Wednesday Market Rap: AMZN, TWC, XRX, AFL & AAPL

The markets bounced back from the selling they saw yesterday to end the day with minor gains. The NYSE had heavy volume of 4.1 billion shares with 1,323 shares advancing while 1,972 declined for a gain of 20.41 points to close at 9,930.36. On the NASDAQ, 2.4 billion shares traded, 1,357 advanced and 1,696 declined for a gain of 8.31 to 2,648.17.

Stocks moving included Amazon.com (NASDAQ: AMZN) magically lifted $16.93 (24%) to $86.18 on earnings that tripled. Convergys (NYSE: CVG) plummeted $3.47 (-15%) to $20.45 on earnings. AFLAC Incorporated (NYSE: AFL) rose $4.29 (8%) to $56.19 on 84 cents per share earnings. Xerox Corporation (NYSE: XRX) fell $1.11 (-6%) to $18.22 after reporting Q2 income of 28 cents per share.

Options were very active today on Apple Computer. There was heavy volume on the August 150 calls (APVHJ) with over 58,000 options trading. This activity is not surprising given the level of excitement over the iPhone and the earnings numbers due tonight. Amazon also saw heavy volume on the August 90 calls (ZQNHR) with over 32,000 options trading following its spike up today. Time Warner Cable (NYSE: TWC) saw heavy volume on the October 40.0 calls (TWCJH) with over 24,000 contracts. In options there were over 6 million puts and over 6.1 million calls traded for a put/call open interest ratio of 0.98.

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 portfolio of long and short positions that may include holdings in companies he writes about.