Volatility as an asset class
Changyou.com (CYOU) is recently down 13% on weaker than expected Q3 guidance. August put option implied volatility is at 54, September is at 48; above its 26-week average of 46.
Kindred Healthcare (KND) is recently down 30% following Medicare saying it will cut payment rates to skilled nursing facilities by 11.1% next fiscal year. September put option implied volatility is at 73, September is at 62, November is at 51; above its six-month average of 44.
Teva Pharmaceuticals (TEVA) is recently down 5% after a Phase 3 trial for one of its drugs that missed its primary endpoint. September and December put option implied volatility of 27 is near its 26-week average. August and September 45 calls are active on the anticipation TEVA share price stabilizes and trades above a level of 45 in the near term.