Option Investor

Daily Newsletter, Tuesday, 5/4/2010

Table of Contents

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

Market Wrap

Global Economics Rule the Day

by Jim Brown

Click here to email Jim Brown

The Greek bailout or lack thereof, along with weaker economics out of China and a rate hike in Australia combined to rally the dollar and crush commodities and global markets.

Market Stats Table

Markets around the world collapsed on Tuesday on fears the European efforts to fix the Greek debt crisis would fail. The euro fell to a 52-week low and the dollar hit a 52-week high with more than a 1% gain. The Dow lost -285 points at the intraday low and only recovered slightly to close down -225. The Nasdaq was down -87 at its lows.

The weekend agreement to provide $144 billion to Greece is still not done. The upper and lower houses of the German parliament still have to vote on it this week and the IMF still has to approve it next weekend. Civil unrest in Greece is increasing concerns that the mandatory austerity programs Greece was forced to implement will not be successful.

The trouble getting a deal done for Greece has investors worried that the EU would find it almost impossible to construct a similar bailout program for larger countries like Spain or Portugal. The debt crisis in Greece has sent interest rates soaring for all EU countries. This makes it even more likely that other countries are also going to need a bailout. Where countries were struggling to pay their debt with interest rates in the 3-5% range are now going to be buried with rates approaching 8-9%. This is the equivalent of having your 3% ARM reset to 9% and your mortgage payments increase. Your mortgage balance stayed the same but the payments tripled. The weaker countries cannot afford to pay the current rates to roll over their debt. Every day the problem in Greece continues the rates increase for other EU countries.

This contagion problem caused major declines in all the overseas markets and EU banks were crushed. Credit Suisse (CS) lost -8%, Banc Santander (STD) lost -9%. Spain's market lost -5.4%, Russia -3.7%, Brazil -3.5%, FTSE -2.6%, DAX -2.6%, CAC-40 -3.3%, Greece -6.7%, Portugal -4.2% and Germany -2.6% compared to a -2.3% decline in the S&P-500.

Euro Collapses

Spain was forced to make a public statement on Tuesday to deny a rumor they had already asked the EU and IMF for a bailout. This shows how rampant speculation can feed upon itself that countries have to deny rumors to slow a run on their debt.

The euro currency is under attack as is the European Central Bank (ECB). The ECB was forced to retract its prior claim that it would no longer buy bonds issued by EU countries. This sent yields on their bonds soaring as the implied guarantee evaporated. The ECB was forced to eat those words and say they would buy bonds in order to stop the spike in yields. This is eroding the credibility of the ECB and it is clear that they will not be able to orchestrate continuing bailouts of other EU countries.

The fix Greece agreed to over the weekend may cure the disease but kill the patient. Greece had to agree to an additional $40 billion spending cut in order to qualify for the bailout. They are raising the value added tax to 23% and that is going to be a huge impact to the citizens who are already in revolt. The Greek finance minister predicted a recession of -4% for 2010 and -2.6% in 2011. I think those are very optimistic. Public sector workers and pensioners are going to see a 15% cut in pay. The retirement age for women will rise from 60 to 65. Citizens took to the streets in demonstrations and riots in protest of the austerity measures.

Greek Protests Over Austerity Requirements

There are growing calls for Greece to drop out of the EU and restructure its own debt for pennies on the dollar. The EU is pressuring Greece not to take this route because of the billions in Greek debt owned by other EU countries and banks. By bailing out Greece and forcing them to pay off their debt it is basically bailout out the rest of the EU with the emphasis on France and Germany, which hold the most Greek bonds.

This is the equivalent of the U.S. bailout out AIG and paying 100-cents on the dollar for the counter party loans to companies like Goldman Sachs. By having AIG repay $112 billion in counter party debts the U.S. prevented a collapse in the banking system. By forcing Greece to repay all €330 billion in debt it is an implied bailout of the EU banking system.

Did you know that you are bailing out Greece and the EU? The way the $144 billion bailout is structured today the IMF will put up 30% of the money. Since the IMF is 40% funded by U.S. taxpayers that means we are giving money to the IMF to give to Greece to payoff debts to European banks. Secondly this EU/IMF loan will be junior to the current bondholders. That means if Greece takes the money and then takes a hike the IMF loans will never be repaid. In a Greek bankruptcy, restructuring or devaluation the IMF debt will be the lowest tranche on the list. It will be the equivalent of being the very bottom tranche on a worthless CDO.

