STOCKS NEWS US-Some option traders turn optimistic on CBS

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1359 ET 03June2009 Option players seek upside CBS call options
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A number of bullish option traders are hoping the shares of CBS Corp
(CBS.N) will rise by about 30 percent early next year. Its shares edged up 1
cent to $8.66 in afternoon trade. "CBS edged onto our 'hot by options volume'
market scanner as option investors got long of $10 strike-call options," said
Andrew Wilkinson, senior market analyst at Interactive Brokers Group in a note.
He noticed that the December $10 strike price had nearly 5,000 lots coveted for
a premium of 1.30 apiece. Further along at the January 2010 $10 strike more
than 10,000 calls traded for an average premium of 1.39 per contract. Call
buyers in the January contract are hoping for shares of CBS to rally by about
30 percent to the break even point at $11.39 in order to amass profits by
expiration in seven months time, he said.

Reuters Messaging: doris.frankel.reuters.com@reuters.net
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1349 ET 03June2009-La-Z-Boy shares soar after upgrade
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Shares of La-Z-Boy Inc (LZB.N) jumped on Wednesday, after Raymond James
upgraded the furniture maker to strong buy.

"Clearly, industry conditions remain exceptionally difficult; however, our
channel checks suggest the pace of decline may be stabilizing," the firm wrote
to clients.

For details, see [ID:nN03508390]

The stock advanced 28 percent to $2.79.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1333 ET 03June2009-NetApp raises buyout bid for Data Domain
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NetApp Inc (NTAP.O) on Wednesday raised its bid for Data Domain (DDUP.O) to
$30 a share, matching a competing offering from EMC Corp (EMC.N).

The company said its cash-and-stock bid is worth $1.9 billion, net of cash
and subject to adjustments. NetApp first bid $25 per share for Data Domain on
May 20.

For details, see [ID:nBNG411575]

Shares of Data Domain rose 2.9 percent to $32.51 while NetApp was off 4.1
percent to $18.54 and EMC sank 4 percent to $12.34.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1324 ET 03June2009-Antigenics soars after drug data
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Shares of Antigenics Inc (AGEN.O) jumped on Wednesday, after the
biotechnology company released positive data on Monday for its kidney cancer
vaccine. It is the third straight day the stock advanced.

For details, see [ID:nBNG101873]

Shares surged 82 percent to $2.79.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1312 ET 03June2009 Bidding war over Data Domain stirs upside call action
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A bidding war over Data Domain Inc (DDUP.O) has spurred some option traders
to bet on additional upward movement in the shares of the data storage company.
NetApp Inc (NTAP.O) on Wednesday sweetened its offer for Data Domain to $30 a
share, matching a competing one from EMC Corp (EMC.N). Data Domain shares rose
3.26 percent to $32.61. "Essentially, NetApp's actions speak louder than words
and might roughly translate to, 'your move EMC,'" said Andrew Wilkinson, market
analyst at Interactive Brokers Group in a note. He noticed that one investor
looked at the September contract and shed 4,500 puts at the $30 strike for a
premium of 55 cents to finance the purchase of 4,500 calls at the higher
September $35 strike at a cost of 45 cents per contract. The trader gets a net
credit of 10 cents on the table and will attain the right to exercise the calls
should the shares rally by about 8 percent, he said.

Reuters Messaging: doris.frankel.reuters.com@reuters.net

1228 ET 03June2009 Gilead implied vols rises, calls active
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Biotechnology company Gilead Sciences (GILD.O) option volume of about
36,000 contracts was three times the norm, as its calls outpaced puts by a
factor of more than two to one, according to Trade Alert. Gilead shares rose
4.55 percent to $45.05 in afternoon trade. Among the most active options are
the June $44 puts with 6,585 contracts traded earlier in the session. The June
calls with strike prices ranging from $45 to $47 were also busy. The stock's
option implied volatility rose to 35 percent from about 32 percent the previous
day. "It appears that buyers are dominating the action in both puts and calls
and bracing for increasing volatility in the share price, said WhatsTrading.com
option strategist Frederic Ruffy. The company said on Tuesday it will present
at conferences on June 9 and June 11. "Shares are also getting a lift as a
"swine flu" play after WHO said it is moving closer to a Phase 6 pandemic,"
Ruffy said.
1159 ET 03June2009-Markets fall after weaker-than-expected data
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Major U.S. indexes fell on Wednesday, following the release of
weaker-than-expected data on the labor and service sectors.

For details, see [ID:nN0366223]

The Dow Jones industrial average .DJI fell 1 percent to 8,651.98 while
the S&P 500 .SPX lost 1.5 percent to 930.91 and the Nasdaq .IXIC was off
0.8 percent to 1,822.71.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net;