Sun Microsystems( JAVA) closed at $8.15. European antitrust authorities formally objected to Oracle's (ORCL) proposed purchase of JAVA, reports the Wall Street Journal. The move is expected to delay the deal from closing. ORCL announced in April it was paying $9.50 in cash per share for JAVA. JAVA December option implied volatility is at 47, January is at 48, April is at 34, above its 21-week average of 21, according to Track Data, suggesting larger price movement.
American International Group (AIG) closed at $35.50. Moody's sees AIG repaying government loans. AIG December call option implied volatility is at 77, puts are at 85; below its 26-week average of 108, according to Track Data, suggesting decreasing price movement.
Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.
Newspaper ad revenue of 28%, 8 quarters of double-digit drops
Closing Bell: Earnings working against stocks (BCRX, DELL, DHI, INTC, LEAP, PCS)
Chasing Value: E-Trade, a word of caution
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