listed short interest at more than 26% of the float. This elevated short interest significantly raises the risk of a short squeeze.

- Suggested (SMALL) Positions -

Buy the June $95 call (ADS1118F95) current ask $0.95

- or -

buy the July $95 call (ADS1116G95) current ask $2.00

Annotated Chart:

Entry on May 27th at $ xx.xx
Earnings Date 07/18/11 (unconfirmed)
Average Daily Volume = 999 thousand
Listed on May 26th, 2011


Fossil Inc. - FOSL - close: 105.15 change: +2.89

Stop Loss: 99.35
Target(s): 109.75, 114.00
Current Option Gain/Loss: + 0.0%
Time Frame: 3 to 6 weeks
New Positions: Yes, see below

Company Description

Why We Like It:
In spite of three weeks of market declines FOSL never broke down under the $100 level. The lowest it got to was $99.41. Today's rally has broken the short-term trend of lower highs. Considering the strength in consumer goods I am suggesting bullish positions in FOSL now. However, we do want to keep our position size small to limit our risk. We'll start this trade with a stop at $99.39. More conservative traders may want to wait for a dip near the $103.00-102.50 area before initiating positions.

- Suggested (SMALL) Positions -

buy the June $110 call (FOSL1118F110) current ask $1.40

- or -

buy the July $110 call (FOSL1116G110) current ask $3.10

Annotated Chart:

Entry on May 27th at $ xx.xx
Earnings Date 08/09/11 (unconfirmed)
Average Daily Volume = 842 thousand
Listed on May 26th, 2011


In Play Updates and Reviews

Thursday's Slow Start

by James Brown

Click here to email James Brown

Editor's Note:

Stocks got off to a slow start on Thursday but eventually the major indices closed higher. Unfortunately IBM was showing relative weakness and hit our stop loss under its 50-dma.

-James

Current Portfolio:


CALL Play Updates

Apple Inc. - AAPL - close: 335.00 change: -1.78

Stop Loss: 317.00
Target(s): 339.00, 359.00
Current Option Gain/Loss: Unopened
Time Frame: 4 to 8 weeks
New Positions: Yes, see trigger

Comments:
05/26 update: AAPL underperformed the market's major indices on Thursday. Shares appeared to fail at their simple 10-dma this morning. There is no change from my prior comments.

We have a buy-the-dip entry point at $321.00 with a stop loss at $317. We might switch to a breakout entry point if AAPL can rally past $345.

Buy-the-Dip Trigger @ $321.00

- Suggested Positions -

Buy the June $330 calls (AAPL1118F330)

- or -

Buy the July $330 calls (AAPL1116G330)

Entry on May xxth at $ xx.xx
Earnings Date 07/20/11 (unconfirmed)
Average Daily Volume = 16.6 million
Listed on May 2nd, 2011


Boeing Co - BA - close: 76.66 change: +0.34

Stop Loss: 71.45
Target(s): 79.75, 84.50
Current Option Gain/Loss: Unopened
Time Frame: 4 to 6 weeks
New Positions: Yes, see Trigger

Comments:
05/26 update: BA produced another bounce but still couldn't make it past the $77 level or short-term resistance at its simple 30-dma. There is no change from my prior comments. More aggressive traders may want to buy this bounce from the $75.00 level. I'm still suggesting we wait for a dip to buy calls at $74.00. If triggered our targets are $79.75 and $84.50. The Point & Figure chart for BA is bullish with an $87 target.

Trigger @ $74.00

- Suggested Positions -

Buy the June $80 call (BA1118F80) current ask $0.80

Entry on May xxth at $ xx.xx
Earnings Date 07/27/11 (unconfirmed)
Average Daily Volume = 4.8 million
Listed on May 17th, 2011


Baker Hughes Inc. - BHI - close: 74.50 change: +0.72

Stop Loss: 68.40
Target(s): 79.00
Current Option Gain/Loss: +14.2%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
05/26 update: BHI was kind enough to open lower for us at $73.34. Shares spent the rest of the day churning higher and closed up +0.9%. There are no changes from my prior comments. If you don't feel like chasing it here readers could wait for a dip near $73.00 or the $72.00 levels as an alternative entry point.

