Blogging Options: CBOE Mid-day Update

Chesapeake Energy (CHK) is recently up 70c to $15.52 after the company said it had arranged for a $3B unsecured loan to aid its financial flexibility as it continues to sell off assets. Also, the Wall Street Journal reported that activist investor Carl Icahn will likely reveal he once again has increased his stake in the company. June put option implied volatility is at 96, July is at 89; above its 26-week average of 46.

JPMorgan Chase (JPM) is recently down 83c to $36.14 as the company continues to deal with the fallout of its $2B trading loss. June put option implied volatility is at 37, July is at 36, August is at 38; compared to its 26-week average of 34.

Best Buy (BBY) is recently up 27c to $19.55 on Chairman Richard Schulze stepping down when his term ends after the company’s investigation into its former CEO Brian Dunn found that Dunn violated company policy, Schulze failed to bring the matter to the board’s audit committee when he first learned of the allegations. BBY June call option implied volatility is at 44, September is at 48, above its 26-week average of 40.
CBOE Volatility Index-VIX up 1.44 to 21.33; S&P 500 recently down 0.74% as investors lighten positions on Europe political issues and China growth concerns.