Arcelor Mittal (NYSE: MT) closed at $29.87. MT is in advanced discussions with its principle bankers to improve its financial leverage covenant banking facility. MT is expected to report Q2 EPS on July 29. MT August and December option implied volatility of 69 is below its 26-week average of 77, according to Track Data, suggesting decreasing price movement.

Regis Corp (NYSE: RGS) closed at $12.23. RGS announced on July 8 a convertible note offering and a common stock offering of 11.5M RGS shares priced at $12.37, with net proceeds of $281M. RGS July option implied volatility is at 62, August and December is at 65; verses its 26-week average of 66, according to Track Data, suggesting non-directional price movement.

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

Amgen (NASDAQ: AMGN) closed Wednesday at $59.50. AMGN shares rallied 13% on July 8 after announcing that a pivotal, Phase 3, head-to-head trial evaluating denosumab versus Zometa in the treatment of bone metastases in 2,049 patients with advanced breast cancer met its primary and secondary endpoints and demonstrated superior efficacy compared to Zometa. AMGN is scheduled to report Q2 EPS on July 27. AMGN July option implied volatility is at 32, August is at 36, below its 26-week average of 42, according to Track Data, suggesting decreasing price movement.

ISE Sentiment Index (ISEE) closed at 109 on 7/8/09. ISEE 10-day moving average is 119.

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

Verizon (NYSE: VZ) closed at $29.18 VZ is scheduled to report Q4 EPS on July 27. VZ goes ex-div today. VZ option volume was heavy with 253,943 contracts trading on July 7. VZ July option implied volatility is at 26, October volatility is at 28; below its 26-week average of 37, according to Track Data, suggesting decreasing price movement.

AT&T (NYSE: T) closed at $24.92. T is expected to report Q2 EPS in mid July. T goes ex-div today. T call option volume of 636,846 contracts. July option implied volatility is at 28; October is at 30; below its 26-week average of 39, according to Track Data, suggesting decreasing price movement.

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

Sherwin-Williams (NYSE: SHW) closed at $53.73. SHW is expected to report Q2 EPS on July 21. SHW options were active on 11,569 contracts. SHW July option implied volatility is at 35, August is at 39; below its 26-week average of 43, according to Track Data, suggesting decreasing price movement.

Wyndham (NYSE: WYN) closed at $11.02 WYN is expected to report Q2 EPS on July 29. WYN options were active on July 6 with 17,333 contracts trading. WYN July option implied volatility is at 70, August is at 68; below its 26-week average of 98 according to Track Data, suggesting decreasing price movement.

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

Family Dollar (NYSE: FDO) is scheduled to report Q3 EPS on July 8. FDO closed at $27.95. FDO July 27.5 straddle is priced at $2.30, August 27.5 straddle is priced at $3.50. FDO July option implied volatility is at 54, August is at 43; verses its 26-week average of 48; according to Track Data, suggesting decreasing price movement after EPS.

Pepsi Bottling (NYSE: PBG) closed at $33.80. PBG is scheduled to report Q2 EPS on July 8. PBG rejected PepsiCo (NYSE: PEP) offer of the equivalent of $29.50 per share for two-thirds of PBG stock it doesn't already own in PBG on May 4. PBG July option implied volatility is at 32; August is at 34; below its 26-week average of 42, according to Track Data, suggesting decreasing price movement.

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

Sepracor (NASDAQ: SEPR) is recently down $2.89 to $15 in pre-open trading. SEPR announced that SEP-225289 failed to meet its primary endpoint in a pivotal Phase 2 trial in patients with major depressive disorder. SEPR also announced the FDA has put two Lunesta pediatric studies on hold due to concerns about non-clinical data that could be relevant to the use of Lunesta in children. SEPR over all option implied volatility of 48 is below its 26-week average of 57, according to Track Data, suggesting decreasing price movement.

NASDAQ 100 - QQQQ overall implied volatility at 26; 26-week average is 33.

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

Suncor Energy (NYSE: SU) is expected to close on its purchase of Petro-Canada (NYSE: PCZ) in Q3 pending regulatory approvals. PCZ will receive 1.28 shares in the new company for each of their shares while SU holders will receive one share.

SU closed at $30.60. PCZ closed at $38.83. WTI Crude oil is recently down 0.21% to $71.34 according to Bloomberg. SU August option implied volatility of 53 is below its 26-week average of 60, according to Track Data, suggesting decreasing price movement.

