Cisco (NASDAQ: CSCO) is recently up 28c to $18.15 in pre-open trading. CSCO is expected to report Q1 EPS on November 5. Morgan Stanley lowered its price target to $24 from $29. CSCO November option implied volatility of 74 is above its 26-week average of 38 according to Track Data, suggesting larger price movement.
Biogen Idec (NASDAQ: BIIB) is recently trading down $3.69 to $38.25 in pre-open trading. BIIB & ELN disclosed another confirmed a case of PML in MS patient treated with Tysabri in the U.S.; two others were disclosed on July 31 in Europe. Cowen says: "We believe BIIB shares 25% undervalued relative to the market assuming no contribution from Tysabri." BIIB November option implied volatility of 74 is above its 26-week average of 47 according to Track Data, suggesting larger price movement.
Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com
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