MMM, CHKP up 6% SAFC gapped nicely as we said it was a choice to hold over the weekend for a chance to capture the gain. Might continue up after a pullback. At the rate this market is moving, most gaps will CRAP so it would have been okay to hold them with the risk. MMM although the puts are gone, and the earnings were okay as we suspected consider the August 125 calls if MMM takes out 111.90 from the July 125 puts.
SAFC 8:38AM SAFECO beats by $0.07; reaffirms full yr (SAFC) 26.31: Reports Q2 earnings of $0.37 per share, $0.07 better than the Multex consensus. Revs rose 4.8% year/year to $1.80 bln. SAFC remains comfortable with analysts' estimates for the full yr of $1.50-$1.80.