Option Investor
Newsletter

Daily Newsletter, Tuesday, 9/6/2011

Table of Contents

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

Market Wrap

Friday Drop Explained

by Jim Brown

Click here to email Jim Brown
The market drop today on major problem in Europe is exactly why Friday's market failed to rebound. Nobody wanted to go long over the weekend when faced with Europe risk.

Market Statistics

The sudden downturn in Europe produced significant declines on Monday and that carried over into our markets on Tuesday. This is exactly what traders were trying to avoid when they avoided buying the dip on Friday. There were simply too many risks in multiple countries plus the worries over the bank lawsuits. The overhang from Europe knocked the Dow to a -307 point at the open. That is not the kind of gap open the bulls wanted to fight.

The opening drop came despite the better than expected economics in the USA. The ISM Nonmanufacturing Index actually ROSE to 53.3 for August compared to an expected decline to 51.1 compared to the 52.7 reading in July. This was a major shock for analysts and suggests the soft patch was just temporary.

The internal components showed only a slight improvement but it was an improvement. New orders rose +1.1 points to 52.8. Imports rose from 47.5 to 53.5 and exports from 49.0 to 56.5. Employment declined to 51.6 from 52.5 but anything over 50 is still in expansion territory. Unfortunately backorders, a sentiment indicator of future activity, rose to 47.5 from 44.0 but remains in contraction territory.

The headline number averaged about 53.1 for the quarter and that is still growth even if it is very slow. The average for Q2 was 53.6 so there has not been a significant decline in activity. Consumer spending remains unexpectedly high and that suggests consumer attitudes in the confidence/sentiment surveys is not translating to a decline in activity.

ISM Nonmanufacturing Chart

The economic calendar for the rest of the week is highlighted by the Fed Beige Book on Wednesday and the president's job speech on Thursday. The Beige Book is the most important report for the week. It is the summary of financial conditions in each the regional Fed regions. It would be nice to see them say something good but just not saying anything negative would also be market positive.

Economic Calendar

In stock news the foul mouthed CEO of Yahoo, Carol Bartz, is no longer CEO according to reports on the web. She has been replaced by Yahoo CFO Tim Morse as interim CEO. Chairman Roy Bostock called Bartz on the phone and told her she had been replaced. Bartz was brought in to turn the company around in January 2009 with the share price at $12.50. That is exactly where it was trading today then the news was released.

Yahoo Chart

Bargain dealer Groupon put its $750 million IPO on hold for multiple reasons. Several high profile companies including Zynga and Facebook have put IPO plans on hold until the market improves. Groupon has another reason. Since they filed for their IPO the SEC and others have questioned its accounting practices that exclude marketing and other expenses from its profit calculations. There are also worries that the daily deal market has suddenly been saturated. Several companies have either narrowed their focus or reduced their number of deals and some have even cancelled their services. Facebook ended its Deals business after only four months and Yelp's CEO said this week that some local businesses think the daily deals are "uneconomic" and raising questions about the sustainability of the model. There are worries that Groupon has also seen business shrink as a result.

Sprint (S) sued AT&T (T) to halt the acquisition of T-Mobile. Sprint said the combination would lead to higher prices for consumers and create a duopoly between AT&T and Verizon. Sprint called the potential acquisition "brazenly anticompetitive." The suit was assigned to the same judge currently handling the Justice Department's suit to block the merger. If AT&T can't get approval for the merger they will have to pay a $6 billion breakup fee to T-Mobile parent Deutsche Telekom. Whoever agreed to that fee at AT&T needs to be institutionalized since there was always a good chance the antitrust concerns could block the deal.

AT&T Chart

The Nvidia (NVDA) CEO shook up things this afternoon when he raised guidance sales and profits for years into the future. CEO Jen-Hsun Huang said Android tablets running quad-core processors will be available later this year. Since this year only has a little less than four months remaining that is a big claim. He expects the company to expand its smart phone processor capability into regular phones with sales of one billion by 2015. Today Nvidia has sales of $4.5 billion in its GPU business and $2 billion in mobile processors. By 2015 he expects that to reverse to a whopping $20 billion in mobile processors and $7 billion in GPUs. The stock rallied to $14 in after hours.

