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by 7/21/2000 10:32 AM
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.
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by 7/20/2000 3:15 PM
Stocks quoted in this article:
Conexant Systems (CNXT - 38-5/16) has plunged almost 22 percent so far today. Last night, the company reported fiscal third-quarter earnings that merely met analysts' expectations. Furthermore, company officials also said that they expect fourth-quarter earnings will decline roughly 10 percent as a result of increased research and development investments. The stock has been in the midst of a recovery, rallying 56 percent from its May 24 bottom to yesterday's close. However, today's free fall has the shares trading back below all their key moving averages. Among the more active CNXT options, the August 40 call has seen volume of almost 1,400 contracts on open interest of just 226 contracts, which indicates that this activity likely represents new positions.<
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by 7/20/2000 3:07 PM
Stocks quoted in this article:
Jewelry name Tiffany & Co. (TIF - 74-13/16) has moved ahead marginally this afternoon in anticipation of the company's two-for-one stock split, which will be effective as of Friday morning. The security is currently sitting right on its ascending 10-day moving average. Over the near term, TIF has been performing well, adding more than 32 percent to its value since its intraday bottom on June 12. The shares are also trading higher than their 10-month moving average after finishing the last two months below this important long-term trendline. So far today, there has been minimal trading in TIF's options pit.
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by 7/20/2000 1:02 PM
Stocks quoted in this article:
Target Corp. (TGT - 30) is seeing some heavy option activity in early afternoon trading. Overall, 8,453 at-the-money October 30 calls have crossed the tape with the majority executing in one large block of 4,475 contracts. Due to the late posting of the trade, it is impossible to tell whether this executed closer to the bid or the ask price. However, the total value of the transaction was $1,342,500. This is one of the most-active call contracts on the CBOE. TGT's two-for-one stock split went into effect today.
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by 7/20/2000 1:00 PM
Stocks quoted in this article:
Biotech issue Immunex (IMNX - 54-3/16) is not participating in today's broad-market rally. IMNX is off over six percent after reporting second-quarter earnings last night that beat brokers' predictions by a penny per share. It appears as though the Street was looking for a little more, as a brokerage firm downgraded the security this morning from a "strong buy" recommendation to a "buy." The equity is now trading below both its 10-day and 20-day moving averages. In IMNX's options pit this afternoon, the out-of-the-money August 60 call is leading the way with volume of 874 contracts.<
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