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 Monday, the Dow traded up 0.11 percent to 18,537.26 while the NASDAQ climbed 0.60 percent to 5,059.57. The S&P also rose, gaining 0.19 percent to 2,165.91.
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Leading and Lagging Sectors
On Monday, technology shares surged by 0.97 percent. Top gainers in the sector included ARM Holdings plc (ADR) and CEVA, Inc. (NASDAQ: CEVA).
In trading on Monday, energy shares fell by 0.39 percent. Meanwhile, top losers in the sector included Pacific Drilling SA (NYSE: PACD), down 4 percent, and Diamond Offshore Drilling Inc (NYSE: DO), down 4 percent.
Top Headline
Bank of America Corp (NYSE: BAC) reported better-than-expected results for the second quarter on Monday.
Bank of America reported net income attributable to common shareholders of $3.87 billion in the second quarter, down from $4.8 billion in the previous year quarter. Its net income also fell 17.7 percent to $4.2 billion or $0.36 a share from $5.1 billion or $0.0.43 a share in the corresponding period of the last year. Analysts predicted the bank to earn $0.33 a share. Both the quarterly results were impacted by special items.
The company's revenue on a FTE basis slipped 7.10 percent to $20.6 billion from $22.0 billion in the year-ago quarter. Excluding market related net interest income adjustments, as well as net debit valuation adjustments, revenue would have been slightly higher at $21.8 billion than $21.7 billion recorded in the earlier period.
Equities Trading UP
ParkerVision, Inc. (NASDAQ: PRKR) shares shot up 71 percent to $6.08 following announcement of patent license and settlement agreement with Samsung.
Shares of ARM Holdings plc (ADR) (NASDAQ: ARMH) got a boost, shooting up 42 percent to $66.89 after SoftBank Group Corp agreed to acquire ARM Holdings in a $32.2 billion deal.
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Eco-Stim Energy Solutions Inc (NASDAQ: ESES) shares were also up, gaining 23 percent to $2.71. Credit Suisse initiated coverage on Eco-Stim Energy Solutions with an Outperform rating.
Equities Trading DOWN
Evoke Pharma Inc (NASDAQ: EVOK) shares dropped 71 percent to $3.06 after the company revealed that its topline results from its Phase 3 clinical trial of EVK-001 failed to achieve its primary endpoint of symptom improvement at the end of four weeks in female patients with symptomatic diabetic gastroparesis.
Shares of Ferro Corporation (NYSE: FOE) were down 12 percent to $12.54. Reuters reported that Ferro has turned down offers from Apollo Global Management and CVC Capital Partners for being too low. Ferro is expected to report Q2 financial results on Thursday, July 28, 2016.
Stratasys, Ltd. (NASDAQ: SSYS) was down, falling around 10 percent to $20.93. Piper Jaffray downgraded Stratasys from Overweight to Neutral and lowered the price target from $32 to $24.
Commodities
In commodity news, oil traded down 2.22 percent to $44.93 while gold traded up 0.18 percent to $1,329.80.
Silver traded down 0.60 percent Monday to $20.05, while copper rose 0.31 percent to $2.24.
Eurozone
European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.44 percent, the Spanish Ibex Index rose 0.28 percent, while Italy’s FTSE MIB Index climbed 0.38 percent. Meanwhile the German DAX gained 0.30 percent, and the French CAC 40 declined 0.03 percent, while U.K. shares rose 0.55 percent.
Economics
The NAHB housing market index declined to 59 for July, versus a prior reading of 60. However, economists were expecting a reading of 60 for the month.
The Treasury International Capital data for May will be released at 4:00 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.