We mentioned this morning Boeing (BA, $74.47, down $2.47) was weighing on the Dow futures as the company continues to have issues with its planes. We were hoping shares would open and do a slow fade but they gapped down $3 at the start of trading.
Support has been super strong at $74 but today’s low has been $73.56. We profiled the February 72.50 puts (BA130216P00072500, $1.37, up $0.70) this morning on our Watch List as we caught the latest setback on Boeing late last night. The put options closed at 67 cents yesterday and are easily up triple-digits. We were hoping to get in them for under 80 cents but obviously we were robbed of that opportunity as the options opened at $1.41 and traded up to $1.74.
The stock is a member of the Dow and the decline has impacted the index by 20 points. If not for Boeing’s debacle, the Dow would be near even.
One stock we haven’t mentioned in awhile is Dendreon (DNDN, $6.77, up $0.30) as shares are up another 5% today. (continued…)
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