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1033 ET 12June2009 Nvidia gets put sellers, implied vols down
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Graphics chipmaker Nvidia Corp (NVDA.O) shares fell 3.28 percent to $11.18
in morning trade, fueling the premiums on the stock's put options. About 15,000
contracts already traded vs. 2,105 calls in the first hour of trade, according
to Trade Alert. The action is scattered across June, July and September puts
with strike prices ranging from $10 to $12.50. Most of the volume is hitting
bid-side and it appears that sellers are driving the early action in Nvidia
puts, said WhatsTrading.com option strategist Frederic Ruffy. The stock's
option implied volatility stood at 60 percent down from about 61 percent the
previous session.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1017 ET 12June2009-Markets extend losses after data
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U.S. stocks extended losses on Friday as a report showed a rise in
inflation expectations and that consumer confidence rose by less than
expected.
The Dow Jones industrial average .DJI dropped 48.22 points, or 0.55
percent, to 8,722.70. The Standard & Poor's 500 Index .SPX fell 8.65 points,
or 0.92 percent, to 936.24. The Nasdaq Composite Index .IXIC slipped 28.45
points, or 1.53 percent, to 1,833.92.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1012 ET 12June2009-Human Genome sinks after downgrade
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Shares of Human Genome Sciences (HGSI.O) tumbled on Friday, after Lazard
Capital Markets downgraded the stock to sell from hold, arguing that there was
a low probability of the company's lupus drug succeeding.
The firm added that if the drug didn't meet the primary goal of the trial,
Human Genome's shares could fall to $1.
For details, see [ID:nBNG494428]
The stock dropped 12 percent to $2.78.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1004 ET 12June2009-Consumer confidence slightly below expectations
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U.S. consumer confidence rose to a nine-month high in June, though it was
slightly below expectations, according a survey released on Friday.
The Reuters/University of Michigan Surveys of Consumers said its
preliminary index of confidence for June rose to 69 from May's 68.7. That was
slightly below economists' expectations of 69.5, according to a Reuters poll.
For details, see [ID:nN12149350]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0941 ET 12June2009-Citi starts coverage on electric utilities
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Citi started coverage on electric utility companies on Friday, and wrote
that defensive electrics represented the best risk/reward profile in the
group.
"Corporate bond yields have been trending lower as capital markets regain
their risk appetite, but the capital markets' rush to grab beta has left
defensive utilities unloved and undervalued," the firm wrote. "Defensives have
an expected total upside average of 18 percent, yet carry the overall least
risky profile of the Electric Utilities sector."
Citi named American Electric Power (AEP.N), Duke Energy (DUK.N),
Consolidated Edison (ED.N), NV Energy (NVE.N), PG&E Corp (PCG.N) and Southern
Co (SO.N) as defensive stocks, and rated them all as buys.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0930 ET 12June2009-Markets open lower as commodities slide
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Major U.S. indexes opened lower on Friday, pressured as commodity prices
fell on a stronger U.S. dollar. Investors were also looking ahead to the
release of key consumer confidence data.
The Dow Jones industrial average .DJI fell 0.2 percent to 8,752.10 while
the S&P 500 .SPX lost 0.2 percent to 942.21 and the Nasdaq .IXIC was off
0.5 percent to 1,852.43.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0910 ET 12June2009-Paychex falls after Goldman move
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Shares of Paychex Inc (PAYX.O) fell in premarket trading on Friday, after
Goldman Sachs added the company to its Americas Conviction Sell list.
"Into fiscal year 2010 we expect Paychex shares to underperform given
continued pressure from limited new sales, declining checks-per-client,
increased client attrition, and limited pricing leverage," the firm wrote.
Goldman has a $23 price target on the stock, which suggests 19 percent
downside, it wrote.
Shares fell 2.6 percent to $27.59 in premarket trading.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
