Starwood Hotels & Resorts Worldwide Inc (NYSE:HOT) spiked as much as 5.2% earlier, after reports surfaced the company had held preliminary merger talks with InterContinental Hotels Group PLC (ADR) (NYSE:IHG). However, HOT shares were last seen 3.4% lower at $79.84, after IHG said the two parties are not discussing joining forces. The see-saw price action has HOT back in the red on a year-to-date basis -- a welcome development for option bears.

HOT's Schaeffer's put/call open interest ratio (SOIR) currently stands at 1.10, indicating short-term put open interest outweighs call open interest. More significantly, this SOIR is higher than 92% of similar readings taken in the last year, suggesting a near-extreme put-bias among speculators focusing on options in the front three-months series.

Further reflecting options-related skepticism is HOT's 10-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio comes in at 1.17, meaning traders have bought to open more puts than calls in recent weeks. Also, the reading rests in the 63rd percentile of its annual range.

Digging deeper in the front-month series, significant put open interest resides at a number of underfoot options -- especially the August 72.50 strike, with more than 16,300 contracts. In fact, it looks like almost all of these positions have been initiated in the last two weeks, suggesting some traders may be counting on a fairly sharp drop for HOT.

Outside of the options pits, sentiment is less clear-cut. Half of the analysts tracking the shares rate them a "buy" or better, while the other half have doled out "hold" recommendations. Plus, just 1.3% of the stock's float is sold short.

As described earlier, Starwood Hotels & Resorts Worldwide Inc (NYSE:HOT) is in the M&A crosshairs today, but it's also one of several companies that reported quarterly results. For the second quarter, the hotel operator topped per-share profit expectations, but its current-quarter earnings forecast fell shy of estimates.

Facebook Inc (NASDAQ:FB) and Procter & Gamble Co (NYSE:PG) aren't the only companies making headlines today. So too are media mogul Comcast Corporation (NASDAQ:CMCSA), casino concern Wynn Resorts, Limited (NASDAQ:WYNN), and brokerage operation Investment Technology Group (NYSE:ITG). 

CMCSA's NBCUniversal unit is apparently about to infuse popular website BuzzFeed with a cool $250 million. CMCSA is also reportedly set to invest in Re/code parent Vox Media. CMCSA was last seen 0.1% higher at $62.56. Meanwhile, Walt Disney Co. (NYSE:DIS) -- a one-time BuzzFeed buyout candidate -- just hit a record best $120.33. Are traders hoping for a live-action Star Wars show on Netflix, Inc. (NASDAQ:NFLX)? 

Elsewhere in M&A Land, buyout buzz surrounding Starwood Hotels & Resorts Worldwide Inc (NYSE:HOT) and Intercontinental Exchange Inc (NYSE:ICE) was just squashed, while Penn Virginia Corporation (NYSE:PVA) said it has yet to receive a "credible bid."

Casino stocks are on fire this afternoon, and WYNN is no exception. The shares were last seen flirting with a 7.6% lead at $103.27, after the company reported quarterly earnings and said Wynn Palace -- its $4 billion resort in Cotai, Macau -- will open on March 25. (Meanwhile, Steve Wynn had a few words for on the Chinese government's market interference.) 

Finally, ITG has plunged 23.3% to $18.40, after the firm said it's prepared to pay $20.3 million for a "dark pool" settlement with regulators. The stock has been relegated to the short-sale restricted list, along with Stratasys, Ltd. (NASDAQ:SSYS).

 

For the most part, Asian bourses closed out the week higher. However, Chinese stocks still struggled, with the Shanghai Composite falling another 1.1%. The drop brings the index's monthly loss to 14.3%. The news today centered on Chinese regulators halting 24 trading accounts for unusual stock bidding and bid cancellation, according to Reuters. Elsewhere, Hong Kong's Hang Seng managed a 0.6% lead, as did South Korea's Kospi, bolstered by an upbeat report on industrial output. Amid mixed data on inflation and household spending, Japan's Nikkei closed 0.3% higher. 

