Blogging Options: CBOE Morning Update

Volatility as an asset class

McDonald’s (MCD) is up $1.57 to $96.85 in the premarket into the company seeing April global comparable sales growth of 4% and better than expected Q1 results. May call option implied volatility is at 20, June is at 19; near its 26-week average.
 
Chipotle Mexican Grill (CMG) is recently up $4.21 to $434.99 in the premarket into reporting Q1 revenue of $640.6M, consensus $630.9M. Overall option implied volatility of 39 is above its 26-week average of 36.
 
Under Armour (UA) is higher by $1.80 to $98.30 in the premarket into reporting Q1 revenue $384M, consensus $379.25M. May and July put option implied volatility of 40 of is below its 26-week average of 43.

CBOE Volatility Index-VIX closed at 18.36, 10-day moving average is 18.76, 50-day moving average is 17.40.
 

Stocks with significant put volume increases;
 
AAPL 4/21/2012 590 13K contracts

MSFT 4/21/2012 31 12K
 
S 1/19/2013 3 9K
 
T 4/21/2012 31 8K

CVI 9/22/2012 30 8K

U.S. equities are mixed to higher in the premarket. Most European stocks gain as German business confidence rose. Spanish bonds trade above 6%.

Expiration Friday.