Capital One (COF) is down a nickel to $27.78 after reporting a quarterly loss of 65 cents per share and 8 cents better than Street estimates of 73 cent loss. Investors might be more focused on the 6 percent increase in charge offs. American Express (AXP) is also lower today after the company reported a 48 percent drop in profits on increasing charge-offs. The bearish sentiment is being reflected in the options market, with one investor paying $3.85 per contract for 12,000 COF Sep 29 puts early. 16,700 contracts now traded. Looks like buyers of COF September 25 puts as well.
Meanwhile, implied volatility is lower in Microsoft (MSFT), Amazon.com (AMZN),