Option Investor
Newsletter

Daily Newsletter, Thursday, 4/19/2012

Table of Contents

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

Market Wrap

Market Struggles with Earnings and Economy

by Thomas Hughes

Click here to email Thomas Hughes
Economic data and future outlook outweigh earnings. The major indexes had broad losses spurred on by mixed economic data.


Index futures were flat to positive in early trading as the markets awaited the onslaught of today's economic and earnings data. Today was heavy on both and the markets struggled between the two. Economic data suggests the economy is still growing but that growth is slowing. On the other side of the coin earnings have been good so far this season and today was no exception. There was one big surprise loss in the tech sector but it was quickly brushed away as traders and investors focused on other data.

Initial claims for unemployment benefits were higher than expected for the week ending 4/14. The number of people who filed for the first week of unemployment benefits is 386,000. Analysts had been expecting claims in the range of 375,000. The previous week's data was revised up 8,000. The upward revision continues a trend of upward revisions. Initial claims are at 4 month highs and are on the rise. The four week moving average increased as well and also reached a high for the year.


Continuing claims and total claims for unemployment both fell but lag the report of initial claims. Continuing claims had been expected to to 3.3 million in the week ending 4/7 but were actually a marginally lower 3.297. Total claims fell by the biggest margin this year to a total of 6.77 million from the previous weeks 6.95 million. It'll will be important in the coming weeks to see how this changes in light of the recent spike in initial claims.



The bulk of today's data came around 10 AM and sparked the sell off that took the Dow into negative territory and took the index below 13,000. Though positive, the data shows that growth is slowing.

The index of leading indicators rose by 0.3% in March, a little slower than the 0.7% gain in February. The index is at its highest level since 2008. The modest rise in leading indicators is supported by a coincident gain in manufacturing. The Philadelphia Federal Reserve survey of manufacturing showed an 8.5% expansion in domestic manufacturing. This is a little slower than than previous reading of 12.5% expansion in March. Existing home sales was the big disappointment. The sector, which has been struggling, was expected to increase by 8.4% but actually declined by more than 2.5%. The rate of homes sold was an adjusted 4.48 million units, down from February's 4.6 million.

European shares ended the day in the red. Rising debt concerns, a possible French credit downgrade and the mixed US data sent the shares down. Higher yield rates for Spanish 2 and 10 year bonds started the sell off in today's European trading. There was good demand but the cost of the debt raised the question of future impacts to Spain rising debt. Fears that Spain's troubles were spreading were heightened by speculation of a French credit rating downgrade by Moody's. European banks are estimated to lose over $2.5 trillion dollars from their balance sheets in 2012.

News from Asia had no impact on today's trading. China is reported to be making moves to increase liquidity in order to spur growth. The moves are aimed at increasing the “soft landing” during the current economic slowing. The government is reported to be cutting reserve requirements for banks to free up cash in the system. Neighboring country Japan reported a rise in exports for the first time in 6 months. The gains were offset by rising fuel costs and resulted in losses for businesses. The gains were based on strong sales in the US.

Natural gas inventories rose again today, and the price of natural gas fell to 10 year lows. The storage system received an injection of +25 billion cubic feet, within the expected range but natural gas storage is near capacity and at record high levels. At the current rates of injection it is estimated storage will reach capacity later this year. Natural gas dropped over 2% in today's trading to sell around $1.90.

Apple received a few more downgrades today upon speculation its third quarter earnings would miss expectations. Sales targets for iPhones are in question. Increased competition from Android devices and hold outs for an anticipated iPhone 5 are to blame. Verizon also announced a sharp drop in new activations of iPhones. The stock dropped sharply to trade below $600 and close around $588.

Apple, daily

The earnings report schedule was very full today with over 125 companies on the list. For the most part earnings were positive with some surprises as financials, tech and others posted big gains. One surprisingly big loss was reported by Nokia. The phone maker said that “tougher” than expected conditions were to blame. The company posted a $1.2 billion loss in the first quarter compared to last years profit of $0.4 billion. The company uses the Microsoft operating system in its phones and is facing tough competition from Apple and Android phones.

