U.S. Equities open moderately lower this morning as ADP Employment numbers were released this morning coming in slightly above to in line with most analyst estimates. The report also saw December’s numbers revised lower. Markets did spike higher for a short period after the release of January ISM non-manufacturing numbers which came in slightly higher than expected. E-mini S$P 500 futures then reversed hard and are now trading lower by around 6 points. Last night saw the release of quarterly earnings of Myriad Genetics, Inc. (MYGN) who reported higher than expected earnings of $0.66 per share, beating consensus estimates of $0.46 per share. The company also raised its full year guidance and the stock is currently trading higher by nearly 10%. We were long MYGN Feb 7th Weekly 28.5-29.5 call spreads going into the release and will net maximum potential profit if the stock closes above $29.50 on expiration. Again we will look for unusual order flow throughout the day as markets continue to slide from the highs.
Andrew Keene
http://keeneonthemarket.com
