Cisco shares slaughtered, down -11 %

Yes, to the tune of about a -250bps day for the spy and -325bps qqqq.

 

C would be the worst to buy........at least for now. Most banks moved up significantly, but not C. Still posting negative earnings.

 

Cisco Systems Inc. option trading jumped to a record and was 19 times the four-week average on wagers that the world’s largest computer networking-equipment maker will rebound after the biggest drop since July 1994.

Volume exceeded 1.58 million contracts as almost 1 million calls changed hands compared with 586,000 puts as of 4 p.m. in New York. The most-active contracts were November $21 calls, April $24 calls and April $18 puts. The shares declined $3.97, or 16 percent, to $20.52.

http://www.bloomberg.com/news/2010-...cord-on-bets-stock-to-rebound-after-drop.html

if the majority is wrong then they are overpaying for Nov 21 calls.

CSCO close 20.52
Nov-19 21 Calls 0.30

4% gain in 6 days to b/e at Expr.

Shortie Scholes Out

 

My bad, meant to write CSCO but couldn't get back onto thread to change it. Sorry!

 

CSCO 19.45
looks like the calls will expire worthless. Yet another brilliant call from Shortie!