Nokia, daily

The financial sector performed well in the last quarter and were in the spotlight today. Big name financials Bank of American and Morgan Stanley both reported today as well as a handful of smaller banks. Bank of America beat expectations in the first quarter on increases in business and improvements to its balance sheet. The stock jumped over 3% in pre-market trading but sold off on high volume during the day to fall below its short term moving average.

Bank of America, daily

Morgan Stanley posted a net loss for the quarter due to a massive one time charge. On an adjusted basis the financial giant beat expectations. Earnings per share are $0.71, $0.27 over the average estimate. Revenue rose by more than 10% in the quarter, a gain of over $1 billion from the previous year, to $8.9 billion. Analysts had been expecting revenue in the range of $7.6-$7.7 billion. The firm posted big gains in stock and bond sales and trading activities. The stock jumped over 5% from recent support to the short term moving average but traded down from there throughout the day with high volume.

Morgan Stanley, daily

BB&T reported earnings of $0.61 per share, ahead of the expected $0.51. The bank more than doubled its mortgage banking revenue and had broad based loan growth. The company's earnings were helped by lower costs and reduced loan provisions. The stock traded in a tight range today and is just above the short term average. The stock is trending up and has support around $30.

BB&T, daily

Fifth/Third Bancorp increased first quarter earnings per share more than 30% to $0.45. A large portion of the increase is due to the IPO of Vantiv. The bank also saw gains across all its market segments. The company reported decreased costs and no exposure to the European sovereign debt crisis. The stock had been trending up and was near 12 month highs. The stock traded down today on heavy volume but indicators are weak.

Fifth/Third Bancorp, daily

The financial sector Spyder (XLF) traded down today on moderately higher volume. The stock is trading around the 30 day moving average and is beginning to squeeze between resistant and the recent up trend.

XLF, daily

Verizon beat expectations by a penny. The company reported revenue of $28.2 billion, slightly ahead of the estimated $28.17 billion. The quarterly revenue increase is a 5% gain from last year and delivered profits of $1.7 billion to its shareholders. The stock jump more than 2% in early trading and got tied up on the 30 day moving average. Bearish momentum has been declining and is about to turn bullish.

Verizon, daily

Shares of online market place Ebay jumped more than 10% on extremely heavy volume following the announcement of its recent quarter earnings. The company posted strong gains in revenue and earnings based on the success of its Paypal platform. The online financial service is a leading method of payment/purchasing and is being used in areas far outside its original purpose. Net income grew over 20% and resulted in earnings of $0.44 per share. Total revenue grew 29% in the quarter to a total of $3.28 billion. Growth in the Paypal segment of business is expected to continue into the future.

Ebay, daily

America's largest chemical maker, DuPont, increased net income by 4% in the quarter. The warmer than expected winter sparked increased sales in its agriculture unit which. Net sales increased 12% for the business and they restated the previous earnings guidance. The company is expecting adjusted earnings between $4.20 and $4.40 per share. The stock traded down today on average volume. The decline was halted at the 30 day moving average.

DuPont, daily

Chipotle Mexican Grill reported today, one day ahead of its former sponsor, McDonald's. The high profile chain of restaurants reported after the bell and beat expectations. The company earned $1.97 per share, $0.04 higher than expectations. Revenue was also higher than expected. The company brought in $641 million versus the expected $631. The stock has been trending up strongly this year, gaining over 150% in the last 12 months. The stock, which closed down today, is trading near all time highs in after market action. The stock jumped $4 on the news.

Chipotle Mexican Grill, weekly

Microsoft also reported after the bell. The tech giant was another to beat Wall Street estimates. The company earned $0.60 per share compared to a consensus estimate of $0.57. PC shipments world wide are up 2% in recently helping boost Microsoft sales. Enterprise and Windows systems made strong gains. The company was also able to revise its expected costs lower. The stock traded higher today on average volume.


The Blackstone Group reported a significant drop in revenues and earnings. The companies income and earnings both fell around 20%. The stock dropped 4% in today's trading and continues a recent down trend.

Blackstone, daily

Qualcomm reported record revenue but cut short hopes of near term growth. The company says that supply of chips from Taiwan Semiconductor is hurting its ability to meet sales demands. The company guided expectations for the 2nd quarter down based on the short supply. Qualcomm is going to boost its support to other semi-conductor manufacturers but it is uncertain when the supply will increase. The new chips sold by Qualcomm are made using new technology and the number of available machines is limited. The chips are important to 4G technology and are used industry wide. The stock dropped over 6% today on high volume and bearish technicals.