Nvidia Chart

The banks did not do as bad today as I expected after the bombshell FHFA lawsuit was announced last Friday. There were some extreme analysts worried over some future bank bankruptcies but I doubt anyone gave them any credibility. Most believe the suits will be settled before they every go to trial simply because the burden of proof for Fannie and Freddie is so high. This is a hail Mary pass by the FHFA in hopes of recovering some of its losses. JPM, the second highest suit at $33 billion only declined -1.19. BAC lost -0.26 and MS -0.63. The European banks were hit harder but some of that decline was due to events in Europe over the weekend. Deutsche Bank (DB) lost -2.69 and Credit Suisse (CS) -3.54. Overall the U.S. banks are very well capitalized today and the suits, if they make it to court, will take years and could end with minor settlements because of the high burden of proof. The fact they sued 17 banks suggests the case has weakness. There is no way 17 global banks falsified documents and committed fraud on this scale. One or two banks maybe but not 17. The KBW Banking Index only lost -1.7%. Time to buy banks?

KBW Banking Index Chart

The northeast is still cleaning up after hurricane Irene and it looks like they might have dodged a bullet with Katia. The storm dropped back from a category three to a category two and the new storm track is showing a sharp turn northeastward and it is now expected to miss land altogether. Unfortunately there are three more storms developing in the south. It will be days before any develop into problems but this is the heart of the hurricane season.

Katia Storm Track

Gulf Storm Chart

Crude prices were extremely erratic with WTI crude falling to $82. In theory this was due to the economic weakness in Europe but WTI does not go to Europe. This was really just traders raising cash to cover margin calls on equities.

In Europe the price of Brent rallied +3.27 so obviously there were no worries over lack of demand. The daily news out of Libya continues to push back the dates when any material production will be resumed. This is a daily news cycle and multiple people making unrelated statements to the press in an effort to increase their stature in the new Libyan political order. Expect continued volatility but also expect the price to continue to rise. In the last IEA/OPEC reports they estimated a continued 688,000 bpd shortfall in light crude for Q3. The shortfall is being made up by depleting existing supplies in Europe an Asia.

There was also news of some delayed tanker loadings in the North Sea. Brent is short and the price will continue to show that.

This has led to a new historical high on the spread between WTI and Brent at nearly $30 today.

U.S. WTI Crude Chart

Brent Crude Oil Chart

Without going into too much detail over Europe let's just say conditions are continuing to worsen. German Chancellor Merkel had some problems over the weekend with some local elections that did not turn out well for her party. Holding together the country with fragmenting support because of the bailouts could be a challenge.

The German court is supposed to rule on the constitutionality of the bailouts and it could happen on Wednesday. Chancellor Merkel is expected to address Parliament on Wednesday, also before our open.

There are many conflicting views on whether the constitutional vote will pass and if it does pass it will still have to be voted on by the parliament. With Merkel's political fortunes declining she may not be able to get it passed in parliament.

Greece and Italy were in the news all weekend with more analysts predicting a Greek default. Some European finance ministers were quoted as saying they may need to let some countries leave the union. Others were quoted as saying you should not rule out sovereign debt defaults despite the bailouts. Southerners in Italy are striking to protest austerity.

There are so many events and complexities swirling in Europe there is no way to predict the outcome other than the odds are good the problems will not go away. This will keep the region under economic stress and could lead to a global recession.

These problems in Europe make the U.S. markets the safe haven for investors. The ten-year Treasury note yields declined to another new low at 1.979% after dipping to an intraday low of 1.929%.

Gold prices set a new intraday high at $1923 before settling back to close at $1872 on some serious intraday volatility. Is this a double top? Most analysts believe we will still see a further rally to $2000-$2100 simply because of the economic and geopolitical instability. With central banks trying to find some way to diversify their reserves without currency risk, adding gold appears to be the answer. The Swiss National Bank set a ceiling on the franc today and the currency crashed. Traders long the franc were crushed. The Euro spiked nearly 10% against the franc and the dollar gained nearly 8%.

Gold Chart

In theory this flight to safety should benefit U.S. equities but we need to get past the current rough patch before investors will have the confidence to buy stocks. So far the three-day decline in September is the worst start on record since WWII.