Stocks in Europe are struggling to pick a direction around midday, as investors consider a fresh round of earnings, the latest U.S. gross domestic product (GDP), and continued weakness in commodities. France's CAC 40 is having the best day so far, advancing 0.2% on the heels of impressive earnings numbers from aerospace giant Airbus and lender BNP Paribas. In London, the FTSE 100 is down 0.2%, while Germany's DAX is 0.1% below breakeven.
 

Analysts are weighing in today on online travel portal Expedia Inc (NASDAQ:EXPE), MacBook maker Apple Inc. (NASDAQ:AAPL), and soda bottler Coca-Cola Enterprises Inc (NYSE:CCE). Here's a quick roundup of today's bullish brokerage notes on EXPE, AAPL, and CCE.

• EXPE posted better-than-expected second-quarter earnings, and is being met with applause on Wall Street. No fewer than 11 brokerages have raised their price targets on the stock, paced by Benchmark and RBC -- which set the highest bar, at $140. From the looks of it, Expedia Inc will open at a record high, up nearly 8% in electronic trading following yesterday's close at $107.61. The shares have already rallied 26% year-to-date, ushered higher by their 60-day moving average. An unwinding of short interest could further boost the equity. Short interest spiked 26.2% during the latest reporting period, and now makes up 11.8% of EXPE's float -- which would take over eight sessions to cover, at typical daily volumes.


• AAPL received a "buy" initiation and $145 price target at Nomura. The outlook is bold, considering the stock has never traded north of $134.54, and has pulled back 8% since its most recent high of $132.97, settling yesterday at $122.37. Weighing on Apple Inc. recently has been its mixed earnings report from earlier this month, in which the company forecast weaker-than-expected sales. Taking a step back, optimism is high among the brokerage bunch. Twenty of 33 analysts rate AAPL a "buy" or better, with not a single "sell" to be found. Plus, the stock's average 12-month price target of $147.72 stands in uncharted territory. A capitulation among these bulls -- in the form of future downgrades and/or price-target cuts -- could exacerbate selling pressure.


• CCE is up 10% ahead of the bell, after the company's upbeat earnings results -- and rumors of a potential three-way merger -- prompted a trio of price-target hikes. Specifically, Jefferies upped its target to $46, UBS raised its expectations to $49, and J.P. Morgan Securities boosted its target to $54. Technically speaking, Coca-Cola Enterprises Inc has been churning in the $41-$46.50 range for most of 2015, but its expected breakout could lift the shares above their record high of $50 from last August. Option traders over the past month have been rolling the dice on upside. CCE's 20-day call/put volume ratio across the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) is 5.25, with more than five calls bought to open for every put.

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Futures are in the red this morning, as traders digest a fresh round of economic data -- as well as a merciless month for China's Shanghai Composite. Among specific equities in focus are semiconductor concern NVIDIA Corporation (NASDAQ:NVDA), as well as drugmakers Merck & Co., Inc. (NYSE:MRK) and Medivation Inc (NASDAQ:MDVN).

• NVDA -- which will take its turn in the earnings confessional after next Thursday's close -- announced today it is recalling about 83,000 of its 8-inch Shield tablets due to a potential battery fire hazard. The news is having little impact on NVDA in electronic trading, with the stock lingering near last night's close at $20.02. Longer term, the security has been consolidating in the $19-to-$20 region since hitting a four-year high of $23.60 in late March. Option traders, meanwhile, having been upping the bearish ante in recent months -- which could be to their detriment, if history is any guide. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), NVIDIA Corporation's 50-day put/call volume ratio of 1.20 ranks just 1 percentage point from a 52-week peak.


• It's been a big week for MRK on the fundamental front, and today, Wall Street is digesting reports that the blue-chip's fast-tracked experimental Ebola vaccine has been 100% effective in its Guinea trial. At last check, the shares were up 1.4% ahead of the bell -- after settling Thursday at $58.52 -- and edging toward their Jan. 13 12-year peak of $63.62. In the options pits, short-term speculators are more put-skewed than usual, per Merck & Co., Inc.'s Schaeffer's put/call open interest ratio (SOIR) of 0.82, which sits higher than 72% of all similar readings taken in the past year. Echoing this is MRK's 10-day ISE/CBOE/PHLX put/call volume ratio of 0.78, which rests in the 74th annual percentile.