Qualcomm, daily

Another handful of public offerings opened this week. Two highlights today are Tumi (TUMI) and Splunk (SPLNK). Tumi, named for a Peruvian god, is a high end luggage and business accessory manufacturer. The stock was initially thought to be priced at $17 but the stock was in high demand and opened at $26.

Tumi, one day

Splunk provides real time data to software enabling companies. The firms software tracks business and user click data on multiple levels and transforms the number into more useful data. The stock opened at $32, well above its original range of $8-$10. The stock traded steadily throughout the day on thin volume.

Splunk, one day

The yields on US 30 year bonds fell today and closed at new one month lows.

30 year bond yields

The markets tried to make gains today but the weight of worries over economic data kept the major indexes in negative territory. After a positive start to the morning the Dow Jones index tried to remain positive but the economic releases sent the market plunging around 10 am. The Dow fell below 13,000 and soon turned lower, losing as much as 130 points during afternoon trading. The market rebounded from its lows before closing to end the day down only 69 points. Today's decline brings the Dow below its 30 day moving average and the important 13,000 level. Momentum is bearish but very weak in the short term and has just turned bearish in the long term.

Dow Jones Industrial Average, daily

Dow Jones Industrial Average, weekly

The S&P 500 performed the same as the Dow but traded in a tighter range. Momentum in the broader S&P 500 has not turned bearish yet but is very close.

S&P 500, weekly

The Nasdaq fell today as well and is also under its short term moving average. However, it has not yet broken trend. It appears to have support at 3,000. Bearish momentum has peaked and is receding. Microsoft's earnings beat after the bell could help boost the index in tomorrows trading.

Nasdaq, daily

Things to look out for tomorrow is more earnings. There are no scheduled economic releases tomorrow. Europe will continue to be a mess but that news wont lead the US market. Our own earnings, economy and year end forecasts will be the determining factors. Tomorrows earnings calendar is lighter than today's but includes names like McDonald's, General Electric, Honeywell, Ingersoll Rand and Under Armor.

Thomas Hughes


New Option Plays

Is That A Bear-Flag Pattern?

by James Brown

Click here to email James Brown

Editor's Note:

In addition to tonight's new candidate, consider these stocks as possible trading ideas and watch list candidates:

(bearish ideas) DIA, SPY, QQQ, TIF, WXS, JOSB


NEW DIRECTIONAL PUT PLAYS

iShares Russell 2000 index - IWM - close: 79.75 change: -0.46

Stop Loss: 82.25
Target(s): 75.50
Current Option Gain/Loss: Unopened
Time Frame: 4 to 6 weeks
New Positions: Yes, see below

Company Description

Why We Like It:
We are going to trade the IWM again. The market's oversold bounce appears to be failing. Investors are selling the news when it comes to corporate earnings and economic data has not been inspiring any buyers.

Aggressive traders may want to buy puts now. I would rather wait for a decline under the simple 100-dma (currently 78.65). We're suggesting a trigger to buy puts at $78.45. Our target is $75.50.

Trigger @ 78.45

- Suggested Positions -

buy the Jun $77 PUT (IWM1216R77) current ask $2.20

Annotated Chart:

Entry on April xx at $ xx.xx
Earnings Date --/--/--
Average Daily Volume = 53 million
Listed on April 19, 2012



In Play Updates and Reviews

Tomorrow is Option Expiration Friday

by James Brown

Click here to email James Brown

Editor's Note:

Don't forget that April options will expire on Saturday. Tomorrow is your last day to trade them. We closed nearly all of our remaining April option positions today.

Current Portfolio:


CALL Play Updates

Cigna Corp. - CI - close: 48.21 change: -0.01

Stop Loss: 46.95
Target(s): 52.25
Current Option Gain/Loss: Unopened
Time Frame: up to the May 3rd earnings report.
New Positions: Yes, see below

Comments:
04/19 update: CI got a little bit closer but still hasn't hit our trigger to buy calls at $48.75. Volume was a little bit higher than recent days. I am suggesting we make an adjustment. Let's move our trigger to buy calls up to $49.05. I want to see a real move higher and not just a little intraday spike that gets reversed.

The $50.00 level is short-term resistance but we're aiming for $52.50. FYI: The Point & Figure chart for CI is bullish with a $60 target.

Trigger @ $49.05

- Suggested Positions -

buy the May $50 call (CI1219E50)

04/19/12 adjust trigger to $49.05

Entry on April xx at $ xx.xx
Earnings Date 05/03/12 (confirmed)
Average Daily Volume = 3.0 million
Listed on April 12, 2012


Family Dollar Stores - FDO - close: 67.49 change: +0.49

Stop Loss: 63.75
Target(s): 69.75
Current Option Gain/Loss: +39.3%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/19 update: FDO continued showing relative strength on Thursday and closed up +0.7%. I am not suggesting new positions at current levels. Broken resistance near $65.00 should be new support.

Our multi-week target is $69.75. FYI: The Point & Figure chart for FDO is bullish with an $88 target.

- Suggested Positions -

Long May $65 call (FDO1219E65) Entry $2.44

04/18/12 new stop loss @ 63.75
04/18/12 triggered at $65.35

Entry on April 18 at $65.35
Earnings Date 06/27/12 (unconfirmed)
Average Daily Volume = 2.0 million
Listed on April 16, 2012


O'Reilly Automotive - ORLY - close: 95.99 change: -0.93

Stop Loss: 91.95
Target(s): 98.50
Current Option Gain/Loss: (Apr90c: +76.0%) & May$90c: +72.1%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/19 update: ORLY hit a little profit taking today with a -0.9% pullback. More conservative traders may want to exit now to lock in a gain.

I am not suggesting new positions at current levels.

- Suggested Positions -

Apr $90 call (ORLY1221D90) Entry $2.50 exit $4.40 (+76.0%)

- or -

Long May $90 call (ORLY1219E95) Entry $3.95

04/17/12 new stop loss @ 91.95
04/16/12 planned exit for Apr $90 call at the open.
option bid was $4.40 (+76.0%)
04/14/12 plan to exit our April calls at the open on Monday
04/14/12 new stop loss @ 89.90
04/07/12 moved exit target to $98.50
04/03/12 new stop loss @ 89.45
03/26/12 triggered at $91.25

Entry on March 26 at $91.25
Earnings Date 04/25/12 (confirmed)
Average Daily Volume = 887 thousand
Listed on March 24, 2012


Sturm, Ruger & Co. - RGR - close: 51.52 change: +0.06

Stop Loss: 48.90
Target(s): 54.85
Current Option Gain/Loss: -24.3%
Time Frame: exit prior to May 1st earnings announcement
New Positions: see below

Comments:
04/19 update: Our new trade on RGR is not off to a great start. Shares did show strength this morning and rallied to $53.05 intraday. Unfortunately RGR gave back almost all of its gains today. Our trigger was hit at $52.25. I'm not suggesting new positions at this time but nimble traders might want to consider buying calls on a dip or a bounce near the $50.00 mark.

We do not want to hold over the May 1st earnings report.

- Suggested Positions -

Long May $55 call (RGR1219E55) current ask $1.85

04/19/12 triggered at $52.25

Entry on April 19 at $52.25
Earnings Date 05/01/12 (confirmed)
Average Daily Volume = 493 thousand
Listed on April 18, 2012


PUT Play Updates

BorgWarner - BWA - close: 81.45 change: -2.38

Stop Loss: 84.55
Target(s): 79.00
Current Option Gain/Loss: -92.0%
Time Frame: up to the April 26th earnings report
New Positions: see below

Comments:
04/19 update: BWA is rolling over with its trend of lower highs. The -2.8% drop is a good sign for bears but we are almost out of time on our April $80 puts. Unless BWA closes under $80.00 tomorrow our options are going to expire worthless.

If we see BWA spike down under $80.00 tomorrow we will want to exit. I'll set an intraday exit target of $79.00. If this level isn't hit tomorrow we'll exit positions at the close assuming there is any value left in the option price.

Earlier Comments:
We do want to keep our position size small. The most recent data listed short interest at 16% of the 107 million-share float. That does raise the risk of a short squeeze.