Petro-Canada August option implied volatility is at 54, below its 26-week average of 59, according to Track Data, suggesting decreasing price movement.

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

Oracle (NASDAQ: ORCL) announced in April the acquisition of Sun Microsystems (NASDAQ: JAVA) for $9.50. Sun Microsystems closed at $9.01. Oracle issued the following statement, attributable to Dan Wall, counsel to Oracle. "We've had a very good dialogue with the Department of Justice and we were almost able to resolve everything before the Second Request deadline. All that's left is one narrow issue about the way rights to Java are licensed that is never going to get in the way of the deal. I full expect that the investigation will end soon and not delay the closing of the deal this summer." JAVA August option implied volatility of 22 is near its 13-week average, according to Track Data, suggesting non-directional price movement.

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

Sony (NYSE: SNE) closed at $25.51. Five of Michael Jackson's solo Albums -- "Off the Wall," "Thriller," "Bad," "Dangerous" and "HIStory," all with Epic Records, a Sony Music Label -- are among the top-sellers of all time. SNE July option implied volatility of 42 is below its 26-week average of 53, according to Track Data, suggesting decreasing price movement.

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

Warner Music (NYSE: WMG) closed at $5.11. WMG August and November option implied volatility of 92 is near its 26-week average of 96, according to Track Data, suggesting non-directional price movement.

Live Nation (NYSE: LYV) a producer of live concerts, closed at $4.70. LYV over all option implied volatility of 77 is below its 26-week average of 109, according to Track Data, suggesting decreasing price movement.

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

Palm (NADAQ: PALM) closed at $13.94. PALM is scheduled to report Q4 EPS after the market close. July option implied volatility is at 95 below a level of 112 from June 23. PALM August volatility is at 93; versus its six-month average of 94, according to Track Data, suggesting non-directional price movement into EPS.

Google (NASDAQ: GOOG) closed at $409.30. GOOG is expected to report Q2 EPS in mid July. It has been speculated GOOG may be close to launching Google Voice, a service that lets users link all of their phones to a single number. July option implied volatility is at 39, September and December is at 34; below its 26-week average of 44, according to Track Data, suggesting decreasing price movement.

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

streetTracks Gold Shares (NYSE: GLD) closed at $90.92. Gold is recently up 0.56% to $929.50 according to Bloomberg. GLD July option implied volatility is at 21, August is at 92; below its 26-week average of 34, according to Track Data, suggesting decreasing price movement.

UltraShort S&P500 ProShares (NYSE: SDS) is recently down 65 cents to $58.05 in pre-open trading. SDS seeks daily investment results that correspond to twice the inverse daily performance of the S&P 500. SDS July option implied volatility is at 55, August is at 58; below its 26-week average of 73, according to Track Data, suggesting decreasing price movement.

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

Progressive (NYSE: PGR) an auto insurance company, closed at $14.50. PGR July option implied volatility is at 49, August is at 44; below its 26-week average of 60; according to Track Data, suggesting decreasing price movement.

Willis Group (NYSE: WSH) a brokerage and risk management company, closed at $25.66. WSH July and August option implied volatility of 44 is below its 26-week average of 54, according to Track Data, suggesting decreasing movement.

Marsh & McLennan (NYSE: MMC) closed at $20.39. MMC July option implied volatility is at 32, August is at 36; below its 26-week average of 47 according to Track Data, suggesting decreasing price movement.

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

H&R Block (NYSE: HRB) closed at $15.38. HRB is expected to report Q4 EPS on June 29. HRB July option implied volatility of 42 is below its 26-week average of 47, according to Track Data, suggesting decreasing price movement.

General Mills (NYSE: GIS) closed at $54.72. GIS is scheduled to report EPS Q4 on July 1. GIS pre-announced EPS on June 8. GIS June option implied volatility of 25 is near its 26-week average of 27, according to Track Data, suggesting non-directional price movement.

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

Berkshire Hathaway B-shares (NYSE: BRK.B - option symbol BVQ) closed at $2,829. The Chicago Board Option Exchange listed options on BRK/B with initial strike prices of 2,800, 2,900, 3,000 and 3,100. BRK/B historic volatility is at 21 according to Bloomberg.

CBOE Volatility Index S&P 500 Options-(VIX) at 30.03; 10-day moving average is 29.74.

June front-month equity options expire, today, June 19.

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