• News of a 2-for-1 stock split has shares of MDVN up 12% in electronic trading -- and poised to pop back above the century level, their 320-day moving average, and their year-to-date breakeven mark. In fact, each of these areas were comprised earlier this week, when reports suggesting slowing demand for the company's cancer drug, Xtandi, were met with bearish backlash from the brokerage bunch. Overall, analysts are bullish on Medivation Inc, with 10 "strong buys" versus three "hold" or worse ratings. Plus, the average 12-month price target of $137.40 stands at a 42% premium to Thursday's close at $96.97.

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Analysts are weighing in today on Internet real estate resource Zillow Group Inc (NASDAQ:Z), professional networking site LinkedIn Corp (NYSE:LNKD), and touchscreen designer Synaptics, Incorporated (NASDAQ:SYNA). Here's a quick roundup of today's bearish brokerage notes on Z, LNKD, and SYNA.

• Z, which will step up to the earnings plate next Tuesday evening, was hit with a downgrade to "underperform" from "market perform" at Cowen and Company, which also slashed its price target to $60 from $90. However, the stock is up 1.3% this morning at $84.20, paring its year-to-date deficit to 20.4%. Not surprisingly, sentiment on the Street is bearish toward Zillow Group Inc. Over 70% of covering analysts consider the underperformer a "hold" or worse, and 35% of its float is sold short -- representing almost eight days of trading, at Z's typical volumes.


• Despite posting better-than-anticipated second-quarter results, LNKD has plunged 9.9% this morning at $204.76, as investors worry about the company's widening quarterly losses and lackluster full-year sales forecast. Since touching a late-February record peak of $276.18, the shares have retreated nearly 26%. Contributing to today's swoon is a round of bearish analyst notes. Evercore ISI downgraded LinkedIn Corp's rating to "hold" and lowered its price target to $220, while explaining the company's "more conservative outlook" is the result of "limited visibility on its marketing solutions line, where it continues to make a transition away from high-priced premium display to feed-based and more performance-based ads." Similarly, Piper Jaffray trimmed its price target to $240. However, Jefferies, Needham, Cantor, and Raymond James each raised their price targets. Elsewhere, short-term option traders have been put-skewed toward LNKD. The stock's Schaeffer's put/call open interest ratio (SOIR) of 1.07 ranks in the 88th percentile of its annual range.


• SYNA is getting destroyed, after the company posted a disappointing fiscal fourth-quarter profit, offered up an uninspiring full-year revenue forecast, and received a subsequent round of bearish brokerage notes. Specifically, seven analysts cut their price targets on the stock, the most drastic of which came from Dougherty & Company -- which slashed its target to $78 from $90. At last check, Synaptics, Incorporated has dropped 6.8% at $73.89, and since hitting a mid-June record high of $102.50, the security's loss is 28%. Option traders see more downside on the horizon, too. SYNA's 10-day ISE/CBOE/PHLX put/call volume ratio of 0.98 ranks in the 71st annual percentile.

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GoPro Inc (NASDAQ:GPRO) is red-hot this morning, after the camera maker received an upgrade to "buy" from "neutral" at Citigroup. At last check, the shares are up 3.4% at $63.78, muscling back into positive year-to-date territory. More impressive yet, since touching an early March low of $37.13, the stock has zoomed almost 72% higher.

Amid this sustained uptrend, option traders have grown bullish. GPRO's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio is 3.12, with long calls more than tripling puts. What's more, this ratio registers above all but 5% of readings taken in the last year.

It's more of the same among the brokerage crowd. Nine of 13 analysts rate GPRO a "buy" or better, with not a single "sell" to be found. Likewise, the stock's consensus 12-month price target of $76.54 stands at a 20% premium to current trading levels.

At the same time, however, 17.3% of GoPro Inc's (NASDAQ:GPRO) float is sold short. In other words, there's still sideline cash available to power the shares higher. In fact, some of the aforementioned call buyers -- especially those focused on out-of-the-money strikes -- may be short sellers hedging against a sharp move to the north.