- Suggested (small) Positions -

Long Apr $80 PUT (BWA1221P80) Entry $1.25

04/19/12 prepare to exit tomorrow if under $80.00, setting a temporary exit target at $79.00
04/14/12 Friday's reversal looks like a new entry point
04/10/12 triggered at $81.25

Entry on April 10 at $81.25
Earnings Date 04/26/12 (confirmed)
Average Daily Volume = 1.1 million
Listed on April 09, 2012


Dollar Thrifty Automotive - DTG - close: 78.67 change: -1.04

Stop Loss: 80.55
Target(s): 72.50
Current Option Gain/Loss: -11.4%
Time Frame: up to its early May earnings report
New Positions: see below

Comments:
04/19 update: DTG retreated from resistance near the $80.00 level and ended the session with a -1.3% decline. I would consider new positions if DTG trades under $78.25 again.

- Suggested Positions -

Long May $75 PUT (DTG1219Q75) Entry $1.75

04/17/12 new stop loss @ 80.55
04/17/12 DTG gapped open at $78.36

Entry on April 17 at $78.36
Earnings Date 05/03/12 (unconfirmed)
Average Daily Volume = 247 thousand
Listed on April 16, 2012


EQT Corp. - EQT - close: 46.99 change: +1.02

Stop Loss: 48.25
Target(s): 42.00-40.00
Current Option Gain/Loss: Apr$45P: - 100% & May45P: -40.6%
Time Frame: up to its April 26th earnings report
New Positions: see below

Comments:
04/19 update: EQT spiked higher this morning and shares displayed relative strength the whole day. I doubt this was due to the yesterday afternoon announcement of a 22-cent dividend. Whatever caused the +2.2% bounce in EQT it is not a good sign for the bears. The stock should have resistance near $47.00 and at the 20-dma near $48.00.

The plan was to exit our April $45 puts at the close today, thus the oversold bounce was not great timing.

We want to exit all positions prior to the April 26th earnings report.

- Suggested Positions -

Apr $45 PUT (EQT1221P45) Entry $0.52 exit $0.00 (-100%)

- or -

Long May $45 PUT (EQT1219P45) Entry $1.60

04/19/12 planned exit for the April $45 puts, closed at $0.00 (-100%)
04/18/12 prepare to exit April $45 puts at the close tomorrow
04/16/12 triggered at $45.70

Entry on April 16 at $45.70
Earnings Date 04/26/12 (confirmed)
Average Daily Volume = 1.4 million
Listed on April 11, 2012


Ryder System, Inc. - R - close: 49.03 change: -0.59

Stop Loss: 52.05
Target(s): 45.50
Current Option Gain/Loss: Apr50p: -15.0% & May$50p: +22.2%
Time Frame: exit before April 24th earnings report
New Positions: see below

Comments:
04/19 update: Positive analyst comments this morning for shares of Ryder were not enough to keep the stock in positive territory. Shares fell to a -1.1% drop and a new relative low.

The plan was to exit our April $50 puts at the close today.

We want to exit our May position at the close on April 23rd to avoid holding over the April 24th earnings report.

- Suggested Positions -

Long Apr $50 PUT (R1221P50) Entry $1.00 exit $0.85 (-15%)

- or -

Long May $50 PUT (R1218Q50) Entry $1.80

04/19/12 planned exit for the April $50 put. $0.85 (-15%)
04/18/12 prepare to exit the April $50 puts at the close tomorrow
04/17/12 opened the May $50 put position
04/13/12 triggered at $49.75

Entry on April 13 at $49.75
Earnings Date 04/24/12 (unconfirmed)
Average Daily Volume = 567 thousand
Listed on April 10, 2012


SINA Corp. - SINA - close: 59.00 change: +0.13

Stop Loss: 62.75
Target(s): 51.00
Current Option Gain/Loss: + 0.0%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/19 update: SINA delivered a relatively quiet day on Thursday. The early morning bounce attempt failed. I would still consider new positions here or you could wait for a new relative low under $57.65.

Earlier Comments:
SINA can be a volatile stock so we want to keep our position size small. Our exit target is $51.00 but we should expect some support in the $57.00-56.50 zone.

