Option Investor
Newsletter

Daily Newsletter, Tuesday, 6/21/2011

Table of Contents

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

Market Wrap

Great Expectations

by Jim Brown

Click here to email Jim Brown
Expectations about the vote of confidence for the reconstituted Greek government would pass helped provide a rebound in the equity markets. Without that successful vote Greece would lose its $12 billion progress payment and be forced to default on its debts.

Market Statistics

There is really no alternative for Greece. Tens of thousands of people congregated in front of the Greek parliament building to protest the vote and demand Prime Minister Papandreou's ouster. The people don't want the forced austerity but that should not be a surprise. Greece is a very government focused economy with the majority of citizens working for the government. They don't want lower wages, higher retirement ages, higher taxes, etc. However, they don't realize that a default by Greece could leave the country isolated and in worse shape than would be required by the austerity program.

The vote, which took place at 5:PM ET, midnight in Greece, passed on a slim 155 to 143 vote of the 300-member parliament. Papandreou needed 151 for the vote to pass and his socialist party holds 155 seats of the total 300 members. For the vote to fail it would have required at least five members of his own party to turn against him. There were two abstentions. In theory this means his party can pass the required austerity measures before the end of June in order to qualify for another $12 billion in bailout funds ahead of the July 11th deadline in order to avoid a default.

Today's market move was short covering ahead of the vote. The actual vote was anticlimactic since Papandreou was widely expected to win since there was no alternative. Now the austerity plan and rioting will come back into focus. With the population strongly opposed to the required austerity we could see violence flare up again and cause more volatility in the markets.

I would not be surprised to see a "buy the rumor, sell the news" event on Wednesday. The ECB and the Eurozone finance ministers may feel a little better tonight but the Greek parliament still has to make the hard vote to slash spending, layoff workers, sell assets, raise taxes, cut benefits, raise the retirement age and lower retirement pay. I know how tough that would be to pass that in the U.S. and the Greek people are far more demonstrative and hostile than what we would see in America. The next few days might be pretty volatile. Of course just passing the austerity plan does not mean the end of civil strife and more cuts will be needed later. This is just another step in a long process that will never go smoothly. This is just another kick of the proverbial can a little further down the road. The current austerity plan along with the one from last summer is attempting to slash the budget by 21% of GDP. That would be the equivalent to a $3 trillion cut in the U.S.

Fortunately the Greek vote took traders attention away from the U.S. economy. Existing home sales for May fell sharply to an annualized rate of 4.81 million from 5.05 million in April. That was a year over year decline of -15% and a -3.8% decline from April. Months of inventory increased from 9.0 to 9.3 and the highest since November and home prices fell -4.6% y-o-y.

Unemployment and stringent credit requirements remain the biggest drags on sales. Slowdown in foreclosure processing after the robo signing disaster has slowed distressed sales and that is the largest number of sales. Qualified buyers are searching out those distressed sales in order to get the cheapest house available. When the bank processing and approvals slowed to a crawl the volume of sales slowed. As the mortgage servicers work through their paperwork problems they will eventually put more homes on the market and sales should improve.

Hearing the negative housing numbers failed to stop the morning short squeeze. It was pushing stocks higher from the open and they did not slow until resistance at Dow 12,200 was hit. Several high profile analysts also suggested Bernanke would not say anything new at Wednesday's press conference and that also calmed the worry over a negative outlook from the Fed. The FOMC announcement at 12:30 and the Bernanke press conference at 2:15 are still the two major obstacles in the market's path.

Economic Calendar

After the bell Adobe (ADBE) reported earnings that beat estimates but disappointed with guidance. Earnings were 55-cents compared to estimates of 51-cents. Adobe predicted earnings of 50-56 cents for the current quarter compared to analyst estimate of 54-cents. Revenue guidance was higher at $1.05 billion compared to estimates of $1.02 billion.

Adobe is having problems due to fallout from the Japan quake. Japan accounted for 14% of Adobe's sales in 2010 and that is expected to drop to 10% in 2011. Shares rose +3% in regular trading but declined by -3% in after hours.

Carnival Corp (CCL) rallied +4% after reporting earnings of 26-cents compared to estimates of 23-cents. Carnival said revenues were impacted by the events in the Middle East and North Africa as well as higher fuel prices. Higher oil cost Carnival $150 million for the quarter or 19-cents per share. Fuel prices increased +35% to $673 per metric ton compared to $498 in Q2-2010. Carnival had guided analysts to $659 per ton but prices exceeded estimates. Carnival took delivery of three new ships during the quarter with a total capacity of 6,334 passengers. They signed a new contract to build a 3,611 passenger vessel for delivery in 2015. Their stated goal is to take delivery of 2-3 ships per year. The company said bookings for the rest of 2011 were occurring at higher prices but at lower occupancy rates. The events in the Middle East and North Africa changed the itinerary for more than 300 cruises and that is expected to cost the company 15-cents per share in the second half of 2011. Fuel costs are expected to rise and cost an additional 65-cents per share. I think it would be safe to say that cruising is about to get a lot more expensive.

Carnival Chart

Jabil Circuit (JBL) reported earnings of 57-cents compared and that beat analyst estimates by a penny. Revenue of $4.23 billion was about $80 million above estimates. Jabil manufacturers for companies like Apple and Hewlett Packard. They guided below analyst estimates for Q2 at 52-60 cents compared to estimates for an even 60-cents. Shares of JBL gained 59-cents.

Earnings scheduled for Wednesday are BBBY, KMX, MLHR, FDX and RHT.

Research in Motion rallied +10% on news the company had cut some employees and was a potential takeover target. There were no immediate numbers for the job cuts from the staff of 17,500 but rumors suggested it was around 1,000. Rumors of a takeover were probably just rumors and the oversold stock was due for a bounce. RIMM has been aggressively buying back its stock and its market cap is around $14 billion today. Several names have been rumored as potential acquirers including MSFT, HP, DELL, CSCO, ORCL and SAP. Sheer speculation or more likely investors with heavy losses trying to ignite a short covering rally. However, they do have a strong intellectual property portfolio.

Macquarie analyst, Kevin Smithen, initiated coverage with an outperform rating and a price target of $40. He said the international business was still booming for RIMM (+67% last quarter) and that with the service arm was worth more than the current price. He believes the BlackBerry has a much longer shelf life for enterprise customers and that will continue for a long time.

The day was really all about Greece and even the FOMC meeting was put on the back burner while the cable channels were glued to live shots of the parliament building in Athens. Like I said earlier the actual vote results were anticlimactic. Futures barely budged but the Euro declined slightly and the dollar moved slightly higher.

The key will be the pictures of burning cars and riots in the street on Wednesday. So far there are no riots and police are keeping a high visibility presence and using tear gas against any crowd that fails to disperse. If there are not riots the focus will move back to the FOMC meeting.

Bernanke is expected to not mention any further stimulus programs and will probably guide economic estimates lower while still predicting an acceleration in growth later this year. I am sure he will get questions on the current soft patch and he will probably blame it on Japan. He will point out that gasoline prices are declining as the Fed had expected.

The second Bernanke press conference could be a little more combative than the first one. Reporters may ask some tougher questions and more rapid follow ups. The first conference was a novelty, now they will likely degenerate into fresh meat for a pack of dogs given the current economic environment.

Apple (AAPL) was a prime example of the day's short covering with a +$10 rally. With the stock falling to a seven month low on Monday at $310 the shorts began buying on Monday afternoon. That accelerated at the opening today as the markets started shooting higher.

Apple Chart

The S&P rallied at the open to strong resistance at 1295 and a +1.3% gain. That is exactly where it closed the day after making no progress after the opening rally. This was clearly short covering and if you were not already invested you probably missed it. The touch of the 200-day average last Thursday is looking a lot more like a bottom but the S&P has a long way to go to convince most people the rebound is for real. A close over 1300 after the Bernanke press conference would help a lot.

I mentioned in the weekend letter that I expected a rebound after the meeting as funds setup for quarter end window dressing. The gains over the last three days are a good start but we still need to get Wednesday behind us before we can start feeling more comfortable.

Resistance at 1295 should be decent with round number resistance at 1300 a target. Support should now be 1275.

