Oracle reported lower-than-expected revenues on a year-over-year decline in revenue of 2.3%.  Profits were equal to the average Wall Street forecast, and up to $0.53 per share from $0.48 last year.  The stock is trading slightly higher pre market open.  Darden Restaurants (DRI) reported in-line EPS and revenues.

Asian stocks posted small gains as the Shanghai index was up less than 0.1% and the Nikkei was up 0.2%.  European stocks are up as well.  The Spanish stock exchange is posting a stronger 1.3% gain on an article in a major newspaper that Spain is working with European officials on a bailout.

Our market sentiment indicator remains bullish.  In options, there was bullish flow on Autozone (AZO) following their better than expected earnings announcement two days ago.  Market makers in AZO transitioned from a bearish to bullish bias and are currently long AZO delta.

In Dish Network Corporation (DISH) there was a buyer of 10,000 Jan 45 calls.

In Jetblue (JBLU) there was a buyer of 3600 Dec 6 calls.  A week ago, the company reported that August traffic was up 13.1% year over year and capacity increased by 12.8%.

In McGraw Hill (MHP) there was a buyer of 2,000 Nov 55 Calls.

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