27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
Midway through trading Friday, the Dow traded up 1.13 percent to 18,097.29 while the NASDAQ climbed 1.41 percent to 4,945.56. The S&P also rose, gaining 1.24 percent to 2,123.92.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Leading and Lagging Sectors
On Friday, basic materials shares gained by 1.73 percent. Top gainers in the sector included Huntsman Corporation (NYSE: HUN) and Companhia Siderurgica Nacional (ADR) (NYSE: SID).
In trading on Friday, utilities shares rose by just 0.4 percent. Meanwhile, top losers in the sector included TransAlta Corporation (USA) (NYSE: TAC), down 2 percent, and Huaneng Power International Inc (ADR) (NYSE: HNP), down 1 percent.
Top Headline
Polycom, Inc. (NASDAQ: PLCM) revealed Friday that private equity firm, Siris Capital Group, LLC and its affiliates, have submitted a unilaterally binding offer to buy all outstanding shares for $12.50 per share in cash.
The company indicated that the all-cash transaction was valued at about $2.0 billion. That included outstanding debt. The current offer represented a premium of 13.6 percent to the existing value of Mitel's offer, based on Mitel's closing share price as of July 7.
Equities Trading UP
Eleven Biotherapeutics Inc (NASDAQ: EBIO) shares shot up 41 percent to $2.77 after the company reported the effectiveness of IND application for EBI-031.
Shares of Resolute Energy Corp (NYSE: REN) got a boost, shooting up 14 percent to $3.36 as the company agreed to sell Permain Basin mid-stream assets.
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
Mitel Networks Corporation (NASDAQ: MITL) shares were also up, gaining 18 percent to $7.08 after Polycom revealed that its board has approved the cancellation of its previously announced merger agreement with Mitel Networks. The company will have to pay a termination fee of about $60 million. Polycom said it received a unilaterally binding offer from Siris on July 7 to acquire all outstanding shares for $12.50 per share in cash.
Equities Trading DOWN
Juno Therapeutics Inc (NASDAQ: JUNO) shares dropped 31 percent to $28.33 after the company announced JCAR015's Phase 2 trial was put on hold after two patients died last week.
Shares of T2 Biosystems Inc (NASDAQ: TTOO) were down 19 percent to $6.18. T2 Biosystems extended timeline for the completion of the T2Bacteria trial. BTIG downgraded the rating on T2 Biosystems from Buy to Sell, while lowering the price target from $12 to $4.
PriceSmart, Inc. (NASDAQ: PSMT) was down, falling around 10 percent to $82.55 as the company posted weaker-than-expected results for the third quarter. The company’s same store sales declined 1.9 percent for June.
Commodities
In commodity news, oil traded down 0.60 percent to $44.87 while gold traded down 0.40 percent to $1,356.70.
Silver traded up 0.46 percent Friday to $19.93, while copper rose 0.07 percent to $2.13.
Eurozone
European shares were higher today. The eurozone’s STOXX 600 gained 1.6 percent, the Spanish Ibex Index climbed 2.29 percent, while Italy’s FTSE MIB Index rose 3.76 percent. Meanwhile the German DAX gained 2.17 percent, and the French CAC 40 climbed 1.72 percent, while U.K. shares rose 0.87 percent.
Economics
The U.S. economy added 287,000 new jobs in June, while the unemployment rate increased to 4.9 percent from 4.7 percent. Economists were expecting a 175,000 rise in new nonfarm jobs.
Data on consumer credit for May will be released at 3:00 p.m. ET.
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.