By Sudip Kar-Gupta

LONDON (Reuters) - U.S.-listed equity instruments tied to Greece have fallen around 20 percent since the Athens stock market was closed in late June, heralding a potentially rough start when it finally re-opens.

Greece aims to re-open its stock market <.ATG> on Monday after a five-week shutdown due to the country's debt and economic problems. The bourse is still awaiting a finance ministry decree detailing new trading rules.

While traders cautioned that it was hard to predict what the opening prices might be when the volatile Greek exchange resumes business, they said shares would most likely be under pressure.

"It will certainly be a market under severe pressure when it re-opens, and the banks could bear the brunt of it," said Toscafund analyst Takis Christodoulopoulos.

This was based on the performance of the "GREK" exchange traded fund (ETF) <GREK.K> - comprised of U.S. market listings of Greek companies - since the actual Athens stock exchange has been shut.

The "GREK" edged up 1.6 percent on Friday but remains down by around 20 percent over the last month.

National Bank of Greece's <NBGr.AT> U.S-listed equity instruments <NBG.N> also rose 1.7 percent on Friday but again are down some 20 percent in the last month.

"My estimate is that if it were to open right now, the Athens index would open between 625 and 645 points, a decline of between 19 and 22 percent from its last closing level on June 26," said Ilya Feygin, managing director at WallachBeth Capital.

The Athens Stock Exchange <EXCr.AT> was shut when the government closed banks and imposed strict limits on withdrawals and foreign transfers to prevent a run on deposits by savers and companies.

The benchmark ATG equity index is down by around 4 percent since the start of 2015, underperforming other European stock markets such as Germany's DAX <.GDAXI>, which is up around 15 percent so far in the same period.

The ATG fell at the start of June but then rose towards the end of that month, on signs Greece could get a new bailout deal.

Any sharp swing higher or lower on the Athens market when it re-opens could also lead to shares being temporarily suspended.

 

(Editing by Mike Dolan Editing by Jeremy Gaunt)

Jobs data will trickle in next week, culminating in the highly anticipated nonfarm payrolls report on Friday. After last week's reports from Facebook Inc (NASDAQ: FB) and social media sibs Twitter (NYSE: TWTR) and LinkedIn Corp (NYSE: LNKD), Dow titan Walt Disney (NYSE: DIS), electric vehicle maker Tesla Motors Inc (NASDAQ:TSLA), and a slew of other high-profile names -- as well as a plethora of biotechs -- will step up to the earnings plate.

Below is a brief list of some key market events scheduled for the upcoming week. All earnings dates listed below are tentative and subject to change. Please check with each company's respective website for official reporting dates.

Monday, Aug. 3

Monday will start with June personal income and personal spending figures. In addition, the Street will get the Markit purchasing managers manufacturing index (PMI), the Institute for Supply Management (ISM) manufacturing index, and construction spending and auto sales data for July. Also on Monday morning, Federal Reserve Governor Jerome Powell will make a speech in Washington, D.C., and Greek markets are expected to reopen.

Before the opening bell, Broadsoft (BSFT), Clorox (CLX), Loews Corp. (L), and Tyson Foods (TSN) will announce earnings. After the closing bell sounds, American International Group (AIG), Allstate (ALL), Avis Budget Group (CAR), Biomarin Pharmaceuticals (BMRN), Checkpoint Systems (CHKP), Ctrip.com (CTRP), General Growth Properties (GGP), Lending Tree (TREE), Microchip Technology (MCHP), Nautilus (NLS), Tessera Tech (TSRA), and Veeco Instruments (VECO) will slip into the earnings confessional. 

Tuesday, Aug. 4

The news docket is light on Tuesday, with factory orders for June the featured report.

Earnings releases will more than make up for the lack of news. Among the companies reporting are Walt Disney (DIS), Etsy (ETSY), First Solar (FSLR), Zillow (Z), Aetna (AET), Archer Daniels Midland (ADM), Beazer Homes USA, Inc. (BZH), Caesars Entertainment (CZR), Coach (COH), CVS Health Corp. (CVS), Devon Energy (DVN), Dreamworks Animation (DWA), Glu Mobile (GLUU), HomeAway (AWAY), Kellog (K), MBIA (MBI), MGM Resorts (MGM), Momenta Pharmaceuticals (MNTA), Mosaic (MOS), Office Depot Inc (ODP), Papa John's (PZZA), Regeneron (REGN), and Sprint (S).