S&P Chart

The Dow actually spent some time over strong resistance at 12,200 today but could not hold the gains. Actually I think the +109 point day was spectacular even if it was on the back of only four stocks. Caterpillar spiked +$3.21 followed by CVX +1.68, DD +1.33 and IBM +1.20. Everyone else was significantly weaker with PG, BA, JNJ and MRK in negative territory.

The 12,200 level is the critical level. I do expect it to be broken as long as Bernanke does not trip on his tongue. I could see quarter end window dressing pushing the Dow to 12,500 under the right conditions.

Dow Chart

The Nasdaq was the biggest gainer at +2.2% but it was also the biggest loser heading into last week's lows. You can thank a $10 gain in Apple and $8.50 gain in Google for the Nasdaq rally. The Nasdaq is moving into some tough congestive resistance from earlier this year and it remains to be seen if the tech bears have lost interest. The Nasdaq needs to move over 2700 to find any love from cautious investors.

Nasdaq Chart

The Russell chart is the most bullish with a solid bottom at 775 that held for more than a week. Instead of eventually breaking that bottom the Russell finally grew wings thanks to the short covering. Those who were frustrated the Russell did not break were finally forced to cover as the markets anticipated the Greek vote and a calming response from Bernanke.

Russell Chart

Today was about Greece and tomorrow will be about Greek riots and Bernanke expectations. The FOMC is not expected to change anything but their economic projections and confirm that QE2 has died. There will be no mention of QE3 although Bernanke may allude to future policy stimulus if needed just to keep the bond groupies on pins and needles. You can't ever say never if you are the Fed chairman.

The Euro is likely to decline and the dollar rally so oil and precious metals may not have a good day. Wednesday would not be my choice for opening new positions. I would rather wait until Thursday and we see what fallout appears from Greece and Bernanke. Then the window dressers can go to work.

Definitely, enter passively and exit aggressively.

Jim Brown

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New Option Plays

What are the Chances?

by James Brown

Click here to email James Brown

Editor's Note:

The market's oversold bounce looks pretty tempting here. A lot of sectors are rebounding but I don't trust it, especially with tomorrow's FOMC meeting and Bernanke's press conference a potential landmine.

- James


NEW DIRECTIONAL CALL PLAYS

SPDR Gold ETF - GLD - close: 150.76 change: +0.73

Stop Loss: 147.40
Target(s): 155.00, 159.75
Current Option Gain/Loss: + 0.0%
Time Frame: 4 to 8 weeks
New Positions: Yes, see below

Company Description

Why We Like It:
The stock market could be a little schizophrenic tomorrow. What I mean is that the market might be really quiet prior to the FOMC meeting and then get really volatile following Bernanke's press conference. There is a chance that Bernanke says something disappointing and stocks collapse again, which could fuel a flight-to-safety into gold. The GLD already has a bullish trend and this ETF hasn't violated its 50-dma in months.

I'm suggesting small bullish positions now with a stop loss under the 50-dma. Our first target is $155.00. As an alternative more conservative traders could wait for a rally past the early June high of $151.50 before initiating positions.

- Suggested SMALL Positions -

buy the July $150 call (GLD1116G150) current ask $2.64

- or -

buy the Aug. $150 call (GLD1120H155) current ask $2.08

Annotated Chart:

Entry on June 22 at $ xx.xx
Earnings Date --/--/--
Average Daily Volume = 12.2 million
Listed on June 21, 2011



In Play Updates and Reviews

Sharp Rebound Rough on the Bears

by James Brown

Click here to email James Brown

Editor's Note:

The market's best day since late April hit some stops in our put plays. We have been expecting the stock market to see a short-term bounce but some of the beaten down names experienced over-sized rebounds. AAPL, AMZN, and WFM were stopped out. Plus, our FOSL call play has hit our final target.

