Chicago Bridge & Iron (NYSE: CBI), was trading at $31.39 in after market trading last night, below its close of $36.39 Tuesday.

CBI lowered guidance for 2008 and will take a Q2 pretax charge of $317 million on cost over runs associated with two LNG projects in the UK. Goldman Sachs says: "Lowering rating to Neutral on nagging execution risk."

CBI August option implied volatility of 66 is above its 26-week average of 53 according to Track Data, suggesting larger price movement.

Financial Select Sector-XLF overall volatility at 51; 26-week average is 36

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

Financial Select Sector-XLF is recently down 32 cents to $17.40. XLF call option volume of 19,435 contracts compares to put volume of 38,221 contracts. XLF 17.5 straddle is priced at $1.46. XLF August option implied volatility of 76 is above its 26-week average of 36 according to Track Data, suggesting larger price movement.

Volatility Index S&P 500 Options-VIX up 1.01 to 29.49

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

Blackrock (NYSE: BLK), an investment management firm, closed at $166.63 Monday. BLK is expected to announce Q2 EPS on July 17. Merrill Lynch (NYSE: MER) owns 52,395,082 shares of BLK as of March 21, 2008. BLK July 165 straddle is priced at $14. BLK August option implied volatility of 63 is above its 26-week average of 47 according to Track Data, suggesting larger price movement.

Financial Select Sector-XLF overall volatility at 54; 26-week average is 36.

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

EchoStar (NASDAQ: DISH) closed at $26.70 Monday, near five-year low. DISH August option implied volatility of 57 is above its 26-week average of 45 according to Track Data, suggesting larger price movement.

Financial Select Sector-XLF overall volatility at 43; 26-week average is 34

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

General Electric (NYSE: GE) closed at $27.12, near five-year low.

GE is expected to report Q2 EPS on July 11.

GE July option implied volatility is at 38, August is at 32; above its 26-week average of 29 according to Track Data, suggesting larger price movement.

Financial Select Sector-XLF overall volatility at 41; 26-week average is 34

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

Goldcorp (NYSE: GG), a gold producer with 100% of its production unhedged, closed at $44.34.

Gold is recently up 1.07% to $924.90 according to Bloomberg. GG is scheduled to report Q2 EPS on July 31.

GG overall option implied volatility of 46 is near its 26-week average according to Track Data, suggesting non-directional price risk.

Financial Select Sector-XLF overall volatility at 39; 26-week average is 34

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