The S&P dipped to 1140 intraday (-33) before it rebounded +25 points to close with only a minor eight-point loss. When you consider the ugly news on Friday and the turmoil in Europe this was a very positive rebound. The events in Germany overnight tonight probably kept the markets from rebounding to positive territory. Like Friday, investors did not want to be heavily long as those critical events occurred.

The S&P rebound back above prior support at 1160 was a strong plus when it could have just as easily fallen to 1120 or even lower. This is a bullish sign assuming no German problems tomorrow.

S&P Chart

The Dow rebounded from its -308 point loss to end only down -100. Yes, there is a positive spin to only a 100-point loss. Only three Dow components were positive, JNJ, CAT, PFE, but the losses on the majority were less than 50-cents each. Technology and banking led the losers list.

The Dow closed well above 11,000 after a dip to 10,932 and that should attract new buyers on Wednesday.

Dow Chart

The Nasdaq closed +60 points off its lows. Also, it had a good opportunity to test support at 2400 and failed to reach that level. The Nvidia news should be a positive boost to the market on Wednesday even though the semiconductor industry lowered expectations today. This is normally a weak month for tech stocks but they are already seriously oversold.

The rebound before testing support today was bullish. If tech stocks can post a rally on Wednesday back over 2500 it should attract new buyers.

Nasdaq Chart

Russell Chart

Where to from here? The late August rally was almost completely erased. Conditions reversed from overbought to oversold and after three consecutive days of triple digit declines it is time for a bounce.

The governing factor for Wednesday is Europe and we can't do anything but watch but I believe further dips will be bought. Europe will get worse before it gets better but that is quickly being priced into the market.

The Fed is more than likely going to take action on September 20th. It may not be QE3 but they can't afford to stand by and wait to see if the economy is going to crash and burn or just limp forward for money to come. They need to act now to prevent a future collapse. Unfortunately their actions will be more psychologically than physically stimulative but any stimulation will help.

The president's speech may provide a boost to sentiment but it is not likely to provide any real impact since anything he proposes has to be passed by Congress. Still the speech could be market positive unless it is full of partisan attacks.

Why buy? September is normally ugly and there are definitely plenty of roadblocks in the global path. At least 75% of the analysts on TV are now calling for lower lows before the end of October. With that much bearish sentiment it may be a challenge to put money to work. Fortunately fund managers look for exactly that kind of sentiment as a buy signal.

I can't tell you September will finish higher than it is today but I do think we are long term oversold. The August volatility should have shaken out those investors who were on the fence with no clear expectations.

Fund managers need to make up lost ground. They have had a rough year with some high profile hedge funds down more than 25%. Bonuses are at risk and that calls for aggressive action. I think they will buy the dips with increasing bullishness. I could be completely wrong. Europe could spiral down the drain and take our markets with it. That is a chance we have to take. That is why they made stop losses.

If you want to nibble on the dips please do so with smaller positions and please use stops. I could be right about the direction but wrong about the timing. Please use stops.

In the "you can't make this stuff up" department the state of Michigan is now offering food stamps and government assistance in three languages. English, Spanish and … drum roll please… Arabic. It seem there is such a large number of Arabic speaking people asking for government assistance in Michigan they had to include it as an official language on the state's website. There are so many ways I could rail on this but in the interest of time I will just post the links.

Notification of calendar changes
Food Stamps Overview

Coming soon: "Hello, welcome to (Your Government Agency Here). For assistance in English press 1, for assistance in Spanish press 2, for assistance in Arabic press 3, Chinese press 4, Korean press 5, Russian 6, etc." Your visit to the local fast food drive in is about to become more complicated as well. Now they can only mess up your order in two languages. What happens when it spreads to 5 or 6 more? Why can't learning the English language be a prerequisite for immigration? Secondly, why can't the ability to pay for your own food and housing also be a requirement?

Jim Brown

Send Jim an email


New Plays

Try, Try Again

by James Brown

Click here to email James Brown


NEW BULLISH Plays

Ultra Oil & Gas ETF - DIG - close: 40.00 change: -0.93

Stop Loss: 37.65
Target(s): 44.50, 49.50
Current Gain/Loss: +0.0%
Time Frame: 2 to 6 weeks
New Positions: see below

Company Description

Why We Like It:
DIG has been an active bullish candidate on the newsletter. Yet the market's vicious drop on Tuesday morning was enough to stop us out. Shares of DIG managed to find support near the bottom of its range. The big intraday bounce looks like another entry point.