-James

Current Portfolio:


CALL Play Updates

Forest Labs Inc. - FRX - close: 40.15 change: +0.66

Stop Loss: 36.75
Target(s): 39.00, 42.50
Current Option Gain/Loss: +171.4%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
06/21 update: FRX extended its gains and closed above round-number resistance at $40.00. The stock continues to look overbought here but the $39-38 area should offer some support. I am raising our stop loss to $36.75. More conservative traders may want to use a stop closer to $38.00 instead or just take profits now. Currently our final target is $42.50 but I'm tempted to exit early near $42.00. I am not suggesting new positions at this time.

- Suggested Positions -

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

06/21 new stop loss @ 36.75
06/20 new stop loss @ 35.75
06/13 1st target hit @ $39.00. August $37 call @ $2.85 (+103.5%)
06/11 New stop loss @ 34.90
06/10 Planned exit of June $37 call. exit $1.10 (+69.2%)
06/09 Prepare to exit the June calls on June 10th at the close
06/04 new stop loss @ 34.45
05/28 New stop loss @ 33.75

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


PUT Play Updates

Becton, Dickinson and Company - BDX - close: 86.53 change: +0.57

Stop Loss: 87.15
Target(s): 80.50
Current Option Gain/Loss: -80.0%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/21 update: Positive analyst comments helped fuel gains for BDX today. The stock has rallied to the top of its recent trading range and technical resistance at its 30 and 40-dma. More conservative traders may want to exit early right now. I am not suggesting new positions at this time. If there is any follow through higher we will likely get stopped out at $87.15.

- Suggested (SMALL) Positions -

Long July $80 put (BDX1116S80) Entry @ $0.50

Entry on June 13th at $84.95
Earnings Date 07/28/11 (unconfirmed)
Average Daily Volume = 1.0 million
Listed on June 11th, 2011


Deere & Co - DE - close: 82.13 change: +2.07

Stop Loss: 82.75
Target(s): 75.25, 71.00
Current Option Gain/Loss: -67.7%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/21 update: Industrial names were some of the strongest performers today. DE added +2.5% and rival CAT gained +3.2%. The bounce in DE has stalled right near resistance in the $82.00 area but if there is any follow through higher we will likely get stopped out at $82.75. I am not suggesting new positions at this time.

- Suggested Positions -

Long July $75 PUT (DE1116S75) Entry @ $1.52

Entry on June 16th at $79.25
Earnings Date 08/17/11 (unconfirmed)
Average Daily Volume = 5.7 million
Listed on June 15th, 2011


Diamond Offshore Drilling, Inc. - DO - close: 68.02 change: +1.29

Stop Loss: 70.55
Target(s): 64.50, 62.50
Current Option Gain/Loss: -25.3%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
06/21 update: DO is finally starting to see a little oversold bounce here. Shares added +1.9% and closed above their simple 10-dma. I have been suggesting that readers wait for a bounce or failed rally near resistance at $70 before launching new positions.

Earlier Comments:
Our targets are $64.50 and $62.50. FYI: Traders should note that the most recent data listed short interest at more than 14% of the float. That does raise the risk of a short squeeze should the stock suddenly find strength.

- Suggested Positions -

Long July $67.50 PUT (DO1116S67.5) entry @ $2.09

06/15 new stop loss @ 70.55
06/13 new stop loss @ 71.55

Entry on June 8th at $68.91
Earnings Date 07/21/11 (unconfirmed)
Average Daily Volume = 1.8 million
Listed on June 7th, 2011


Transocean Ltd. - RIG - close: 61.89 change: +2.02

Stop Loss: 66.15
Target(s): 58.00, 55.25
Current Option Gain/Loss: - 6.8%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/21 update: We have been expecting an oversold bounce in RIG. Shares gained +3.3% and tagged short-term resistance at the 10-dma. If the rebound continues we can look for resistance near $65.00. I am not suggesting new positions at this time.

We wanted to keep our position size small to limit our risk.

- Suggested (SMALL) Positions -

Long July $60 puts (RIG1116S60) Entry @ $1.32

06/20 RIG has hit $60. Cautious traders may want to take profits now (option @ +68%). The newsletter's target is $58.00

Entry on June 13th at $63.32
Earnings Date 08/04/11 (unconfirmed)
Average Daily Volume = 4.3 million
Listed on June 11th, 2011


SanDisk Corp. - SNDK - close: 42.86 change: +1.07

Stop Loss: 45.05
Target(s): 40.50, 36.00
Current Option Gain/Loss: + 1.8% & - 18.8%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
06/21 update: SNDK has bounced back into its prior $42-44 trading range. More conservative traders may want to tighten stops closer to the $44 level. The sharp bounce back makes the breakdown late last week look like a possible bear trap. I am not suggesting new positions at this time.