Wednesday, Aug. 5

The ADP employment report will kick off the jobs data. In addition, traders will digest the latest international trade data and the ISM non-manufacturing index, as well as the regularly scheduled crude inventories report.

On the earnings front, Tesla Motors Inc (TSLA), Chesapeake Energy (CHK), Fitbit Inc (FIT), Herbalife (HLF), Keurig Green Mountain (GMCR), Transocean LTD (RIG), Agrium (AGU), Ariad Pharmaceuticals (ARIA), Barrick Gold (ABX), CBS Corporation (CBS), Clean Energy Fuels (CLNE), DISH Network Corp (DISH), GoDaddy (GDDY), Jazz Pharmaceuticals (JAZZ), Kate Spade (KATE), Lumber Liquidators (LL), Martha Stewart Living Omnimedia, Inc. (MSO), Perrigo (PRGO), Ralph Lauren Corp (RL), SodaStream (SODA), Time Warner Inc (TWX), Wendy's (WEN), and Zulily (ZU) will report.

Thursday, Aug. 6

Weekly jobless claims data will be announced Thursday morning.

3D Systems (DDD), DryShips (DRYS), Groupon (GRPN), NVIDIA Corporation (NVDA), Zynga (ZNGA), Acadia Pharmaceuticals (ACAD), Allergan (AGN), Amarin (AMRN), AMC Networks (AMCX), Brinker International (EAT), Build-A-Bear Workshop (BBW), Clovis Oncology (CLVS), Duke Energy Corp (DUK), FXCM (FXCM), Gogo (GOGO), hhgregg (HGG), Lions Gate Entertainment Corp. (LGF), Marathon Oil Corporation (MRO), Melco Crown Entertainment (MPEL), Molson Coors Brewing Company (TAP), Mobileye NV (MBLY), Monster Beverage (MNST), Mylan (MYL), New York Times (NYT), Orbitz (OWW), Plug Power (PLUG), SeaWorld (SEAS), Shutterstock (SSTK), Sunedison (SUNE), TrueCar (TRUE), Viacom (VIAB), and Wingstop Inc (WING) are scheduled to report.


Friday, Aug. 7

The highly anticipated nonfarm payrolls report will hit the Street Friday.

BioCryst Pharmaceuticals (BCRX), Blue Nile Inc (NILE), Cablevision Systems (CVC), Hershey Co (HSY), Horizon Pharma (HZNP), and Sothebys (BID) all report earnings.

SoulCycle is about to hit Wall Street, as the exclusive fitness studio filed for an initial public offering (IPO) yesterday, with a $100 million fundraising target. The brand is hardly a household name, but that doesn't mean it hasn't been a major success story.

According to its preliminary prospectus, SoulCycle -- which offers immersive, high-intensity spinning classes -- has been growing by leaps and bounds. From one Manhattan studio in 2006, the company has expanded to 38 locations centered around New York City, Los Angeles, and San Francisco. In fact, SoulCycle derives 97% of its revenue from these three metro areas.

Digging deeper on the numbers, the fitness firm earned $25 million in 2014 on $112 million in revenue. Year-over-year, earnings and revenue grew 39% and 49%, respectively. Also enticing for potential investors, advertising expenses are on the decline, thanks to SoulCycle's strong presence in the social media world.

Of course, it's easy to make money when you're bolstered by support from A-list celebrities, including Demi Lovato and Lady Gaga. Indeed, SoulCity has a cult-like following, allowing it to charge close to $80 for a pair of sweatpants, and almost $40 for a 45-minute session -- yet still boast an 85% customer retention rate.

That's not to say SoulCycle's bulletproof. In its prospectus, the company put its finger on a few potential Achilles heels, including a social media backlash and supply chain concerns surrounding its proprietary bike.