(small positions) - Suggested Positions -

Long May $55 PUT (SINA1219Q55) Entry $2.50

04/18/12 triggered at $59.40

Entry on April 18 at $59.40
Earnings Date 05/09/12 (unconfirmed)
Average Daily Volume = 4.8 million
Listed on April 17, 2012


CLOSED BULLISH PLAYS

Esterline Technologies - ESL - close: 67.67 change: -1.25

Stop Loss: 67.75
Target(s): 75.75
Current Option Gain/Loss: -84.6% (crazy bid/ask spread causing issues)
Time Frame: 3 to 4 weeks
New Positions: Yes, see below

Comments:
04/19 update: After yesterday's failed rally the weakness in ESL continued. Shares hit our stop loss at $67.75 closing our trade. The option spreads remain ridiculously wide, which is impacting our loss. We will probably not trade ESL again. (today's closing bid/ask spread was $0.20/1.15)

Earlier Comments:
FYI: I cautioned readers that the bid/ask spread was a little wide. Now the spread has exploded wider. If this doesn't change we won't trade ESL again. The plan was to keep our position size small because the option spreads are just a little wide.

(small positions) - Suggested Positions -

May $75 call (ESL1219E75) Entry $1.30 exit $0.20 (-84.6%)

04/19/12 stopped out at $67.75.
04/18/12 triggered at $70.55

chart:

Entry on April 18 at $70.55
Earnings Date 05/31/12 (unconfirmed)
Average Daily Volume = 361 thousand
Listed on April 17, 2012


Ulta Salon, Cosmetics - ULTA - close: 94.49 change: -1.07

Stop Loss: 92.75
Target(s): 97.00
Current Option Gain/Loss: -84.8%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/19 update: ULTA almost hit our new exit target at $97.00. The intraday high was $96.65 and the bid on our April $95 call hit an intraday high of $1.30. Unfortunately the market's widespread decline pulled ULTA to a -1.1% drop. It was our plan to exit these April options at the close today.

- Suggested Positions -

Apr $95 call (ULTA1221D95) Entry $1.65 exit $0.25 (-84.8%)

04/19/12 planned exit at the close
04/18/12 adjusted target to $97.00, stop loss to $92.75
Prepare to exit tomorrow at the close if ULTA doesn't hit our target
04/03/12 adjusted target to $98.50
03/28/12 new stop loss @ 89.95
03/26/12 new stop loss @ 89.45
03/24/12 adjusted exit target to $97.50
03/21/12 ULTA hit our trigger at $91.25

chart:

Entry on March 21 at $91.25
Earnings Date 06/07/12 (unconfirmed)
Average Daily Volume = 759 thousand
Listed on March 20, 2012


CLOSED BEARISH PLAYS

Timken Co. - TKR - close: 50.16 change: -0.11

Stop Loss: 51.55
Target(s): 45.50
Current Option Gain/Loss: -86.8%
Time Frame: exit before the April 25th earnings report
New Positions: see below

Comments:
04/19 update: The trend in TKR still looks bearish as if the stock is poised to drop. Unfortunately we're out of time with our April puts. The plan was to exit today at the close. If you do have May puts I would not hold over the April 25th earnings report.

- Suggested (small) Positions -

Apr $50 PUT (TKR1221P50) Entry $1.90, exit $0.25 (-86.8%)

04/19/12 planned exit at the close
04/18/12 prepare to exit our April options at the close tomorrow
04/10/12 triggered at $48.90

chart:

Entry on April 10 at $48.90
Earnings Date 04/25/12 (confirmed)
Average Daily Volume = 846 thousand
Listed on April 09, 2012


Weight Watchers Intl. - WTW - close: 73.18 change: -0.82

Stop Loss: 77.25
Target(s): 70.50
Current Option Gain/Loss: - 4.8%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/19 update: The bounce in WTW just failed at its 10-dma. The trend is down but we have run out of time. The plan was to exit our position today at the close.

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

- Suggested (small) Positions -

Apr $75 PUT (WTW1221P75) Entry $2.05 exit $1.95 (-4.8%)

04/19/12 planned exit at the close
04/18/12 prepare to exit at the closing bell tomorrow
04/14/12 new stop loss @ 77.25
04/10/12 new stop loss @ 78.25.
04/09/12 WTW gapped open lower at $73.99

chart:

Entry on April 09 at $73.99
Earnings Date 05/03/12 (unconfirmed)
Average Daily Volume = 1.1 million
Listed on April 07, 2012