I am suggesting small bullish positions now with a stop loss at $37.65 but only if DIG and the S&P 500 index both open positive tomorrow morning. Our targets are $44.50 and $49.50.

Remember, the plan was to keep our position size small.

open positions if DIG and S&P500 open positive tomorrow

Suggested Position: buy DIG @ the open

09/06 prior trade stopped out. Reload with a new entry point.

chart:

Entry on September xx at $--.--
Earnings Date --/--/--
Average Daily Volume = 1.4 million
Listed on September 6, 2011


Steel ETF - SLX - close: 51.77 change: -1.19

Stop Loss: 49.49
Target(s): 55.90, 59.50
Current Gain/Loss: + 0.0%
Time Frame: 2 to 6 weeks
New Positions: see below

Company Description

Why We Like It:

Our strategy here is the same as on the DIG.

SLX has been an active bullish candidate on the newsletter. Yet the market's vicious drop on Tuesday morning was enough to stop us out. Shares of SLX managed to find support near the bottom of its range. The big intraday bounce looks like another entry point.

I am suggesting small bullish positions now with a stop loss at $49.49 but only if SLX and the S&P 500 index both open positive tomorrow morning. Cautious traders may want to use a stop loss just under today's low (50.28) instead. Our targets are $55.90 and $59.50.

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

CAUTION: The October options have wide spreads!

Suggested Position: buy this ETF @ the open

- or -

buy the OCT $55 call (SLX1122J55) current ask $2.00

09/06 prior trade stopped out. Reload with a new entry point.

chart:

Entry on September xx at $--.--
Earnings Date --/--/--
Average Daily Volume = 126 thousand
Listed on September 6, 2011



In Play Updates and Reviews

Not Open Yet

by James Brown

Click here to email James Brown

Editor's Note:
Our new trades from this weekend are not open yet. We're making some adjustments for the Tuesday morning weakness.

Meanwhile AVP, DIG and SLX were stopped out. I'm reloading DIG and SLX as new trades tonight.

-James

Current Portfolio:


BULLISH Play Updates

Bon-Ton Stores Inc. - BONT - close: 6.26 change: -0.22

Stop Loss: 5.85
Target(s): 7.50, 8.25
Current Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see below

Comments:
09/06 update: Our trade in BONT is not open yet. The market's weakness and BONT's gap open lower canceled our entry point strategy. I am suggesting we try again. The stock held support near $6.00 and traders were buying the dip late this afternoon.

Keep in mind that BONT could see a big short squeeze if the market bounces. The most recent data listed short interest at almost 40% of the very, very small 10 million share float.

I am suggesting we launch small bullish positions now but only if BONT and the S&P500 index both open positive tomorrow morning. If triggered we'll use a stop loss at $5.85. More aggressive traders may want to put their stop loss under the August 8th low of $5.59.

Our first target is $7.50. The second target is $8.25.

*Entry Details in Trade Description Above*

Suggested Position: buy BONT stock @ at the open

Entry on September xx at $ xx.xx
Earnings Date 11/17/11 (unconfirmed)
Average Daily Volume = 311 thousand
Listed on September 3, 2011


Giant Interactive Group Inc. - GA - close: 7.62 change: -0.14

Stop Loss: 7.55
Target(s): 9.30
Current Gain/Loss: -9.9%
2nd position Gain/Loss: -3.7%
Time Frame: exit on Sep. 9th or earlier
New Positions: see below

Comments:
09/06 update: Wow! It doesn't get any closer than this. GA gapped open lower with the market this morning at $7.67. Selling pressure pushed GA down to $7.56 before a meager bounce off its lows. Our stop loss happens to be $7.55. Our trade is still open. Aggressive, nimble traders may want to buy this stock now but bear in mind we are exiting on Friday (if not stopped out by then).

Earlier Comments:
GA does have a big dividend ($3.00) coming up. The shareholder record date is August 31st while the stock will begin trading ex-dividend (-$3.00) on September 12th. We will plan on exiting in front of that ex-dividend date.

Readers should consider this a higher-risk, more aggressive trade. We want to keep our position size small to limit our risk.

