Analysts are weighing in today on tech giant Intel Corporation (NASDAQ:INTC), insurance issue Assured Guaranty Ltd. (NYSE:AGO), and retailer Macy's, Inc. (NYSE:M). Here's a quick look at today's brokerage notes on INTC, AGO, and M.

• INTC is 0.5% lower today at $30.88, after Pacific Crest lowered its price target to $35 from $37. The shares have been battling back since hitting an annual low of $29.31 in late March, but option traders have been betting on downside. Intel Corporation's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio stands at 1.09 -- higher than 69% of all other readings from the past year. This bearish outlook has spilled outside the option pits, as well. Over the two most recent reporting periods, short interest on INTC increased 16.2%. Should the stock bounce back, an unwinding of this negativity could result in tailwinds.


• AGO is down 12.8% today at $23.92, after Puerto Rico's governor said the territory's debt was "unpayable." With the drop, the stock has now given back all of its year-over-year gains, something option traders are likely happy to see. Assured Guaranty Ltd.'s 10-day ISE/CBOE/PHLX put/call volume ratio of 9.63 ranks in the 82nd percentile of its annual range. Brokerage firm BTIG is similarly bearish. The firm lowered its outlook on AGO to "neutral" from "buy" this morning, and also removed its price target.


• Deutsche Bank weighed in on M this morning, cutting the stock's rating to "sell" from "buy," and lowering its price target by $8 to $63. The brokerage firm cited concerns with the company's same-store sales, and increasing cost pressure in health care, shipping, and retirement. The shares are now 2.4% lower at $68.15, though they've outperformed the S&P 500 Index (SPX) by almost 8 percentage points in the past 40 sessions. Most analysts are on the skeptical side. Of the 16 brokerage firms with coverage on Macy's, Inc., nine rate it a "hold" or worse. Plus, the equity's average 12-month price target of $68.53 is in line with its current perch.

Stocks in Asia sold off sharply today, as Greece's inability to reach an agreement with its international creditors -- just ahead of the country's Tuesday deadline to repay an International Monetary Fund (IMF) loan -- overshadowed a bigger-than-expected interest rate cut from the People's Bank of China. Specifically, the Shanghai Composite fell 3.3%, putting it in bear-market territory. Meanwhile, Japan's Nikkei plunged 2.9% on a round of mixed data -- including a wider-than-anticipated fall in industrial production  -- and a stronger yen. Meanwhile, Hong Kong's Hang Seng and South Korea's Kospi gave back 2.6% and 1.4%, respectively.

European equities are getting hit by the aforementioned Greek crisis, amid news that the country's banks will not open this week -- which is weighing on financial stocks throughout the eurozone. Meanwhile, trading in Athens will remain shuttered until July 6, one day after a scheduled referendum on Greece's bailout deal. At last check, London's FTSE 100 is off 1.8%, France's CAC 40 is down 3.6%, and the German DAX has given back 3.1%.

We are still more than a week away from Alcoa Inc's (NYSE:AA) unofficial kick-off to earnings season, and notable earnings reports remain light. The news cycle continues to spin, though, with speculators eyeing Greece's June 30 debt-repayment deadline. Also on June 30, Apple Inc. (NASDAQ:AAPL) will launch its highly anticipated Apple Music service. As the market will be closed on July 3 to allow U.S. investors to go fireworks shopping, the highly anticipated nonfarm payrolls report will hit the Street a day early.

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, June 29

The pending home sales index for May will be released Monday morning, as will the Dallas Fed's manufacturing survey. Earnings announcement after the closing bell sounds include Apollo Education Group, Inc. (APOL) and CHC Group (HELI).

Tuesday, June 30

Should Greece and its creditors not reach a bailout agreement by Tuesday -- the country's deadline to repay the International Monetary Fund (IMF) $1.7 billion -- talk of a default and "Grexit" will likely dominate headlines. On the home front, St. Louis Fed President James Bullard will speak, and the Street will digest the S&P Case-Shiller home price index for April, the Chicago purchasing managers index (PMI), and June's consumer confidence data. Before the bell, ConAgra Foods Inc (CAG) and Schnitzer Steel Industries (SCHN) will step into the earnings confessional.

