The market pulled in another day of mild gains today. The economy added 157,000 jobs in May and unemployment stayed steady at 4.5%. This beat forecasts of 135,000 jobs and is a good sign the economy isn't slowing down too much after the weak revised 0.6% first quarter GDP reading yesterday. The weaker GPD reading may be the result of the economy slowing down due to the housing bubble; but since jobs numbers are still strong we should have less of a chance of a recession.
The NYSE had volume of 2.8 billion shares with 2,193 shares advancing while 1,081 declined for a gain of 63.96 points to close at 10,042.6. On the NASDAQ, 1.8 billion shares traded, 1,900 advanced and 1,135 declined for a gain of 9.4 to 2,613.92.
CKX Inc. (NASDAQ: CKXE) rose $4.02 (38%) to $14.65 on news it will be taken private. Dow Jones & Company, Inc. (NYSE: DJ) rose $7.89 (15%) to $61.20 as the family considers a sale. Circuit City Stores, Inc. (NYSE: CC) rose $1.21 (8%) to $17.28. Safeway Inc. (NYSE: SWY) rose $1.81 (5%) to $36.29. Newfield Exploration Co. (NYSE: NFX) rose $4.57 (10%) to $52.61.
In options there were 3.9 million puts and 5.4 million calls traded for a put/call open interest ratio of 0.73. Sanofi-Synthelabo (NYSE: SNY) saw heavy volume on the June 45 calls (SNYFI) with over 130,000 options trading and the June 42.50 calls (SNYFV) moved some 85,000 contracts. Wal-Mart Stores Inc. (NYSE: WMT) saw heavy volume on the June 50 calls (WMTFJ) with over 51,000 options trading. Micron Technology (NYSE: MU) saw heavy volume on the June 12 calls (MUFN) moving 26,000 options contracts. Marvell Technologies (NASDAQ: MRVL) saw heavy volume on the July 17.50 calls (UVMGW) with over 22,000 options trading.
Kevin Kersten is an Options Analyst with InvestorsObserver.com. Do you have any deadwood in your portfolio? Check out the 18 Warning Signs That Tell You To Dump A Stock.
Disclosure note: Mr. Kersten owns and or controls a diversified portfolios of long and short positions that may include holdings in companies he writes about.
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