Current Position: Long GA stock @ $8.46

- or -

Long SEP $7.50 call (GA1117I7.5) Entry $0.95

- Add 2nd position - entry on 08/24/11

Second Position (small): Long GA stock @ 7.92

Long SEP $7.50 call (GA1117I7.5) Entry $0.65

09/06 intraday low of $7.56
08/23 new stop loss @ 7.55
08/23 adding a 2nd position
08/20 new stop loss @ 7.38

Entry on August 15 at $ 8.46
Earnings Date 11/16/11 (unconfirmed)
Average Daily Volume = 1.3 million
Listed on August 13, 2011


MAKO Surgical Corp. - MAKO - close: 37.64 change: +0.74

Stop Loss: 33.95
Target(s): 39.75, 44.00
Current Gain/Loss: unopened
Time Frame: 4 to 10 weeks
New Positions: Yes, see below

Comments:
09/06 update: Our new trade on MAKO is not open yet. The stock gapped open lower negating our entry point strategy. Yet the stock failed to break support near $35.00 and shares bounced to a +2% gain by the close. I am suggesting we try again.

Open bullish positions now but only if MAKO and the S&P 500 index both open positive tomorrow morning. We will up our stop loss to $34.85. I'm adjusting our exit targets to $39.90 and $43.75.

Keep in mind that MAKO could see a short squeeze. The most recent data listed short interest at more than 26% of the small 31.7 million-share float.

FYI: The Point & Figure chart for MAKO is bullish with a $54 target.

*Entry Details in Trade Description Above*

SMALL POSITIONS

Suggested Position: buy MAKO stock @ open

- or -

buy the OCT $40 call (MAKO1122J40) current ask $2.65

Entry on September xx at $ xx.xx
Earnings Date 11/02/11 (unconfirmed)
Average Daily Volume = 1.3 million
Listed on September 3, 2011


Peet's Coffee & Tea - PEET - close: 56.00 change: +0.65

Stop Loss: 53.50
Target(s): 62.00
Current Gain/Loss: -1.1%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
09/06 update: PEET gapped open lower on the widespread market weakness but shares held support near the rising 100-dma. Today's low was $53.63. I am suggesting we use this intraday rebound as a new bullish entry point to launch positions. We will raise our stop loss to $53.50.

Earlier Comments:
There is a good chance that PEET could see another short squeeze. The most recent data listed short interest at 23.7% of the very small 12.6 million-share float. I would keep our position size small. We are not trading the options. The spreads are too wide.

Current Position: Long PEET stock @ $56.64

09/06 intraday bounce from 100-dma is a new bullish entry point.
09/06 new stop loss @ $53.50

Entry on August 29 at $56.64
Earnings Date 11/02/11 (unconfirmed)
Average Daily Volume = 268 thousand
Listed on August 27, 2011


Research In Motion - RIMM - close: 30.97 change: +0.85

Stop Loss: 28.90
Target(s): 34.75
Current Gain/Loss: unopened
Time Frame: exit before Sep. 15th
New Positions: Yes, see below

Comments:
09/06 update: Our trade in RIMM is not open yet. The market's big drop at the open canceled our entry point. RIMM gapped down at $29.26 but rallied off the $29.00 level to close up +2.8%. This looks like a short-term bullish reversal.

I am suggesting we try again. We want to launch small bullish positions now but only if RIMM and the S&P 500 index both open positive tomorrow morning. We'll use a stop loss at $28.90. Our first target is $34.75 (or the 100-dma).

NOTE: We do not want to hold over the Sep. 15th earnings report.

*Entry Details in Trade Description Above*

Suggested Position: buy RIMM stock @ open

- or -

buy the OCT $33 call (RIMM1122J33)

09/06 trade not open yet. try again. New stop @ 28.90

Entry on September xx at $ xx.xx
Earnings Date 09/15/11 (confirmed)
Average Daily Volume = 26.9 million
Listed on September 3, 2011


WABCO Holdings - WBC - close: 45.25 change: -2.12

Stop Loss: 43.40
Target(s): 49.50, 54.00
Current Option Gain/Loss: Unopened
Time Frame: 4 to 8 weeks
New Positions: Yes, see below

Comments:
09/06 update: Our new WBC trade is not open yet. Like most of the market WBC gapped open lower today, which canceled our entry point. The stock opened at $45.28 and dipped to $43.52 before paring its losses. I am suggesting we take advantage of the pull back and try again.