Wednesday, July 1

The ADP employment report will get the jobs data rolling. The Markit PMI, Institute for Supply Management (ISM) manufacturing index, construction spending, and the regularly scheduled crude inventories report will also be released Wednesday morning. General Mills Inc. (GIS), Constellation Brands, Inc. (STZ), Paychex, Inc. (PAYX), and Acuity Brands, Inc. (AYI) all report earnings before the bell, while Global Power Equipment Group Inc (GLPW) and Progress Software Corporation (PRGS) come in to focus after the bell.  

Thursday, July 2

The holiday-shortened week comes to a close with quite a bang, with weekly jobless claims and the highly anticipated nonfarm payrolls report on tap, along with May factory orders. There are no earnings reports of note.

Friday, July 3

U.S. markets will be closed for the July 4 holiday.

Most Asian markets finished lower today, as anxiety over Greece's fiscal status continued to weigh on investor sentiment. China's Shanghai Composite once again logged the worst losses, plunging 7.4% -- its biggest one-day drop since Jan. 19 -- on deleveraging and liquidity concerns. The index is now on the cusp of entering bear-market territory. Hong Kong's Hang Seng also felt the heat of China's sell-off, shedding 1.8%, while Japan's Nikkei fell 0.3% despite stronger-than-forecast household spending data. South Korea's Kospi managed to outperform its regional peers, tacking on 0.3%.

European benchmarks are mixed at midday, after yesterday's Eurogroup summit failed to produce a resolution to Greece's debt crisis. Greece's creditors are calling for a deal to be reached this weekend, with German Chancellor Angela Merkel explaining eurozone leaders have "agreed that everything must be done to find a solution on Saturday." Against this backdrop, the French CAC 40 is up 0.4%, while London's FTSE 100 is down 0.5%, and the German DAX is slightly lower.

Analysts are weighing in today on microprocessing savant ARM Holdings plc (ADR) (NASDAQ:ARMH), hospital operator Community Health Systems (NYSE:CYH), and industrial issue Chart Industries, Inc. (NASDAQ:GTLS). Here's a quick roundup of today's brokerage notes on ARMH, CYH, and GTLS.

• ARMH is taking it on the chin today, after receiving a downgrade to "underperform" from "market perform," and a price-target cut to 800p from 1,000p, at Bernstein. Specifically, the brokerage firm said, "We see a genuine risk of the smartphone slowdown observed in 1Q 2015 being the first of a series, more than an inventory correction." At last check, the shares were off 5.4% at $50.99. In recent months, ARM Holdings plc has been churning in the $51-$54 range, following a sharp rally off its annual low of $37.75 in late October. Options traders, meanwhile, have been counting on a break out. ARMH's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio sits at 18.66 -- above all but 10% of readings from the past year.


• CYH is fresh off a record high of $64.82, as healthcare stocks continue to surge in the wake of the Supreme Court's Obamacare ruling. Also helping the shares climb is a rush of bullish brokerage attention. For instance, Wells Fargo and Mizuho -- which also weighed in on Tenet Healthcare Corp (NYSE:THC) -- both upgraded Community Health Systems to the equivalent of a "buy" opinion, while the latter bumped its price target to $83.90, as well. Jefferies, which upped its price target to $79, said, "we believe hospital stocks still have room to run up as multiples continue to gradually creep higher to more appropriate levels." On the other hand, Raymond James downgraded CYH to "market perform." Taking a step back, the brokerage crowd has been bullish toward the shares for some time, as 70% rate them a "buy" or better, with not a single "sell" to be found. At last check, CYH is up 3% at $64.31.


• GTLS is benefiting from an upgrade to "buy" at Northcoast, adding 5.4% to flirt with $37.22. Longer term, the shares have now advanced 8.8% year-to-date, and are on track to close above their 80-day moving average -- which rejected a rally earlier this month -- for the first time since May 21. Elsewhere, short-term options traders have been call-skewed toward Chart Industries, Inc. The stock's Schaeffer's put/call open interest ratio (SOIR) of 0.59 sits below more than four-fifths of comparable readings from the past year.

This morning, the Supreme Court of the United States (SCOTUS) issued a ruling that same-sex partners have a constitutional right to marry -- doing away with state bans against the practice. Not only did SCOTUS' decision cause a flurry of news across the various major news outlets, but it is also causing a bit of a bump for XO Group Inc (NASDAQ: XOXO). The parent company for The Knot, The Bump, and The Nest advanced nearly 4% in the immediate wake of the announcement, with some firms estimating the ruling will translate into a "gay-marriage stimulus package."   