Bulls and bears are playing a mean game of tug of war with the Dow today. On the one side, there is a soft batch of economic data -- which has traders chewing on the possibility that a September rate hike may not happen. On the other side, there is a dismal round of earnings reports from blue-chip energy heavyweights Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM), with each stock sitting decidedly lower.

CVX, for example, is down 4.5% at $88.82 -- and fresh off a three-year low of $88.56 -- after the company posted its worst quarterly profit in almost 13 years. Specifically, CVX said its second-quarter adjusted profit was 97 cents per share, well below the $1.16  per share analysts were expecting. Revenue, meanwhile, arrived above the consensus estimate. "Multiple efforts to improve future earnings and cash flows are underway," said CEO John Watson in a subsequent statement.

Today's negative price action just echoes the equity's longer-term trajectory, with Chevron Corporation off 33% from its annual high of $131.97, tagged one year ago today. Option traders have kept the faith, though, and at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), CVX's 10-day call/put volume ratio of 1.32 ranks in the 74th annual percentile. It's just more of the same this afternoon, with calls trading at 1.8 times what's typically seen, and buy-to-open activity detected at the equity's weekly 7/31 90-strike call.

It's a similar set-up for XOM, which has surrendered 4.4% to churn near $79.40 -- and hit a three-year low of $78.93. This morning, the company said its second-quarter profit plunged 52% to $1 per share, missing the average forecast for $1.11 per share. Sales, on the other hand, came in above what analysts were expecting.

Longer term, the security has struggled in step with crude -- down 22% since notching an annual high of $101.98 this time last year. This post-earnings sell-off could find a welcoming committee in the options pits. Exxon Mobil Corporation's 50-day ISE/CBOE/PHLX put/call volume ratio of 1.99 sits higher than 86% of all comparable readings taken in the past year. It's a trend that's continuing in today's session, with puts crossing the tape at four times what's typically seen at this point in the day.

Analysts are weighing in today on fuel logistics firm World Fuel Services Corp (NYSE:INT), airline company SkyWest, Inc. (NASDAQ:SKYW), and biotech concern Amgen, Inc. (NASDAQ:AMGN).

• INT saw quarterly earnings fall to 42 cents per share, well short of Wall Street's expected earnings of 71 cents per share. Let's just say that analysts weren't the biggest fans of INT following the disappointment in the earnings spotlight. Evercore ISI cut its price target on INT to $42 from $52, BofA-Merrill Lynch cut World Fuel Services Corp to "underperform," Stephens lowered INT to "equal weight," and Credit Suisse lowered its target price for INT to $50 from $60. The stock has averaged a one-day post-earnings move of 4.5% over the past eight quarters. Today, however, INT has plunged 13.2% to sit at $40.98 -- exacerbated by a sell-off among energy names -- after earlier touching a three-year low of $33.83. The stock is now sitting south of its 50-month moving average, which hasn't been breached on a monthly closing basis since early 2009. 

• SKYW is taking off today, after the firm said it swung to a second-quarter profit. SkyWest, Inc.'s solid performance earned it a handful of price-target hikes. Deutsche Bank and Evercore ISI both raised SKYW's target to $20 from $16, with the latter upgrading the stock to "buy." Cowen and Company raised SKYW's price target by $1 to $16, and Raymond James elevated its target to $18 from $16.50. Technically, SKYW has soared 18.5% to $16.58, and is now nearly 25% higher year-to-date. The stock is now bumping up against familiar resistance in the $17 neighborhood. We could see pessimism unwind toward SKYW in the options pits, as the company's Schaeffer's put/call open interest ratio (SOIR) of 1.14 is higher than 96% of the readings taken in the past year.

• Finally, AMGN is 3.1% higher at $177.07, and earlier notched an all-time peak of $181.81. Earnings are the catalyst again, as Amgen, Inc. reported solid second-quarter figures and upped its full-year guidance. Analysts then jumped on the AMGN bandwagon, kicked off by Piper Jaffray raising the biotech's price target to $200 from $192 with an "overweight" rating. RBC, Cowen and Company, J.P. Morgan Securities, and Deutsche Bank all followed suit. In the past, the stock has battled resistance in the $170 region, which could now switch roles to act as support.