Blogging Options: CBOE Afternoon Update

Volatility as an asset class:
 

Cognizant (CTSH), a consulting and technology services company, is up $6.85 to $64.71 after its Q2 results beat expectations. August call option implied volatility is at 32, September is at 28, October is at 27; below its 26-week average of 36.
 
HCA Holdings (HCA), a for profit hospital company, is down $1.67 to $24.99 on the company seeing FY12 revenue $32B-$33B, consensus $35.56B. August put option implied volatility is at 55, September and December is at 45; compared to its 26-week average of 44.
 
Best Buy (BBY) is up $2.26 to $19.90 on founder Richard Schulze seeking board permission to conduct due diligence in an attempt to buy rest of company he does not own. August call option implied volatility is at 68, September is at 66, December is at 55; above its 26-week average of 44. With talk of $24 – $26 as possible starting point to take BBY private, current price reflects skeptisism on whether this actually happens.
 
S&P 100 Options (OEX) are near thier high of the day, SPX up 7.25 while the CBOE Volatility Index (VIX) is up 38c to $16.02, below its 50-day Moving Average of 19.43. A large multi-sided VIX trade this morning with 400k + contracts pushes VIX volume above 600k at noon.