The shares have backed off a bit, but are still about 1.1% higher on the day, at $16.23. XOXO's site director told MarketWatch, "As we celebrate the Supreme Court's decision to legalize marriage equality for the entire country, our study shows that LGBTQ couples are hosting intimate weddings, with a focus on the guest experience and lots of personalized details."  

Technically, if you want the definition of a stock caught in a sideways trend, you should look to XOXO. The stock has spent most of 2015 bumping into resistance at $18, only to find support in the $15.50-$16 region. What may be encouraging is the stock's 10-month moving average is moving into the $15.50 area, and could help the shares break out. 

On the sentiment side, however, Wall Street isn't optimistic. The stock's Schaeffer's put/call open interest ratio (SOIR) of 1.05 stands higher than 92% of all other readings from the past year, suggesting short-term option traders are more put-heavy than usual. Likewise, short interest on XO Group Inc (NYSE:XOXO) surged 34.2% during the past two reporting periods.

Meanwhile, other stocks that saw post-SCOTUS jumps include jewelry retailers Blue Nile Inc (NASDAQ:NILE) and Signet Jewelers Ltd. (NYSE:SIG), as well as luxury goods titan Tiffany & Co. (NYSE:TIF). 

It's been a tremendous few weeks for IPOs, and that trend is continuing today. AlarmCom Hldg Inc (NASDAQ:ALRM) is breaking out in its Wall Street debut, surging 14.8% from its IPO price of $14 (subscription required) to trade at $16.07, while Xactly Corp (NYSE:XTLY) has tacked on an even more impressive 16% at $9.28.

Meanwhile, Wall Street rookie Fitbit Inc (NYSE:FIT) is pulling back, down 4.1% at $35.10, even as the fitness stock's options began trading today -- the earliest listing date possible, according to Options Clearing Corporation (OCC) rules. So far, 1,700 puts are on the tape, versus roughly 1,440 calls. Most active is the weekly 7/2 34.50-strike put, which option bears are buying to open in hopes of a continued decline through next Thursday's close, when the series expires.

In related news, options trading began earlier this week on Wingstop Inc (NASDAQ:WING) -- which publicly debuted just four sessions prior to FIT. However, volume has been extremely light, with just 30 contracts crossing per day, on average. Things are even slower this afternoon, with just one WING put and not a single call changing hands.

Monster Beverage Corp (NASDAQ:MNST) is up 1.6% today to trade at $138.38. While rumors are swirling that The Coca-Cola Co (NYSE:KO) -- which already owns a 17% stake in MNST -- could be interested in the energy drink issue, today's rise is most likely due to a price-target hike to $167 from $166 at Cowen and Company, territory yet to be traveled. Regardless, near-term option traders are rolling the dice on more upside, with calls crossing the tape at four times the average intraday pace.

Diving deeper, weekly calls are hot today, with buy-to-open activity detected at the 6/26 and 7/2 138 strikes. Meanwhile, longer-term traders are potentially purchasing new positions at the August 135 and 165 calls. By initiating the long calls, speculators expect MNST to settle north of the strikes at the respective expiration dates.

Widening the sentiment scope reveals traders have shown a preference for puts over calls among options slated to expire in three months or less. In fact, MNST's Schaeffer's put/call open interest ratio (SOIR) of 1.47 sits just 2 percentage points from a 52-week peak, meaning speculative players have rarely been as put-skewed as they are now.

In any event, those purchasing near-term options are in luck. MNST's Schaeffer's Volatility Index (SVI) of 22% sits lower than 99% of all similar readings taken in the past year. Simply stated, premium on the stock's short-term options is pricing in extremely low volatility expectations at the moment.

Outside of the options pits, sentiment among the brokerage bunch is lukewarm. More than 57% of analysts covering the shares maintain a "hold" recommendation, while the average 12-month price target of $149.50 stands at a 8% premium to current trading levels. Should Monster Beverage Corp (NASDAQ:MNST) extend its nearly 28% year-to-date lead, another round of bullish brokerage notes could be on the horizon.

One of the key aspects of contrarian trading is sentiment analysis. That is, judging the Street's feelings on a stock. One primary bullish indicator for this is short interest. In other words, a trader can identify a stock with strong technicals, but heavy short interest -- a situation that may induce a short-covering rally, as bears are forced to buy back their losing bets. With this premise in mind, Schaeffer's Senior Quantitative Analyst Rocky White sent over 50 stocks that have seen massive increases in short interest during the most recent reporting period. Three notable names from the list are semiconductor concern Avago Technologies Ltd (NASDAQ:AVGO), health insurance firm CIGNA Corporation (NYSE:CI), and commodity concern Newmont Mining Corp (NYSE:NEM).