Our targets are $40.50 and $36.00, given enough time. FYI: The P&F chart for SNDK is bearish with a $30 target.

- Suggested Positions -

Long July $42.00 PUT (SNDK1116S42) Entry @ $1.10

- or -

Long July $40.00 PUT (SNDK1116S40) Entry @ $0.69

06/18 new stop loss @ 45.05
06/08 New stop loss @ 46.25

Entry on June 6th at $44.31
Earnings Date 07/21/11 (unconfirmed)
Average Daily Volume = 5.8 million
Listed on June 4th, 2011


Stericycle Inc. - SRCL - close: 87.31 change: +0.46

Stop Loss: 88.05
Target(s): 84.00, 81.00
Current Option Gain/Loss: -40.0%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/21 update: Today looks a lot like yesterday for SRCL. Early morning weakness followed by a bounce near short-term support at $86.00. Yet the bounce is struggling to make it past $88 and the 100-dma. I am concerned. Many of the short-term and daily chart technical indicators are turning positive again. More conservative traders may want to abandon ship and exit early. If there is any follow through higher tomorrow there is a chance we'll get stopped out at $88.05. I am not suggesting new positions at this time.

- Suggested Positions - Long July $85 PUT (SRCL1116S85) Entry @ $1.50

06/21 Readers may want to exit early!
06/15 adjusted 2nd target to $81.00.
06/11 new stop loss @ 88.05
06/08 Exit June $85 puts. Bid @ $1.00 (+100%)
06/04 new stop loss @ 90.05

Entry on May 31st at $88.78
Earnings Date 07/27/11 (unconfirmed)
Average Daily Volume = 502 thousand
Listed on May 28th, 2011


T.Rowe Price Associates - TROW - close: 58.73 change: +1.06

Stop Loss: 62.05
Target(s): 55.25
Current Option Gain/Loss: Unopened
Time Frame: 3 to 4 weeks
New Positions: Yes, see Trigger

Comments:
06/21 update: TROW is bouncing just as expected. Shares hit $59.24 at its best levels this afternoon. Our plan is to buy puts on a bounce but I'm moving our trigger point from $59.50 to $60.00 and we'll adjust the stop loss to $62.05. Our target is $55.25. FYI: The Point & Figure chart for TROW is bullish with a $51 target.

Trigger @ 60.00 -- adjusted trigger

- Suggested Positions -

buy the July $60 PUT (TROW1116S60)

Entry on June xxth at $ xx.xx
Earnings Date 07/26/11 (unconfirmed)
Average Daily Volume = 2.0 million
Listed on June 13th, 2011


Walter Energy, Inc. - WLT - close: 109.95 change: +4.36

Stop Loss: 115.50
Target(s): 100.50
Current Option Gain/Loss: Unopened
Time Frame: 4 to 6 weeks
New Positions: Yes, see TRIGGER

Comments:
06/21 update: So far so good. We were expecting a bounce in WLT. The rebound should stall at resistance near the 200-dma. I am suggesting a trigger to open bearish positions at $112.00. We'll use a stop loss at $115.50. WLT can be a volatile stock so we want to keep our position size small to limit our risk. If triggered at $112.00 our target is $100.50. We do not want to hold over the late July earnings report.

Trigger @ $112.00

- Suggested Positions -

Buy the July $105 PUT (WLT1116S105)

- or -

BUy the Sept. $100 PUT (WLT1117U100)

Entry on June xxth at $ xx.xx
Earnings Date 07/27/11 (unconfirmed)
Average Daily Volume = 2.0 million
Listed on June 18th, 2011


CLOSED BULLISH PLAYS

Fossil Inc. - FOSL - close: 113.80 change: +3.09

Stop Loss: 104.40
Target(s): 109.75, 114.00
Current Option Gain/Loss: + 100%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
06/21 update: Target achieved. The market's widespread rally on Tuesday was strong enough to push FOSL to $114.45 intraday. Our final target to exit was hit at $114.00. Readers may want to keep FOSL on their watch list and reconsider new bullish positions on a dip or a bounce near $110-109.

