Maxwell Meyers is the Executive Producer for CNBC's Options Action, Futures Now and Talking Numbers. Since joining CNBC in 2005, Meyers has served as the Senior Producer of The Strategy Session, Money in Motion Currency Trading and a Producer for both Fast Money and Mad Money with Jim Cramer. Prior to joining CNBC, Meyers worked at CNNfn, where he was a part of the launch of Open House. He has written for Kiplinger's Personal Finance, The Bond Buyer and CNBC.com.
On Friday's very fine episode of "Options Action," the fab five discussed how implied volatility was rich compared to realized volatility. More simply put, options traders were overpricing expected moves for stocks, which means if you had sold some of that volatility heading into earnings, you'd be sitting on some extra cash.
In minutes from now, Apple will release quarterly earnings. In what could be a preview of what's to come, AT&T reported results that topped expectations. The telecom giant added 1.2 million net new subscribers, with the company getting a heavy assist from Apple in the form of 1.6 million new iPhone accounts.
What to make of the relative strength of Morgan Stanley? The bank is set to report earnings on Wednesday, and on a day when the broader financials are off 11%, with Citigroup and Bank of America off a respective 19% and 24%, Morgan is hanging in there, down only 5%.