AVGO has been trending higher for nearly two years now, with the shares touching an all-time high of $150.50 on June 1. Over the past 12 months, in fact, the stock has nearly doubled in value. Today, the equity is feeling the heat from sector peer Micron Technology, Inc. (NASDAQ:MU) -- down 2.1% at $136.36 -- but appears to have found support from its 40-day moving average, a level that contained a number of AVGO's pullbacks since last October. 

Despite these strong technical figures, short interest exploded on AVGO during the most recent two-week reporting period, jumping 399%. It would now take three days to cover all of the stock's shorted shares. What's impressive is the security's ability to remain in all-time-high territory amid this monstrous selling pressure.

Earlier today, CI touched an all-time high of $170.68, but has since cooled off, trading 1.7% lower at $166.92. Over the past 12 months, though, the shares are up 82%, and got a boost yesterday from the Supreme Court's "Obamacare" decision. 

These gains haven't impressed all traders, with short interest increasing almost 49% during the most recent reporting period. These bears may be on to something, too, because according to the data, CI is overbought. That is, the stock's 14-day Relative Strength Index (RSI) stands at a whopping 84. In other words, a near-term pullback may have been in the cards.

Lastly, there's NEM, which has had an up-and-down year on the charts. Still, the shares stand 26% above their year-to-date breakeven mark at $23.83. Regardless, it remains a favorite among the short-selling community. During the most recent reporting period, short interest rose 76.1%. However, going on NEM's average daily volumes, it would still only take bears under two sessions to buy back their bets. 

The skepticism has been high in the options pits, as well. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), NEM's 50-day put/call volume ratio of 1.00 ranks in the 96th percentile of its annual range. In other words, puts have been bought to open over calls with more rapidity just 4% of the time within the past year.

The next short interest report will come out next week. It'll be interesting to see if short sellers hang around, or if Avago Technologies Ltd (NASDAQ:AVGO), CIGNA Corporation (NYSE:CI), and Newmont Mining Corp (NYSE:NEM) can benefit from their quick exit. 

Last week, we took a look at 3 Keys to Successful Contrarian Trading. This week, we are going to continue our educational series by taking a look at the two different types of options.

First things first, let's define an option. An option is a contract that give the investor the right -- not the obligation -- to buy or sell a set amount of an underlying security at a predetermined price (the strike) and by a predetermined date (expiration). Typically, an option contract represents 100 shares of an underlying stock and is priced on a per-share basis. Therefore, you may see an option on stock XYZ at $2. This means that the option will cost $200, as it gives the buyer the right to purchase (or sell) 100 shares of XYZ at a set price. 

With that simple definition out of the way, let's take a look at the two types of options: calls and puts. A call is an option contract that gives the buyer (also known as the holder) the right to purchase the underlying stock at the strike price on or before the expiration date of the contract. Generally, a call buyer is bullish toward the underlying stock, believing it will surpass the strike price by options expiration.

So, let's say you're bullish on XYZ, which is trading at $50. You might buy the August 55 call, expecting the shares to surmount $55 (the strike) by the time August options expire. If the stock does move north of the strike, the call will be in the money, and you could exercise your option. In other words, you could buy 100 shares of XYZ at $55 apiece -- a discount to what you'd pay on the Street. (And, of course, this isn't including what you originally paid for the option or brokerage fees.)

On the other hand, if you didn't want to own those XYZ shares, you could sell to close the call before it expires, capitalizing on the gain in premium. For instance, if your August 55 call was purchased for $2 and it jumped to $5 within the option's lifetime, you could sell it to close and pocket $3 ($5 minus premium paid), excluding fees.

As stated, a call buyer is generally bullish toward the underlying stock – but what if the investor is bearish? That's where put options come in. A put is an option contract that gives the buyer the right to sell the stock at a given strike price on or before the expiration date of the contract. 

Going back to XYZ, let's say you're bearish. The stock is still trading around $50, and you decide to buy the August 45 put. The put will move into the money if XYZ breaches $45 by August expiration. If the stock moves in your favor, you could exercise the put and sell 100 shares of XYZ at $45 apiece -- a premium to what you'd get on the Street.