Earlier Comments:
We wanted to keep our position size small to limit our risk.

- Suggested (SMALL) Positions -

Long July $110 call (FOSL1116G110) Entry @ $3.00, exit $6.00 (+100%)

06/21 Final Target hit @ $114.00, Option @ $6.00 (+100%)
06/20 new stop loss @ 104.40
06/18 Cautious traders may want to exit early now.
06/14 1st target hit @ 109.75, July option @ 3.20 (+6.6%)
06/11 Exit June calls ASAP. Option @ 0.35 (-74.6%)

chart:

Entry on May 27th at $104.96
Earnings Date 08/09/11 (unconfirmed)
Average Daily Volume = 842 thousand
Listed on May 26th, 2011


CLOSED BEARISH PLAYS

Apple Inc. - AAPL - close: 325.30 change: +9.98

Stop Loss: 325.50
Target(s): 301.00
Current Option Gain/Loss: -64.7%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/21 update: We have just been whipsawed out of our AAPL put play. The stock plunged to almost $310 yesterday and today the market's widespread gains has fueled an intraday rally to $325.80. Our stop loss was set at $325.50 since the $320 level and the $325 level should have all acted as overhead resistance.

- Suggested Positions -

July $300 PUT (AAPL1116S300) Entry @ $4.40, exit $1.55 (-64.7%)

06/21 Stopped out @ 325.50

Chart:

Entry on June 20th at $317.36
Earnings Date 07/19/11 (unconfirmed)
Average Daily Volume = 13.7 million
Listed on June 18th, 2011


Amazon.com Inc. - AMZN - close: 194.23 change: +6.51

Stop Loss: 192.55
Target(s): 180.25, 175.00
Current Option Gain/Loss: -56.8%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
06/21 update: A big bounce in the NASDAQ helped fuel a strong +3.4% rebound in AMZN. Shares broke through resistance near $190, near $192 and at its 50-dma. Our stop loss was hit at $192.55.

Earlier Comments:
The plan was to keep our position size small.

- small bearish positions -

Long July $180 PUT (AMZN1116S180) Entry @ $4.40, Exit $1.90 (-56.8%)

06/21 Stopped out @ 192.55, Option @ $1.90 (-56.8%)
06/16 planned exit, June $185 put @ -27.3%
06/11 New stop loss @ 192.55
06/07 New stop loss @ 195.15.

chart:

Entry on June 6th at $188.01
Earnings Date 07/26/11 (unconfirmed)
Average Daily Volume = 4.5 million
Listed on June 4th, 2011


Whole Foods Market - WFM - close: 60.41 change: +3.51

Stop Loss: 58.15
Target(s): 55.10, 52.00
Current Option Gain/Loss: - 52.3%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
06/21 update: WFM saw a huge bounce today (+6.1%) on what looks like short covering early this morning. Bullish comments from WFM's co-CEO and some bullish analyst comments sparked the short squeeze today. WFM surged past resistance at $60 and its 100-dma but stalled right on its 50-dma. Our stop loss was hit at $58.15 early this morning.

- Suggested Positions -

July $55 PUT (WFM1116S55) Entry @ $1.05, exit $0.50 (-52.3%)

06/21 Stopped out @ 58.15, option @ -52.3%
06/13 Exit June $60 puts. Bid @ $5.20 (+136.3%)
06/11 New stop loss @ 58.15.
06/11 Consider exiting our June puts early.
06/08 1st target hit @ 55.10. June $60 put @ 4.30 (+95.4%), July $55 put @ 1.92 (+82.8%)
06/06 new stop loss @ 60.15
06/04 new stop loss @ 60.65

chart:

Entry on June 2 at $58.70
Earnings Date 08/11/11 (unconfirmed)
Average Daily Volume = 1.6 million
Listed on June 1st, 2011