The weaker EU nations of Portugal, Ireland, Italy, Spain and Greece account for 35% of the GDP for the Eurozone. Each of these nations is about to undertake some serious austerity programs in order to get back below the EU debt limits. They won't be as drastic as Greece but they will likely push the individual economies back into a mild recession. This is going to be detrimental to the EU and to Europe in general. The European nations and banks including those not in the EU are currently holding $2.1 trillion in debt from those five countries. The odds of successfully avoiding a default are close to zero simply because there is no entity large enough to fund bailouts that large and those countries are in a debt spiral now that interest rates have nearly doubled.

Greece or actually the imploding Eurozone was just one of the many problems the markets faced today. Economic reports from China showed the economy slowing from its rapid pace of growth as it continues to raise reserve requirements. The volcano in Iceland shutdown airline travel in Ireland and slowed traffic in other countries. Australia raised rates again and passed a tax on natural resources like iron ore and coal. The Times Square bomber was arrested and he has ties to the subway bomber and Pakistan. Plus the oil slick in the gulf continued to make the news.

China's manufacturing activity as evidenced by the April PMI fell to 55.4 from 57.0. Since anything over 50 is still growth this was the 13th consecutive month of growth but that growth is slowing. Inflation in China rose for the tenth consecutive month. The Chinese government warned that inflation in the manufacturing sector was expected to "increase significantly" in the coming months. China also hiked the bank reserve requirement ratio by another half a percentage point in an effort to slow growth and the rise of inflation. China's Shanghai Composite Index fell -1.2% to a new 7-month low.

The Reserve Bank of Australia raised the benchmark rate for the sixth time in seven meetings. The bank raised rates to 4.5% saying the rapidly rising inflation had to be stopped. Home prices have risen 20% and local banks led by the Commonwealth Bank of Australia boosted mortgage rates to a quarter point to 7.51%.

Australia crushed the materials sector on Monday when it announced a 40% tax on profits generated by resource companies. Australia is a major coal and minerals producer. At any given time there are up to 50 ships waiting in line to be loaded for export of coal or ore to other countries. Peabody Energy (BTU) has lost more than -10% so far this week as has Rio Tinto (RTP).

Metals and commodities were crushed by the Australia tax, slowdown in China and the spiking dollar. Copper fell -3.5% today but is down -10.5% in the last six days. Silver fell -4.5% today alone. Gold spiked to almost 1,193 intraday before falling -27 to $1,166 but inflation concerns provided a small bounce at the close.

Chart of Copper

Chart of Gold

The spike in the dollar to new 52-week highs was instrumental to crushing oil prices. Add to that the potential for lower demand in China and it was a very bad day for crude with a -4% drop to just below $83. The news that BP was moving the first of three domed boxes to the leaking well helped calm the hysteria about the oil slick.

Oil prices also declined on expectations for another inventory build when the EIA reports on Wednesday morning. This was a minimal concern and the decline was mostly related to the sharp rise in the dollar. Hedge funds have been deeply involved in the carry trade where they short currencies and buy commodities and the +1% spike in the dollar had them dumping commodities to reverse the trade.

Oil had been in rally mode to trade over $87 on Monday on worries the gulf disaster would cause additional governmental regulation or restrictions on new drilling. Governor Schwarzengger backed away from a contentious proposal to allow drilling off the California coast. A senator from Florida has introduced a bill to raise liability limits on damages to $10 billion on oil spills. The legislative climate is not oil friendly today.

Crude Oil Chart

Chart of the Dollar Index

A Pakistani American, Faisal Shahzad, was arrested and taken off a plane to Dubai at JFK airport late Monday. Faisal has confessed to building and planting the truck bomb in Times Square. While the bomb was composed of fireworks, gasoline, propane and fertilizer and would have created more of a fireball than an explosion it was still dangerous. The bomber was found to have ties to the NYC subway bomber who was arrested in Colorado and had studied bomb making in Pakistan as part of a terror network. Obviously he flunked the course.

When investigators reported the attempted bombing was related to a terror network it became more than just a lone wolf type of an attempt as characterized by police over the weekend. This also weighed on the market to some extent on Tuesday. I have been surprised for several years that we have not seen an entire series of car bombs in the U.S. since they are so easy to construct and relatively easy to plant and trigger remotely. If Al Qaeda really wanted to cause some problems they could do it relatively easy in the U.S. and cause us great personal and economic grief.

