Crocs (NASDAQ: CROX) is trading at $5.06 late this morning, well below its close of $8.94. CROX lowered Q2 and 2008 financial guidance. Robert Baird Co lowered its rating to Neutral from Outperform. CROX over all option implied volatility of 91 is above its 26-week average of 84 according to Track Data, suggesting larger price movement.

Mechel Steel (NYSE: MTL) closed at $22.84, and is trading up this morning at $26.40. MTL sold off 38% on July 24 after Russian Prime Minister Vladimir Putin ordered antitrust authorities to investigate selling prices at steel and coal group MTL. MTL August option implied volatility is at 162, October is at 105, above its 26-week average of 66 according to Track Data, suggesting larger price fluctuations.

Elan Corp (NYSE: ELN) closed at $32.34 and, as of 11:15 Friday morning, is trading at $33.43. ELN's & WYE's Bapineuzumab (Alzheimer's treatment) Phase 2 trial results will be presented at the International Conference on Alzheimer's Disease on July 29. ELN August option implied volatility is at 97, October is at 70; above its 26-week average of 69 according to Track Data, suggesting larger price fluctuations.

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

Elan Corp (NYSE: ELN) is recently trading at $28.41 in pre-open trading, above its close of $27.11 Monday.

ELN and Wyeth (NYSE: WYE)'s Bapineuzumab (Alzheimer's treatment) Phase 2 trial results were positive. Detailed results of the trial will be presented at the International Conference on Alzheimer's Disease on July 29, 2008.

ELN July option implied volatility is at 107, October is at 82; above its 26-week average of 68 according to Track Data, suggesting larger price movement.

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

Elan Corp (NYSE: ELN) & Wyeth (NYSE: WYE) Bapineuzumab (Alzheimer's treatment) Phase 2 trial results are expected in Q2.

ELN June option implied volatility is at 75, July is at 96 and October is at 80; above its 26-week average of 66 according to Track Data, suggesting larger price movement.

Volatility Index S&P 500 Options-VIX at 19.06; 10-day moving average is 17.99

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

MAJOR PAPERS:

• According to people familiar with the matter, the Wall Street Journal reported that an investor group that includes Harbinger Capital Partners is expected to report a raised stake in The New York Times Company (NYSE: NYT). The raised stake is expected to be close to matching the 19% stake owned by the Sulzberger family.
• The Goldman Sachs Group Inc (NYSE: GS) has been spared many of the problems of the subprime mortgage crisis, but other areas where it's involved, such as investment banking and leveraged loans, are hurting the firms profitability, the Wall Street Journal reported.

• Cablevision Systems Corporation (NYSE: CVC) is seeking to put a valuation on its Rainbow Media unit, in order to possibly sell it, sources say. In the past, the unit, which consists of several cable channels, has been valued at $3B, but the Dolan family is hoping to obtain a higher price, according to the New York Post. Possible buyers include Liberty Media Corporation (NASDAQ: LCAPA) and News Corporation (NYSE: NWS).
• Elan Corporation (NYSE: ELN) is considering splitting its biopharmaceuticals arm, which markets Tysabri, from its drug technology division, the Sunday Times noted. The potential spin-off could unlock up to $1.5B to share holders.