Top Takes From RealMoney

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1. Earnings Housekeeping
By Timothy Collins
8:48 a.m. EDT

NetEase (NTES Quote) is not living up to the high expectations of the Street, even with the beat. I have seen at least one downgrade this morning at PacCrest. NTES shares are down about 7% right now. I will sell at least half my August 49 puts around the open.

Urban Outfitters (URBN Quote) is getting a nice pop in the premarket as revenues were in line, but EPS beat. This wasn't a big call spread for us, but I will do my normal, which is sell half, then set stops for the only long call spreads. Wal-Mart (WMT Quote) came out with solid numbers and solid guidance, though it was a tad disappointing on the revenue shortfall for the quarter. The short straddle looks all right here, since we were short twice as many puts as calls at the 50 strike, but I will have to see where it opens. My inclination is to close the trade if there is a profit there, no matter how small. This one may gravitate toward $52.50 for expiration.

Last, Bally Tech (BYI Quote) was solid on EPS, light on revenues, and gave a similar outlook to last quarter. There is a decent size short interest in this one, and I am apt to let the August 35-40 call spread sit for a bit here.

Long BYI, URBN, short NTES, WMT Aug 50 straddles.