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Late Tuesday, PeopleSoft (PSFT – 41-3/4) revealed third-quarter earnings of eight cents per share, which exceeded Street predictions by a penny per share. In reaction to this positive earnings surprise, the firm has been upgraded today by two different brokerage houses, moving from "hold" to "buy" and from "market perform" to "market outperform.
The security is up nine points, or more than 27 percent, in late-afternoon trading. Since its September 26 intraday bottom, PSFT has advanced by greater than 64 percent, using cohesive support from its uptrending 10-day moving average. Today's upward momentum has propelled the shares to their top intraday level since late July 1998.
On the options front today, 2,127 and 2,391 contracts have traded on the October 32-1/2 and 40 calls, which has open interest of 6,501 and 3,344 contracts, respectively. What's more, the in-the-money November 40 call has seen volume of 1,087 contracts on open interest of 543 contracts.