American Axle (NYSE: AXL) closed at $2.01. AXL entered into a waiver and amendment to the company's credit, facility, which provides the company a waiver of its financial covenants through July 30, 2009. AXL options were active on July 29 with 30,608 contracts trading. AXL August 2.5 straddle is priced at 1.40, October 2.5 straddle is priced at $2.35 suggesting large price movement.
Patterson-UTI Energy (NYSE: PTEN) closed at $14.23. PTEN, an operator of 60 drilling rigs, is expected to report Q2 EPS today. PTEN August option implied volatility is at 55, September is at 49; below its 26-week average of 64. PTEN options were active on July 29 with 6,452 contracts, trading according to Track Data.
Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com
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