Tuesday, April 10, 2007

Random Late Session Thoughts

Going into earnings tonight, Alcoa (AA) calls are very active, in particular the April 35s with over 15k trading today. With the stock at $35 and trading close to the target of a number of analysts, I am going to be a spectator.

American Home Mortgage (AHM) is clearly in the dog house as it tests 3 year low levels. Put option activity is running at 2 to 1 over calls and implied volatilities are rising.

Dendreon (DNDN) actually seeing a bit of profit taking today.

Ara Hovnanian (HOV) had his shovel out today on CNBC trying to spin things positively. It didn't work... home builders down across the board following the DR Horton news this morning. Perhaps investors are finally seeing through the spin?

Advanced Magnetics (AMAG) will present data concerning its treatment for iron deficiency in advanced kidney failure patients tomorrow after the bell. I'll have more on that tomorrow.

No comments: