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June 11, 2013  Tue 7:31 AM CT

CTRX: SEE CHART GET CHAIN FIND STRATEGIES

10-Year Deal Removes Uncertainty

Pharmacy-benefits company Catamaran announced it won a key 10-year contract with health insurer Cigna. The deal lifts a major cloud of uncertainty over the Canadian company, and CTRX is up 13 percent before the opening bell on my tradeMONSTER platform. (There's been plenty of upside option activity in this name recently as well, folks.)

Lululmemon Drops on CEO Departure

Lululemon Athletica announced that CEO Christine Day will leave the company, and the board has begun the search for a replacement. It also reported better-than-expected quarterly results, but investors are focusing on that leadership question, sending LULU down by 15 percent in early trading.

SEC Probe Sinks Corinthian Colleges

Corinthian Colleges announced it received a subpoena from the United States Securities and Exchange Commission last week. The agency is seeking information relating "to student information in the areas of recruitment, attendance, completion, placement, defaults on federal loans and on alternative loans, as well as compliance with U.S. Department of Education financial requirements, standards and ratios." COCO tanks 14 percent on the news.

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The Movement of Delta

In our last column, we spoke about delta. You might remember that we discussed what delta was and what factors affected or changed delta. As you recall, we stated that three factors will have an effect on delta. They were movements of time, volatility, and underlying price. Today, we want to take a further look into the change of delta, this time focusing on change due to the movement in the underlying price. 

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