I am suggesting small bullish positions now but only if WBC and the S&P 500 index both open positive tomorrow. We'll start with a new stop loss at $43.40, just under today's low. Our targets are $49.50 and $54.00.

*See Entry Details in Play Description*

- Suggested Positions -

Suggested Position: buy WBC stock @ open

09/06 trade not open yet. Try again. New stop loss 43.40. new targets 49.50 and 54.00

Entry on September xx at $ xx.xx
Earnings Date 10/27/11 (unconfirmed)
Average Daily Volume = 900 thousand
Listed on September 3, 2011


BEARISH Play Updates

None. No bearish plays currently.


CLOSED BULLISH PLAYS

Avon Products Inc. - AVP - close: 21.24 change: -0.24

Stop Loss: 21.40
Target(s): 23.50, 24.40
Current Gain/Loss: - 4.7%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
09/06 update: I cautioned readers that our biggest risk was a gap down on Tuesday. Unfortunately that is what AVP delivered. The market's widespread weakness pushed AVP to open lower at $20.87. That was underneath our stop loss at $21.40. The play was closed immediately.

- small bullish positions -

closed Position: Long AVP stock @ $21.91, exit $20.87 (-4.7%)

- or -

SEP $23 call (AVP1117I23) entry $0.50, exit $0.05 (-90%)

09/06 stopped out, gap down at $20.87
08/31 new stop loss @ 21.40
08/27 new stop loss @ 20.75
08/20 new stop loss at $19.95

chart:

Entry on August 17 at $21.91
Earnings Date 10/27/11 (unconfirmed)
Average Daily Volume = 5.1 million
Listed on August 15, 2011


Ultra Oil & Gas ETF - DIG - close: 40.00 change: -0.93

Stop Loss: 39.40
Target(s): 48.50
Current Gain/Loss: -8.3%
Time Frame: 2 to 6 weeks
New Positions: see below

Comments:
09/06 update: DIG was not immune to the market's vicious decline this morning. The ETF gapped open lower at $38.31, which was well below our stop loss at $39.40 The trade was closed immediately.

We're still bullish on this sector and will reload this trade in tonight's new candidates.

The plan was to keep our position size small.

closed Position: long DIG @ $41.82, exit $38.31 (-8.3%)

09/06 stopped out @ $38.31
08/30 new stop loss @ 39.40
08/29 trade opened. DIG opened at $41.82
08/27 new stop loss @ 36.90
08/27 removing the option - spreads are too wide
08/27 We are switching back to our original entry strategy. Open positions on Monday morning if DIG and S&P500 open positive.
08/25 New strategy: buy a dip at $36.00 instead, new stop loss at $35.45
08/24 Readers may want to wait on launching new positions until after we see the market's reaction to Bernanke's comments on Friday.

chart:

Entry on August 29 at $41.82
Earnings Date --/--/--
Average Daily Volume = 1.4 million
Listed on August 23, 2011


Steel ETF - SLX - close: 51.77 change: -1.19

Stop Loss: 52.40
Target(s): 54.50, 59.00
Current Gain/Loss: + 1.6%
Time Frame: 2 to 6 weeks
New Positions: see below

Comments:
09/06 update: Ouch! The stock market's sharp drop at the open saw the SLX gap open lower at $50.84. That's beneath our stop loss at $52.40, closing our play immediately.

SLX did manage to bounce from key support near $50.00. We will reload this trade as a new play in tonight's new plays section.

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

closed Position: Long this ETF @ $50.00, exit $50.84 (+1.6%)

- or -

SEP $55 call (SLX1117I55) Entry $0.90, exit $0.25 (-72.2%)

09/06 stopped out, gap down at $50.84
08/31 new stop loss @ 52.40
08/30 new stop loss @ 51.75
08/29 1st target hit at $54.00.
stock position at $54.00 (+8.0%)
08/27 adjusted targets to $54.50 and $59.00
08/26 Play triggered at $50.00
08/25 new strategy: buy a dip at $50.00, new stop 49.40

chart:

Entry on August 26 at $50.00
Earnings Date --/--/--
Average Daily Volume = 126 thousand
Listed on August 23, 2011