Market Rap: CFC, NFLX, GM, INTC & C

Market action stayed in a range falling into the red, pushing into the green then closing mixed. Oil prices ended the day higher and the Fed seemed to calm some fears with its speeches.

The NYSE had volume of 2.8 billion shares with 1,274 shares advancing while 2,022 declined for a loss of 28.8 points to close at 9,457.64. On the NASDAQ, 1.8 billion shares traded, 1,079 advanced and 1,949 declined for a loss of 6.59 to 2,559.11.

Stocks moving today included: Krispy Kreme Doughnuts (NYSE: KKD) fell $0.67 (-17%) to $3.24 hitting a new low after poor results. Countrywide Financial Corp (NYSE: CFC) lost $1.00 (-5%) to $17.21 after large shareholders left. Office Depot Inc (NYSE: ODP) traded lower $0.92 (-5%) to $18.88 continuing its slide after Goldman cut estimates Friday. RadioShack (NYSE: RSH) traded lower $1.00 (-5%) to $20.89 as retail stocks were weak. Netflix (NASDAQ: NFLX) fell $.64 (-4%) to $17.40.

In options there were 4.9 million puts and 4.9 million calls traded for an evenly balanced put/call open interest ratio of 0.99. CBOE S&P 500 Volatility Index (NASDAQ: $VIX) saw heavy volume on the September 30 calls (VIXIF) with over 34,500 options trading. Activity on the 30 calls could represent fear that the market may fall. Options can be both bought and sold, a market crash would cause the VIX to rise so a purchase of calls would represent an insurance policy against downward movement. The General Motors (NYSE: GM) saw heavy volume on the January 42.50 calls (GMAV) with over 25,000 options trading. Intel (NASDAQ: INTC) saw heavy volume on the September 25 calls (INQIE) with over 20,600 options trading. Citigroup (NYSE: C) saw heavy volume on the October 45 puts (CVI) with over 24,700 options trading. S&P Depositary Receipts Trust ETF (NYSE: SPY) saw heavy volume on the September 140 puts (SFBUJ) with over 21,400 options trading.

Kevin Kersten is an Options Analyst with InvestorsObserver.com.