Option update: Bear Stearns (BSC) volatility elevated

Bear Stearns (NYSE: BSC) September volatility elevated at 75; August straddle at $12.70.

BSC is recently down $3.89 to $111.80.
S&P revised BSC outlook to Negative from Stable.
BSC call option volume of 16,664 contracts compares to put volume of 39,448 contracts. BSC August straddle at $12.70. BSC September option implied volatility of 75 is above its 26-week average of 32 according to Track Data, suggesting larger price movement.

Countrywide Financial (NYSE: CFC) put volume heavy; August straddle at $9.

CFC, the largest U.S. home mortgage lender, is recently down $1.63 to $25.14.
CFC call option volume of 17,165 contracts compares to put volume of 58,859 contracts. CFC August straddle is priced at $9. CFC September option implied volatility of 117 is above its 26-week average of 43 according to Track Data, suggesting larger price risks.

Daily options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

Tags: Ace, bear stearns, BearStearns, bsc, cfc, countrywide financial, CountrywideFinancial, home mortgage lender, HomeMortgageLender, inthenews, Mozilo, option implied volatility, OptionImpliedVolatility

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