Our first target is $79.00. We want to keep our position size small to limit our risk. Oil and oil stocks can be a volatile bunch.

-Small Positions - Suggested Positions -

Long June $75 call (BHI1118F75) Entry @ $1.61

Entry on May 26th at $73.34
Earnings Date 08/03/11 (unconfirmed)
Average Daily Volume = 2.2 million
Listed on May 25th, 2011


Deere & Co - DE - close: 84.94 change: +0.23

Stop Loss: 82.20
Target(s): 89.75
Current Option Gain/Loss: - 6.6% & - 4.9%
Time Frame: 3 to 4 weeks
New Positions: Yes, see below

Comments:
05/26 update: Thursday was relatively quiet for DE. Shares opened at $84.61 and spent most of the day drifting sideways. Shares are trying to climb past round-number, psychological resistance at the $85.00 level. Remember, this is a higher-risk, aggressive trade as we look for an oversold bounce from technical support at the 200-dma.

Our exit target is $89.75. More nimble traders could aim for the 100-dma or 50-dma overhead. I would keep our position size small to limit our risk.

-Small Positions Only-

Long June $90 call (DE1118F90) Entry @ $0.45

- or -

Long June $87.50 call (DE1118F87.5) Entry @ $1.01

Entry on May 26th at $84.61
Earnings Date 08/17/11 (unconfirmed)
Average Daily Volume = 5.3 million
Listed on May 25th, 2011


Express Scripts - ESRX - close: 59.53 change: -0.48

Stop Loss: 56.75
Target(s): 64.00, 68.50
Current Option Gain/Loss: -41.1% & -20.0%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
05/26 update: Lack of follow through on yesterday's rebound is a little bit worrisome for ESRX. I'm cautious again on new positions. Readers may want to raise their stops toward the $58.00 level. FYI: The Point & Figure chart for ESRX is bullish with a $72 target.

- Suggested Positions -

Long the June $60 call (ESRX1118F60) Entry @ $1.53

- or -

Long the August $60 call (ESRX1120H60) Entry @ 3.15

Entry on May 10th at $59.21
Earnings Date 07/28/11 (unconfirmed)
Average Daily Volume = 4.6 million
Listed on May 9th, 2011


Forest Labs Inc. - FRX - close: 35.51 change: +0.19

Stop Loss: 33.25
Target(s): 39.00, 42.50
Current Option Gain/Loss: -53.8% & -25.0%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
05/26 update: FRX added +0.5% as it slowly inches to a new two-year high. FRX is still building on its bullish trend of higher lows. We can launch positions now or look for another dip near the simple 10-dma. Our target is the $39.00 level and the $42.50 mark.

- Suggested Positions -

Long the June $37 call (FRX1118F37) Entry @ $0.65

- or -

Long the August $37 call (FRX1120H37) Entry @ $1.40

Entry on May 20th at $35.29
Earnings Date 07/21/11 (unconfirmed)
Average Daily Volume = 3.2 million
Listed on May 19th, 2011


Goldman Sachs - GS - close: 136.26 change: +0.02

Stop Loss: 128.45
Target(s): 134.00, 137.50
Current Option Gain/Loss: Unopened
Time Frame: 3 to 4 weeks
New Positions: Yes, see trigger

Comments:
05/26 update: GS is still underperforming the market's major indices but shares did close in the green today albeit by a very small margin. I don't see any changes from my prior comments. The 2010 lows are near $130. I am suggesting we launch very small bullish positions on a dip at $130.25. This is a very aggressive, higher-risk trade.

Trigger @ 130.25 (very small positions)

- Suggested Positions -

buy the June $135 call (GS1118F135)

Entry on May xxth at $ xx.xx
Earnings Date 07/19/11 (unconfirmed)
Average Daily Volume = 6.5 million
Listed on May 21st, 2011


Jos. A Bank Clothiers - JOSB - close: 55.45 change: +0.94

Stop Loss: 52.90
Target(s): 59.50
Current Option Gain/Loss: +22.8%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
05/26 update: Retailers were in rebound mode today. JOSB added +1.7% to outperform the major averages and outperform the RLX retail index. Hopefully today's rally has negated the short-term bearish H&S pattern this stock was forming. More conservative traders may want to consider a tighter stop loss. I am not suggesting new positions at this time.

FYI: The most recent data listed short interest in JOSB at more than 21% of the small 27.3 million-share float. The risk of a short squeeze is pretty high.

- Suggested Positions -

Long the June $55 calls (JOSB1118F55) entry @ $1.75

05/18 new stop loss @ 52.90
05/14 Exit the May calls. May $55 call @ 0.90 (+28.5%)
05/12 New stop loss at $51.75

Entry on April 26th at $52.75
Earnings Date 06/02/11 (unconfirmed)
Average Daily Volume = 510 thousand
Listed on April 25th, 2011


Union Pacific - UNP - close: 103.24 change: +1.14

Stop Loss: 98.95
Target(s): 109.00, 114.00
Current Option Gain/Loss: -24.0%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
05/26 update: UNP is still rebounding. Shares outperformed their peers with a +1.1% gain. The stock is nearing resistance at the $104.00 area. Readers may want to wait for a breakout past $104 before launching new positions.

- Suggested Positions -

Long the June $105 call (UNP1118F105) Entry @ $1.62

Entry on May 9th at $102.19
Earnings Date 07/21/11 (unconfirmed)
Average Daily Volume = 3.4 million
Listed on May 7th, 2011


United Technologies Corp. - UTX - close: 86.39 change: +0.13

Stop Loss: 83.80
Target(s): 89.50, 94.75
Current Option Gain/Loss: -52.5%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
05/26 update: UTX did not make much progress on Thursday but it was a gain suggesting that Wednesday's move is indeed a bullish reversal. Although I will still point out that UTX has not yet broken the short-term bearish trend of lower highs and lower lows. If you buy calls here I would use a very tight stop (close to the $85.00 level). Speaking of stops the 100-dma has risen to $83.87. I am raising our stop loss to $83.80.

- Suggested Positions -

Long the June $90 calls (UTX1118F90) Entry @ 0.40

05/26 New stop loss @ 83.80

Entry on May 23rd at $86.41
Earnings Date 04/20/11
Average Daily Volume = 3.7 million
Listed on April 27th, 2011


Wynn Resorts Ltd. - WYNN - close: 145.34 change: +2.19

Stop Loss: 146.40
Target(s): 159.75, 169.00
Current Option Gain/Loss: Unopened
Time Frame: 4 to 6 weeks
New Positions: Yes, see Trigger

Comments:
05/26 update: WYNN looks a little healthier today with a +1.5% gain and a close over the $145.00 level. We will hold on to it for another day to see what happens tomorrow. Currently our plan is to launch call positions at $152.00.

Trigger @ $152.00

- Suggested Positions -

Buy the June $160 calls (WYNN1118F160) current ask $2.15

Entry on May xxth at $ xx.xx
Earnings Date 07/28/11 (unconfirmed)
Average Daily Volume = 2.1 million
Listed on May 11th, 2011


PUT Play Updates

DaVita Inc. - DVA - close: 83.94 change: +0.49

Stop Loss: 85.35
Target(s): 80.50, 77.00
Current Option Gain/Loss: -27.0% & -58.3%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
05/26 update: DVA dipped to new six-week lows this morning before bouncing back into positive territory. Readers may want to wait for a new failed rally type of move under the $85 level and/or its 50-dma before initiating new bearish positions.

Our first target is $80.50 (near the 100-dma). The $80 area will probably be short-term support so we can expect a bounce there. Our secondary target is $77.00.

We want to keep our position size small to limit our risk. The wide spreads on the June $80 puts definitely put us at a disadvantage.