Bomber Faisal Shahzad

Apple Inc (AAPL) lost -7.67 today or roughly -2.87%. Considering the market action I think that is relatively bullish. However, Apple is close to a major conflict with the Justice Dept over Flash. Apple will not let developers use applications with flash on the iPhone. Apple claims it is because Flash has some security flaws but almost everyone believes it is because of the long running Apple - Adobe feud. As a monopoly Apple can't disallow various things just because they want to. This battle has a long way to go but I expect it will heat up soon to the detriment of shareholders.

After the close today the FDA rejected the new drug from InterMune and the results are really ugly. The FDA requested a new clinical trial that could take years. As a result shares of ITMN fell more than 70% in afterhours. That s a drop from $45 to $11 and that could depress the Nasdaq at the open. However, ITMN is not a large component so hopefully the -$34 drop will have minimal impact.

InterMune Chart

The confluence of market concerns caused a monumental train wreck this morning. They say bull markets take the stairs up while bear markets take the elevator down. The drop this morning had multiple excuses but the result was the same. Initial support was broken and critical support was being tested.

For the last two weeks we have experienced some very high volatility with the Dow having a triple digit range on five of the last six days. This kind of volatility is normally associated with a market top. Of further concern is the volume imbalances. Monday's triple digit short covering rally was on relatively small volume of 8.5 billion shares. Today's decline traded 11.9 billion shares. That is a 40% increase in volume or an extra 3.4 billion shares over Monday.

Obviously a market drop of -285 points on the Dow and -87 points on the Nasdaq will trigger an awful lot of stops. Since we are entering the "sell in May" period I am sure those stops were tighter than normal. Still the volume in general has been a lot higher than normal over the last three weeks. Each of the new high attempts was met with a high volume sell off. The number of these triple digit moves and the number of high volume days is telling us the rally may be over. Note in the table below how the total volume increased after April 12th.

Internals Table

The Dow finally broke support at 11,000. That has been support since April 12th. The next critical level is 10,850 and that should hold on the first test. The highs since April 26th have been lower highs and today's dip under 10,900 was a lower low. This is a technical sell signal but there are still mitigating circumstances, which I will explain later.

I suspect this dip will be bought on Wednesday but I believe it will produce only another lower high and I don't think the gains will stick. The flush today was purely news related but that news included items that are longer lasting than just one day. The Greek bailout is still not done and the euro is not done going lower. That means the dollar will continue higher and commodities will move lower. This may not happen immediately but I think the fix is in and we are eventually going to break support.

Dow Chart

The S&P broke key support at 1180 and is testing CRITICAL support at 1165. That is support just under the 50-day average and a break of this level targets 1150 and then 1100. This chart is very clear. You have the rounded top, high volatility candles and serious decline to critical support. A breakdown here below 1165 is going to be lights out for the May market.

S&P-500 Chart

The Nasdaq dropped -87 points intraday. No, we have not gone back in time to the crash of the bursting of the tech bubble but it was a strong reminder that markets can move down very quickly. Tech stocks led by a -4.5% decline in the semiconductor index, had a very bad day. Because of the Intermune disaster tonight the Nasdaq is probably going to open negative on Wednesday. Apple has antitrust problems and could break support at $257 before the week is out.

The plunge below 2465 today was a clear break of support and the next target at 2400 will likely be tested soon.

Nasdaq Chart

The Russell sold off harder than the other indexes BUT it remains above both initial support at 700 and critical support at 675. I don't think the Russell is as bearish as the other indexes simply because it has held support. However, if 700 does break we could see a sudden shift in sentiment.

Russell 2000 Chart

In summary, I think we will see an attempt to buy Tuesday's dip. The bulls in the U.S. markets have not given up on the economic recovery concept. Earnings were very good and Q2 earnings are also expected to be good but stronger comparisons beginning in Q3 will make earnings a challenge unless top line sales pickup. That is not the problem today but will be the problem 3-4 months from now.

