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Options Update: American Axle option volume and prices elevated on expectations

American Axle (NYSE: AXL) closed at $2.01. AXL entered into a waiver and amendment to the company's credit, facility, which provides the company a waiver of its financial covenants through July 30, 2009. AXL options were active on July 29 with 30,608 contracts trading. AXL August 2.5 straddle is priced at 1.40, October 2.5 straddle is priced at $2.35 suggesting large price movement.

Patterson-UTI Energy (NYSE: PTEN) closed at $14.23. PTEN, an operator of 60 drilling rigs, is expected to report Q2 EPS today. PTEN August option implied volatility is at 55, September is at 49; below its 26-week average of 64. PTEN options were active on July 29 with 6,452 contracts, trading according to Track Data.

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

Analyst upgrades: COT, HIG, ALL and VLO

MOST NOTEWORTHY: Cott Corp, Hartford Financial, Allstate and Valero Energy were today's noteworthy upgrades:
  • Lehman upgraded Cott Corp (NYSE: COT) to Equal Weight from Underweight citing recent management changes, a focus on CSD business, and new product discipline.
  • Bernstein believes the entire non-life insurance group is oversold and that it is time to buy; the firm upgraded Hartford Financial (NYSE: HIG) and Allstate (NYSE: ALL) to Outperform from Market Perform.
  • Valero Energy (NYSE: VLO) was raised to Buy from Hold at Deutsche Bank on valuation with the stock trading at a -30% discount to NAV while the asset market for U.S. refineries is strong.
OTHER UPGRADES:
  • Goldman added Cisco (NASDAQ: CSCO) to its Conviction Buy List.
  • RBC Capital upgraded BJ Services (NYSE: BJS), Halliburton (NYSE: HAL) and Patterson-UTI Energy (NASDAQ: PTEN) to Outperform from Sector Perform.
  • Friedman Billings upgraded the Semiconductor Capital Equipment sector to Overweight from Market Weight.

Analyst upgrades 6-06-07: MCO, NGS; BAS and CPX

MOST NOTEWORTHY: Oil and gas services companies, mining companies and Moody's Corporation (NYSE: MCO) were today's noteworthy upgrades:
OTHER UPGRADES:
  • Inverness Medical Innovations Inc (AMEX: IMA) was upgraded to Buy from Hold at Stifel Nicolaus.
  • Credit Suisse upgraded shares of Johnson Controls Inc (NYSE: JCI) to Outperform from Neutral, citing growth outlook in the company's building efficiency business.
  • Allianz SE (NYSE: AZ) was upgraded to Buy from Add at WestLB on valuation and the company's strong Q1 results.

Symbol Lookup
IndexesChangePrice
DJIA+20.0310,246.97
NASDAQ-2.982,151.08
S&P 500-0.071,093.01

Last updated: November 10, 2009: 10:13 PM

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