Blogging Options: CBOE Morning Update

Stock Mover’s
 
FedEx (FDX) is recently up $2.61 to $79.90 in pre-open trading on Q2 EPS of $1.57 vs. consensus $1.52. Overall option implied volatility of 42 is above its 26-week average of 31. FedEx reaffirmed FY12 EPS view $6.25-$6.75 vs. consensus $6.28.

Novellus (NVLS) is recently up $8.31 to $43 in pre-open trading on Lam Research and Novellus combining in $3.3B all-stock transaction. Overall option implied volatility of 44 is near its 26-week average of 42.

Lam Research (LRCX) is recently down 47c to $38.90 in pre-open trading Lam Research and Novellus combining. Overall option implied volatility of 40 is near its 26-week average.
 
 
CBOE significant put volume increases;
 
SFI 1/21/2012 5 5K contracts
CRIS 6/16/2012 2.5 4K
AAPL 12/17/2011 380 4K
JCP 1/21/2012 27 4K
GLD 12/17/2011 150 4K
CVX 12/17/2011 100 3K
BAC 12/17/2011 7 3K

Jobless Claims surprise with big drop, PPI slightly above expectations but Core slightly below.

Stock futures up ~1%, after 3-day drop a little oversold.