I believe a rebound will again fail at another lower high and that will be an additional signal that we are going to see lower lows ahead. I mentioned mitigating circumstances and one of those is the NonFarm Payrolls on Friday. This "should" be the best report in a couple years and many traders will be buying the dip in hopes of a blowout report. I am not that optimistic because I believe that number is already priced into the market. With Joe Biden running around claiming the number will be 250,000 new jobs or higher there are strong expectations already built into the market. With jobless claims holding in the 450,000 range it suggests that normal employment will be weak. I also expect jobless claims to spike from all the problems in the oil spill area. Tens of thousands of people are out of work from the closing of the fishing grounds and boats staying in port to avoid the oil.

I have been expecting the markets to weaken since the peak in the earnings cycle when Microsoft announced. The markets actually peaked two days after that announcement. I expect the weakness to continue but I am not expecting a washout. The EU problems will continue to haunt us as will the financial reform bill, oil spill, resource tax and the end of the earnings cycle. I suspect it will become increasingly harder for the bulls to recover from these triple digit declines.

Jim Brown

New Plays

Let's Add an Entertainment Play

by Scott Hawes

Click here to email Scott Hawes

IMAX Corporation - IMAX - close 19.07 change -0.20 stop 16.75

IMAX Corporation together with its wholly owned subsidiaries, is an entertainment technology company, specializing in motion picture technologies and large-format motion picture presentations. The Company is engaged in designing and manufacturing of large-format digital and film-based theater systems (IMAX theater systems) and the sale or lease of such IMAX theater systems. The Company is also engaged in the production and distribution of original large-format films, the provision of post-production services for large-format films, the conversion of two-dimensional (2D) and three-dimensional (3D) Hollywood feature films for exhibition on IMAX theater systems worldwide, the operation of four IMAX theaters and the provision of services in support of IMAX theaters and the IMAX theater network worldwide. (source: company press release or website)

Why We Like It:
IMAX bounced nicely around $18.15 today which was a prior resistance level that should now act as support. The stock also created a bottoming tail candlestick on its daily chart which may indicate that sellers of the stock are waning. Buyers have been piling into the stock in recent months and IMAX reported earnings on 4/29 that beat expectations (.53 compared to .37 estimate). The company is experiencing a surge in earnings due to the onslaught of 3-D movies on the horizon. I suggest readers take advantage of the momentum and initiate positions if IMAX pulls back to $18.50. We will place our stop at $16.75 which is just below the 50-day SMA. Our target is $20.95 which is just below the stock's 52 week highs.

Please note that I can not post a chart for this play as I am having technical difficulties with my software. Please email me with any questions. I apologize for the inconvenience.

Suggested Position: Long IMAX stock at $18.50.

Option Traders:
Suggested Position: Buy JUNE $20.00 CALL, current ask $1.70, estimated ask at entry $1.25

Entry on May xx at $xx.xx
Earnings Date More than 2 months (unconfirmed)
Average Daily Volume: 1.9 million
Listed on May 4, 2010

In Play Updates and Reviews

Triggered on HITK, SINA, and NBR

by Scott Hawes

Click here to email Scott Hawes

Editor's Note:

Good evening traders. It is almost impossible to manage swing trades in this market environment without getting whipsawed around like a rag doll. After finding some footing on Monday post Friday's sell off, the market ripped lower on Tuesday and made new lows. Our positions in ENZ and GLW suffered immensely and are very close to getting stopped out. If we do we will lick our wounds and find better opportunities. GFI reports earnings on Thursday before the bell so I suggest traders exit positions tomorrow. Please see the play update below for my thoughts on how to manage the exit. We are currently breakeven on the GFI trade. We were also triggered on the following positions today: HITK (long), NBR (long)and SINA (short).

Over the last couple of days I wrote that I anticipated volatility to continue and that we would probably see another bounce early this week before a bigger drop came later. I just didn't expect this much volatility to happen during the first two days of this week. It appears the bears are winning the fight right now. I would expect some sort of relief bounce after today's massive sell off but I suspect the bounce will be sold into before going lower again. So I am still cautiously bearish on the market. It is a good idea to take profits off the table on long or short positions when there are huge moves like today. This is exactly what I did with some short positions and will do the same with long positions on a relief bounce. We must stay nimble here and be prepared for anything.

