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May 23, 2013  Thu 7:24 AM CT

HPQ: SEE CHART GET CHAIN FIND STRATEGIES

Hewlett-Packard earned $0.87 a share in the second quarter, while analysts had only expected $0.81. Revenue missed, but management raised its full-year outlook as cost cuts boost profitability. The company is also shifting its focus toward corporate services and away from the shrinking PC market. HPQ surges 12 percent before the bell on my tradeMONSTER platform.

PetSmart earned $0.98 a share, beating the $0.96 average analyst estimate. Revenue missed for the quarter, but sales projections for the full year were raised. PETM climbs almost 3 percent in the premarket.

Pacific Sunwear of California reported first-quarter sales of $169.84 million, better than the $164.2 million consensus number. Outlook for the full year was also higher than expected, with revenue seen at $209 million to 219 million. PSUN climbs 14 percent in early trading.

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Real vs. Synthetic

We now know that there are two ways of creating a call position, a put position, and a stock position. We can simply use the actual real security or we can recreate it synthetically. We can create these positions in both long and short forms and this ability sets up an interesting scenario--an arbitrage!

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