Euro Currency Trust (FXE) closed at 139.05. The FXE reflects the price of the euro plus accrued interest, less the expense of the Trust's operations. Overall option implied volatility of 11 is near its 26-week average of 11, according to Track Data, suggesting non-directional price movement.

Pfizer (PFE) closed at $18.79. PFE is expected to report Q4 EPS on Feb. 3. February option implied volatility is at 31, March is at 29, versus its 26-week average of 30, according to Track Data, suggesting non-directional price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

Late Tuesday, pharmaceutical firm Pfizer (PFE) announced the discontinuation of A4021016, a Phase 3 trial that was examining the effects of figitumumab. Figitumumab is an investigational compound that is used as a first-line treatment in patients with advanced non-adenocarcinoma non-small cell lung cancer (NSCLC).

The study was terminated because it met predefined boundaries for early termination. The Data Safety Monitoring Committee (DSMC) found that the addition of figitumumab to paclitaxel plus carboplatin would be unlikely to meet the primary endpoint of the study.

Insurance companies just bought themselves a year. Claiming that a proposed tax on health insurance would force them to charge higher premiums, carriers were able to convince senators to defer this particular measure for a year.

This comes as a benefit to UnitedHealth Group (UNH), WellPoint (WLP) and smaller companies writing health insurance policies. Manufacturers of medical devices have won some relief, as well, though the drug business didn't. An earlier plan to tax cosmetic medical procedures was also scrapped.

Pfizer (PFE) closed at $18.49. December and January option implied volatility is at 27, March is at 28, versus its 26-week average of 32, according to Track Data, suggesting decreasing price movement.

Bristol-Myers (BMY) closed at $25.14. Overall option implied volatility of 25 is below its 26-month average of 28, according to Track Data, suggesting decreasing price movement.

Merck (MRK) closed at $36.70. December option implied volatility is at 27, January is at 28, below its 26-week average of 31, according to Track Data, suggesting decreasing price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

"We all know that, despite the big run-up recently, many stocks are still below their highs of a year or two ago," observes turnaround expert George Putnam.

In The Turnaround Letter, he suggests, "But what about some of the biggest, best known and best managed companies that are trading below where they were ten years ago? That's pretty tempting to us." Here, he looks at eight stocks that can now be bought at prices below their 1999 highs.

"Sure, late 1999 was the last gasp of the Internet bubble, and so that explains some of the tech names. But our list includes retail, beverage, entertainment, drug and other low-tech businesses.