Current Portfolio:

BULLISH Play Updates

Corning, Inc - GLW - close 18.94 change -0.87 stop 18.80

GLW sold off hard with the rest of the market today closing down -4.39% and almost stopping us out of the position. The stock may have found support at its 20-week SMA but if the market weakness continues we will be taken out of the trade. Volume was higher than yesterday's volume on gains which also concerns me. The stock has upward trend line support from November 2nd but the trend line is below our stop. GLW has good fundamentals but the greater force of the market doesn't seem to care and if GLW can't pick it up from here we need to step aside as a larger market correction may be looming. If GLW can muster bounce from here tomorrow readers may consider exiting at $19.20. This is near its 50-day SMA where the stock convincingly bounced higher yesterday and then proceeded to break through today. Other potential targets traders can use as a guide to exit the position are as follows: $19.50 19.80, and $20.25. Our stop remains at $18.80 and our time frame is several weeks unless we are stopped out. I am not recommending new positions at this time.

Current Position: Long GLW stock at $20.10

Option Traders:
Suggested Position: Buy JUNE $20.00 CALL

Entry on April 29 at $20.10
Earnings Date Over two months
Average Daily Volume: 14 million
Listed on April 26, 2010

Enzo Biochem, Inc. - ENZ - close 6.18 change +0.21 stop 5.74

ENZ wasn't spared today and closed down -6.15%. The stock peeked its head below the bull flag (traded down to $5.75) and our key support level at $5.80 but ended up closing at $5.80. So our stop was spared by 1 penny. I expected the biotechs to act more defensive on a broader market sell off but that did not happened. So we have some wounds to heel if ENZ can not find legs and our stop is hit. If ENZ can rally tomorrow it may find resistance at $6.00, which is an area I suggest to tighten stops or exit the position to preserve capital. I'll leave my comments from last night about additional key areas traders should be aware of. First, the stock remains above a congestion area that lasted about two months from November to January Second, ENZ still finds itself in a bull flag that has formed since March 2nd. This bull flag is above the aforementioned congestion area. These two facts tell me that ENZ should find support here. However, if the stock breaks below our stop at $5.74 it is my queue that the stock has technically failed and will probably trade down another 40 or 50 cents, so we will step aside if that happens. In addition, overall market weakness will probably cause weakness in ENZ, although the biotechnology sector can be defensive. Our stop remains at $5.74 and I have listed multiple targets which we will be using as a guide to exit the position. The targets are $6.00, $6.30, and $6.40. These are areas where ENZ will most likely find resistance. I suggest traders tighten stops at these levels or simply exit the position to conserve capital. Our time frame is a couple of weeks unless we get stopped out. I am not recommending new positions at this time.

*NOTE: Please use small position size to limit risk as I consider this to be an aggressive trade. The stock's average daily volume is 160,000 shares which can add to volatility.*

Current Position: Long ENZ stock @ $6.52

Entry on April 26 at $6.52
Earnings Date 6/15/10 (unconfirmed)
Average Daily Volume: 160,000
Listed on April 24, 2010

Gold Fields Ltd - GFI - close 13.22 change +0.00 stop 12.25

GFI found support $12.85 and bounced the remainder of the day, closing flat. We are about breakeven on the trade. GFI has earnings before the market opens on Thursday and I do not suggest holding positions, unless you know something that I don't. As such, I suggest readers exit GFI at $13.33 tomorrow, or at the close, whichever occurs first. If the price action is under pressure tomorrow in gold miners and/or gold it is probably wise to exit the position early. I would wait for the first 15-minutes of trading and see where the price goes from there. As the price breaks above or below the first 15 minute high or low it may give you clues as to the direction for the remainder of the day. In other words, if GFI happens to gap down but then overtakes its first 15-minute high the stock may have a good chance of recovering, and vice-versa. If any readers have questions on this please feel free to email me. Gold miners were one of the stronger sectors today so if there is weakness in the market GFI could do well. Our stop is $12.79 and we plan to exit the position tomorrow. I am not suggesting new positions at this time. *NOTE: Please use small position size to limit risk as gold stocks tend to be volatile.*

Current Position: Long GFI stock at $13.21

Option Traders:
Suggested Position: Buy MAY $13.00 CALL, current ask $0.60

Entry on April 29 at $25.21
Earnings Date May 6, 2010 (unconfirmed)
Average Daily Volume: 5.3 million
Listed on April 28, 2010

Hi-Tech Pharmacal Co. - HITK - close 25.23 change -0.01 stop 22.45

Finally a bright spot! We were triggered on HITK and are now long the stock. The stock ended up closing down 1 penny and exhibited overall relative strength as the markets tanked. The stock closed above the downtrend line that started on January 4th again today. It also has upward trend line support from August 2009. There is little resistance up to $26.50 which is our first target. A more aggressive second target is $27.85. Our initial stop is $22.45 which is below the stock's 20-day and 50-day SMA.

