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Shares in eBay, which also forecast third-quarter results in line with analyst estimates, fell $1.31, or 5.2 per cent, in after-hours trading. ...
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Credit Suisse Group (NYSE: CS) is trading 9X average call volume with action all through the day at the November $60 calls, with a few 500+ blocks bought. This is a high dollar volume action with the calls trading north of $2.50 much of the day. Credit Suisse may be the next financial to post blowout numbers and it is extremely cheap on valuation. Earnings are tomorrow before the open and it’s recent overhaul of compensation packages may be cheered by investors. The recent resurgence of IPOs, stock offerings and M&A should boost its large investment banking business. It is also in a position of financial strength to return cash to holders and/or make deals. Record low interest rates also likely resulted in great profits in its debt and commodities trading units.
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Barrick Gold Corporation (NYSE: ABX) is trading just under $39.00, yet there is a very bullish bet that was made. The Jan-2011 $55.00 CALLS saw some 20,001 contracts trade today versus a prior open interest of 10,964 contracts. There was no other side taken in the PUTS and this was larger than the entire open interest. Someone is betting for or against $1,200.00 to $1,400.00 gold, or so it would seem…. UPDATE at 2:51 PM EST: after further review, there were also 20,705 of the APRIL-2010 $30 CALLS that traded today, and the prior open interest was 20,771 contracts. -JON OGG
Polycom Inc. (NASDAQ: PLCM) is trading sharply lower this morning. The communications provider reported that third-quarter earnings fell by about 24% on lower sales. The company pointed toward sequential revenue growth and a rise in orders. After more than doubling that was not good enough. Shares were down 5.2% at $25.00 on only 35,000 shares in teh after-hours session after earnings. At 8:54 AM EST we have shares trading down almost 13% at $22.95 on 140,000 shares. The 52-week trading range is $12.19 to $28.43. -JON C. OGG
You probably already saw how much SanDisk Corp. (NASDAQ: SNDK) blew through its earnings estimates. We have full details over at 24/7 Wall Street but essentially all we care about now is the reaction now that shares have been frre dup to trade at 4:25 PM EST. At 4:34 PM EST we have already seen some 2.35 million shares trade hands and the stock is up 10.85% at $23.81. Unless it adds in some cautious calls in teh conference call, this will be a top gainer to watch in Wednesday morning early trading. The prior 52-week high was $23.20.  JON OGG
We are seeing yesterday’s big losses in Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) continue. In case you missed yesterday, the downgrade to Underperform on both with effective ZERO price targets from Keefe Bruyette & Woods was the culprit for the trading blow-ups. FNM is down 2.6% more at $1.11 on 1.7 million shares as of 8:57 AM EST. FRE is down over 6% at $1.26 on 1.3 million shares. As a reminder, FNM traded over 100 million shares a day and FRE trades about 72 million shares a day. -JON OGG
BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) is one of this mornings top gainers after it reported positive safety data in its ongoing LibiGel Phase III clinical development program. The unblinded data have been reviewed by the independent DMC of the LibiGel Cardiovascular and Breast Cancer Safety Study and the DMC unanimously recommended continuation of the study as described in the study protocol without any modifications. At 8:46 AM EST we have seen 205,000 shares trade hands versus a 515,000 share average volume. The stock is up 12% at $2.21 and the 52-week trading range is $0.81 to $3.48. The market cap here on this one before the bounce was a mere $65.8 million, so keep the size of the company in mind as trading volume can still be very low oin some non-news days. -JON OGG