CBOE Mid-Day Update 6.25.14

Volatility as an asset class

The Supreme Court ruled 6-3 in favor of television network owners and against Aereo, which sells a service that allows its subscribers to watch television programs over the Internet at about the same time as the programs are broadcast over the air.

Broadcasters jumping after Supreme Court rules against Aereo.

CBS (CBS) is recently up $2.46 to $61.32. July weekly call option implied volatility is at 32, July is at 30, September is at 24; compared to its 26-week average of 29.

Disney (DIS) is recently up $1.23 to $83.91. July weekly call option implied volatility is at 15, July is at 16, September is at 18; compared to its 26-week average of 21.

21st Century Fox (FOXA) is recently up 31c to $34.52. July call option implied volatility is at 21, August is at 23, January is at 22; compared to its 26-week average of 24.

Comcast (CMCSA) is recently up 46c to $53.11. July call option implied volatility is at 20, August is at 18, October is at 16; compared to its 26-week average of 19.

Sinclair Broadcast Group (SBGI) is recently up $4.16 to $33.40. July call option implied volatility is at 41, August is at 42, December is at 43; compared to its 26-week average of 45.

Nexstar (NXST) is recently up $6.65 to $49.66. July call option implied volatility is at 48, August is at 45, February is at 41; compared to its 26-week average of 48.

Media General (MEG) is recently up $1.91 to $20.35. July call option implied volatility is at 41, August is at 37, November is at 37; compared to its 26-week average of 48.

Gray Television (GTN) is recently up 76c to $12.02. July call option implied volatility is at 55, August is at 59, November is at 54; compared to its 26-week average of 56.

Actives at CBOE:  AAPL TSLA TWTR VLO PBR MON FB BIDU BMY

Stocks with increasing volume @ CBOE:  MEG TUP BUD POWR GCI CXO TK

CBOE S&P 500 Short-Term Volatility Index (VXST) is recently down 27c to 11.74; compared to its 10-day moving average of 11.36. VXST is a market-based gauge of expectations of 9-day volatility stks.co/r0CS2

CBOE DJIA BuyWrite Index (BXD) up 0.2% to 266.59, compared to its 50-day moving average of 264.74 cboe.com/micro/bxd/

CBOE Volatility Index (VIX) down 34c to 11.79. VIX July 13, 16 and 20 calls are active on 117K contracts @ CBOE cboe.com/VIX

iPath S&P 500 VIX Short-Term Futures (VXX) down 8c to 29.78.

CBOE DJIA Volatility Index (VXD) down 0.1% to 11.18; compared to its 10-day moving average of 11.21.

CBOE Nasdaq-100 Volatility Index (VXN) up 4c to 12.64; compared to its 50-day moving average of 15.39.

S&P 100 Options (OEX) recently is recently up $2.96 to 863.86 on U.S. gross domestic shrank 2.9%.