Current Position: Long HITK stock $25.25

Entry on May 4th at $25.25
Earnings Date July 5, 2010 (unconfirmed)
Average Daily Volume: 230,000
Listed on April 29, 2010

Nabors Industries Ltd - NBR - close 21.89 change -0.68 stop 20.40

We took advantage of the gap lower today to get long NBR stock at $21.00. NBR traded as low as $20.67 and bounced from there closing at $20.89. This is also the same intraday low as April 27th so this could be a double bottom formation. Our stop is just below this level at $20.40 and if it gets hit we will be gone as it will signal that NBR is probably headed to the $19 area. NBR's business is concentrated in land drilling and services as opposed to offshore drilling. I believe this could bode well for companies like NBR as the oil disaster in the Gulf unfolds. We need NBR to get back above $21.00 to get this trade moving towards our target. Considering the bearish tone in the overall market I would like to also list a lower target at $21.90 that traders may consider as a possible exit area. This is near the highs from last week. If NBR trades to this level it will represent a +4.2% gain. Our second more aggressive targets are $22.75 and then $23.45. Our time frame is a couple of weeks.

Current Position: Long NBR stock at $21.00.

Option Traders:
Suggested Position: Buy JUNE $22.00 CALL

Entry on May 4th at $21.00
Earnings Date July 21, 2010 (unconfirmed)
Average Daily Volume: 7.5 million
Listed on April 29, 2010

BEARISH Play Updates

Moody's Corp. - MCO - close 24.46 change -0.77 stop 28.60

MCO is still not cooperating with our entry trigger to short the stock. After today's sell off I expect there to be a relief rally and still want to take advantage of any bounces in MCO. If the stock trades to $25.25 I suggest readers short MCO (previously trigger was $25.45). This is near yesterday's highs and if the stock trades to this level I expect more selling to continue. My comments from the weekend remain the same. I am essentially suggesting short positions on any relief bounce in MCO. There is strong resistance in the $26.00 to $26.50 area which I expect to hold if MCO can even make it back up there. MCO's chart is broken and a lot of damage has been done. The stock is forming bear flags on its daily chart and I believe conditions are ripe for the decline to continue. The stock was hanging on to a recent support level and its 200-day SMA (both in the $26.00 area) which was broken last week. I am bearish on MCO and if the market starts a significant pullback MCO could be a nice winner for us. Our initial stop is $28.60 but will be adjusted after our entry is triggered. There is plenty of resistance and congestion just overhead. Our target is $23.25, with a more aggressive target of $21.85 which could get hit if things get ugly. Our time frame is a couple of weeks.

Suggested Position: Short MCO at $25.65

Option Traders:
Suggested Position: Buy JUNE $25.00 PUT, current ask $1.58

Entry on April xx at $xx.xx
Earnings Date Over two months
Average Daily Volume: 3.5 million
Listed on April 26, 2010

Sina Corporation - SINA - close 34.13 change -2.55 stop 38.80 *NEW*

SINA triggered our entry to short the stock at $34.95 today. Once the stock broke below $35.00 it was all she wrote. SINA closed the day down -6.95%. The stock has now broken all of its major daily and weekly SMA's except for the 100-week SMA, which it closed just above today. SINA is bound to get a relief bounce from here but I expect the overhead resistance and SMA's to hold. Our new stop is $38.80 but we will adjust it as the trade develops. Our first target is $33.25 which is a point where I would tighten stops to protect profits. We are less than $1.00 away from hitting this target. If SINA trades down there in the coming days it will represent a +4.8% gain. A more aggressive 2nd target is $30.50. If a market correction gets going I think SINA could easily trade down to this level. Our time frame is several weeks.

Current Position: Short SINA stock at $34.95

Option Traders:
Suggested Position: JUNE $35.00 PUT

Entry on May 4th at $34.95
Earnings Date June 9, 2010 (unconfirmed)
Average Daily Volume: 1.1 million
Listed on May 1, 2010