After the Open… Major indices came out of the gate moving slightly higher on Tuesday morning. Merck (MRK), Level 3 (LVLT) and International Paper (IP) all beat earnings expectations, but BP (BP), National Oilwell Varco (NOV) and Questcor Pharmaceuticals (QCOR) all missed expected numbers. Other concerns this morning include a Chinese anti-trust probe of Microsoft (MSFT) and falling home prices, based on the Case-Shiller 20-city Index. Finally, the Street is bracing for more sanctions against Russia.
Here are your Tuesday morning market metrics. Industries doing well today include Building Products, Diversified Telecom, and Construction Materials. Industries showing weakness include Electronic Equipment, Air Freight & Logistics, and Electrical Equipment.
The VIX is up 2.6% to 12.23 after closing on Monday at 12.56. Facebook (DD) options are the most actively traded today, with 13,777 September 67.5 calls changing hands. 86% of these traded at the ask price, making this a very bullish play. The put-call volume ratio is 0.74, (241,436/177,817). NYSE Adv/Dec 1,759/1,108. Nasdaq Adv/Dec 1,617/732.
Julian Close has been a business writer since the first day of the twenty-first century, having written for PRA International and the United Nations Department of Peacekeeping. He graduated from Davidson College in 1993 and received a Master of Arts in Teaching from Mary Baldwin College in 2011. He became a stockbroker in 1993, but now works for Fresh Brewed Media and uses his powers only for good. You can see closing trades for all Julian's long and short positions and track his long term performance via twitter: @JulianClose_MIC.