Again, though, if your put is in the money and worth more than you paid, you could sell to close the option for a profit (excluding those fees and commissions).

We are going to take a deeper look ways to play puts and calls in the coming weeks, make sure to check back and learn more about option basics. Remember, you can always take advantage of our Getting Started with Options home-study program -- click here for more information.

Analysts are weighing in today on telecommunications juggernaut AT&T Inc. (NYSE:T), financial concern Bank of America Corp (NYSE:BAC), and food delivery service GrubHub Inc (NYSE:GRUB). Here's a quick roundup of today's bullish brokerage notes on T, BAC, and GRUB.

• With the company possibly one step closer to closing its deal with DIRECTV (NASDAQ:DTV), T is basking in positive analyst attention this morning. Bernstein raised its price target on the stock to $38 from $34, while Cowen and Company upgraded T to "outperform" from "market perform." The latter firm also raised its price target to $40 from $35, citing expected benefits from the DTV deal, and noting that the stock is historically cheap at the moment.
  
  While AT&T Inc. is heavily shorted -- short interest represents 10 times the stock's average daily trading volume -- near-term speculators have taken a call-skewed approach. T's Schaeffer's put/call open interest ratio (SOIR) of 0.64 not only indicates call open interest trumps put open interest among options expiring within three months or less, but also ranks just three percentage points from an annual low. In other words, short-term traders have been much more interested in calls over puts than normal. The shares settled at $35.57 yesterday -- almost 6% higher on a year-to-date basis. 


• Raymond James weighed in on several financial stocks this morning, and for BAC, this meant a price-target hike to $19 from $18. This marks territory the stock hasn't reached since April 2010, though it represents a relatively reasonable 10.3% premium to yesterday's close at $17.22. Bank of America Corp earlier this week pulled back to meet its rising 40-day moving average amid the turmoil in Greece, as option traders continue to target calls. The equity's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio of 5.24 outranks 75% of similar readings from the past year. In other words, call buying has been popular lately. 


• Late Wednesday, RBC raised its opinion on GRUB to "outperform" from "sector perform," but also lowered its price target to $42 from $46. The shares didn't fare too well during the first half of 2015, as they're 12.8% lower year-to-date. Regardless, analysts have kept their feet planted on the bulls' side of the aisle. Of the 13 brokerage firms with coverage on GrubHub Inc (NYSE:GRUB), 11 say it's a "strong buy." 

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Analysts are weighing in today on money transfer issue Xoom Corp (NASDAQ:XOOM), as well as commodities concerns Alcoa Inc (NYSE:AA) and Cliffs Natural Resources Inc (NYSE:CLF). Here's a quick roundup of today's bearish brokerage notes on XOOM, AA, and CLF.

• XOOM is surging ahead of the bell, after being acquired by PayPal -- itself owned by eBay Inc (NASDAQ:EBAY) -- for $890 million in cash, or $25 per share. The purchase price represents a premium of nearly 21% to last night's close at $20.70, and has Xoom Corp up by an equivalent margin. On the Street, Baird downgraded XOOM to "neutral" from "outperform," but -- along with Stifel -- upped its price target to $25. Meanwhile, short sellers may be feeling the heat this morning. A lofty 15.8% of the equity's float is sold short, which represents more than 11 sessions' worth of pent-up buying power, at typical volumes.


• Deutsche Bank weighed in on a number of metal producers, including AA -- lowering its price target by $3 to $16. The downward revision is hardly surprising (or unprecedented), considering the stock has lost 30% year-to-date to trade at $11.07, and just yesterday touched an annual low of $10.94. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders have bought to open 6.70 Alcoa Inc calls for every put over the past 10 sessions -- a ratio that ranks in the bullishly skewed 87th percentile of its 52-week range. Looking ahead, AA will unofficially kick off second-quarter earnings season next Wednesday night.


• CLF also got hit with a price-target cut from Deutsche Bank, which trimmed its forecast to $5 from $5.50. Yesterday, the stock settled at $4.21, down more than 73% year-over-year, and close to a decade-plus low of $4.12, touched in mid-March. This morning, however, the shares are up 1.2% in electronic trading. Short sellers have been flocking to Cliffs Natural Resources Inc amid its long-term downtrend. Nearly half of the equity's float is sold short, representing nine days of trading, at typical volumes.

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