Profit Worries Lead to Heavy Buying of B.J. Services Puts

With one week remaining before options expire, earnings chatter continues to fuel activity in the market.

Volatility Index
Today	% Change
25.01	+4.78%
Source: ILX

Oil drilling services firm B.J. Services(BJS Quote) saw plenty of put activity on the Chicago Board Options Exchange and the Philadelphia Stock Exchange today. The rumpus comes on the heels of a business outlook from fellow driller Rowan(RDC Quote) last Thursday. Rowan said the third-quarter outlook for drilling and oilfield firms was uncertain. The news, combined with the recent drop in crude oil prices, caused oil stocks to tumble. The CBOE Oil Index is down 12% since May 18.

Nasdaq Volatility Index
Today	% Change
53.19	-0.52%
Source: ILX

...