Sun Microsystems (NASDAQ: JAVA) closed at $8.18. Oracle's (NASDAQ: ORCL) announced in April it was paying $9.50 in cash per share for JAVA. JAVA November option implied volatility is at 57, December is at 57, January is at 59, above its 21-week average of 19, according to Track Data, suggesting larger price movement.
CBOE Volatility Index-VIX at 27.90; 10-day moving average is 22.77.
Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.











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