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Wachovia Corp. (NYSE: WB) is recently up $1.33 to $14.45. Wachnovia reported Q2 EPS loss of ($1.27) ex items verses consensus estimates of ($0.78). WB lowered its quarterly dividend to $.05. WB will take a $6.1 billion goodwill charge for Golden West. WB August option implied volatility of 94 is below a level of 141 from July 21 and above its 26-week average of 59 according to Track Data, suggesting larger price movement.
Financial Select Sector SPDR (ETF) (AMEX: XLF) is recently up $.30 to $21.05. XLF August option implied volatility of 50 is above its 26-week average of 37 according to Track Data.
Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.
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