Stocks quoted in this article:
Computer Associates International (CA - 27-3/16) reported yesterday that its first-quarter results met reduced brokers' expectations, but also noted that its sees its 2001 earnings coming in below Street estimates at $2.70. In addition, CA expects revenue growth of 10 percent for its second quarter and in the mid-teens for the second half. The stock plunged more than nine percent lower on Thursday, hitting its worst intraday mark since early April 1997. So far today, the shares are up over eight percent even though a brokerage firm cut its rating to "neutral" from "attractive" on this laggard. CA also received two reiterations of its "buy" status this morning. The equity continues to trade beneath all of its key moving averages. On the options front today, 10,262 contracts have already crossed the tape on the out-of-the-money August 25 put. This strike has open interest of 4,534 contracts, so a large chunk of this morning's activity should become new positions. Currently, this is one of the most-active put contracts on the CBOE.