(small positions) - Suggested Positions -

Long Jun $85 PUT (DVA1118R85) Entry @ $2.40

- or -

Long Jun $80 PUT (DVA1118R80) Entry @ $0.60

Entry on May 25th at $83.30
Earnings Date 08/02/11 (unconfirmed)
Average Daily Volume = 1.0 million
Listed on May 24th, 2011


Perrigo Co. - PRGO - close: 84.71 change: +1.61

Stop Loss: 86.15
Target(s): 78.00
Current Option Gain/Loss: -70.0%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
05/26 update: Our new play on PRGO isn't looking so healthy. Shares have put together two back-to-back gains and PRGO is back above is 50-dma. Granted the four-week trend is still a bearish one and PRGO is nearing what should be short-term resistance in the $85.50-86.00 area. I would definitely wait for this rebound to reverse before considering new positions. Our plan was to keep our position size small to limit our risk. Our first target is the $78.00 level (or the 100-dma).

Small Positions!

Long June $80 PUT (PRGO1118R80) Entry @ $1.00

05/25 Gap down entry @ 81.74

Entry on May 25th at $81.74
Earnings Date 08/11/11 (unconfirmed)
Average Daily Volume = 654 thousand
Listed on May 24th, 2011


Pioneer Natural Resources - PXD - close: 91.12 change: -0.18

Stop Loss: 93.05
Target(s): 85.25
Current Option Gain/Loss: -33.3%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
05/26 update: PXD is still underperforming its peers in the energy sector but I remain cautious here. Given the bullish turnaround for the oil indices I would seriously consider an early exit from this put play. If we don't see some follow through lower soon or if we see PXD close over $92.00 I'll probably close this trade early. Our new stop is $93.05. I am not suggesting new positions at this time.

Earlier Comments:
We want to keep our position size small to limit our risk because oil and oil stocks have been increasingly volatile lately. Our target is $85.25. FYI: The Point & Figure chart for PXD is bearish with a $72 target.

-Small Bearish-

Long the June $90 PUT (PXD1118R90) Entry @ $3.30

05/25 Energy stocks look ready to rally. Consider an early exit from this trade now. New stop loss @ 93.05.

Entry on May 16th at $91.64
Earnings Date 07/27/11 (unconfirmed)
Average Daily Volume = 1.9 million
Listed on May 14th, 2011


Roper Industries - ROP - close: 82.37 change: +0.28

Stop Loss: 84.05
Target(s): 78.00, 75.50
Current Option Gain/Loss: -29.1%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
05/26 update: ROP is trying to bounce but shares struggled with technical resistance at its 10 and 100-dma. I'd like to see a new lower high before we consider launching new positions. Watch for potential resistance in the $83.50-84.00 area.

Our targets are $78.00 and $75.50. The $80 level might offer a little support so don't be surprised to see a bounce. I would keep our position size small to limit our risk. Currently the Point & Figure chart is bearish with a $75 target.

(small positions) Suggested Positions -

Long the June $80 PUT (ROP1118R80) Entry @ $1.20

Entry on May 23rd at $81.75
Earnings Date 07/26/11 (unconfirmed)
Average Daily Volume = 570 thousand
Listed on May 21st, 2011


CLOSED BULLISH PLAYS

International Business Machines - IBM - close: 167.18 change: -0.57

Stop Loss: 165.90
Target(s): 174.75, 179.50
Current Option Gain/Loss: - 65.3%
Time Frame: 6 to 9 weeks
New Positions: see below

Comments:
05/26 update: Our recent concerns over IBM have come to fruition. The stock underperformed the market today and dipped toward the $166 level and its 50-dma. Shares hit an intraday low of $165.90 before paring its losses. Call it a coincidence but our stop loss happens to be $165.90 so our trade has been stopped out.

- Suggested Positions -

June $170 calls (IBM1118F170) Entry @ $2.60, Exit 0.90 (-65.3%)

05/26 Stopped out @ 165.90. Option @ -65.3%
05/12 Adjusted first target to $174.75
05/10 New stop loss @ 165.90

chart:

Entry on May 5th at $167.50
Earnings Date 04/19/11
Average Daily Volume = 4.8 million
Listed on April 27th, 2011