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Chiquita Brands (NYSE: CQB) is recently down $6.71 to $16.58 after announcing it expects to report a Q3 loss on higher industry costs. Wachovia has an Outperform rating on CQB. CQB August 17 puts have traded 83 times on transaction volume of 1,718 contracts compared to its open interest of 1,312 contracts. CQB August option implied volatility of 68 is above its 26-week avearge of 54 according to Track Data, suggesting larger price movement.
Fresh Del Monte (NYSE: FDP) is recently down $6.56 to $25.32 in sympathy with CQB announcing a Q3 loss on higher industry costs. FDP July option implied volatility of 65 is above its 26-week average of 49, suggesting larger price movement.
Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com
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