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by 10/3/2000 3:15 PM
Stocks quoted in this article:
Commerce One (CMRC 63-1/4) has dropped almost 13 percent after a brokerage firm cut its rating on the stock from "accumulate" to "hold." Although the equity has now broken below both its 10-day and 20-day moving averages, support appears to be holding at its 10-week trendline.

Expectations have been running high on CMRC based on its options configuration. Schaeffer's put/call open interest ratio (SOIR) is trending near its lowest level of the year at 0.27, which indicates that calls outnumber puts by a ratio of more than 3.5 to one. For more information on SOIR, please visit Schaeffer's Daily Sentiment.
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by 10/3/2000 3:14 PM
Stocks quoted in this article:
A brokerage firm cut its rating on Biovail (BVF 70-3/8) from "buy" to "market perform" today. After hitting an all-time high yesterday, the stock is off almost 19 percent in reaction to today's news. The shares are presently attempting to hold support at their 10-week moving average.

Call players are apparently running for the exits. The busiest BVF option is the October 75 call, which has seen 910 contracts cross the tape on open interest of 937 contracts. The October 70 put has logged volume of 184 contracts. Since this option has open interest of just 58 contracts, some of this action will likely result in new positions. <
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by 10/3/2000 2:26 PM
Stocks quoted in this article:
The AMEX Biotechnology Index (BTK 733.2) is one of the best-performing indices in mid-afternoon trading, strengthening by over 21 points, or just more than three percent. This rise comes after the BTK's 57.9-point retreat on Monday that carried the index back beneath both its 10-day and 20-day moving averages. The BTK, which remains beneath its short-term trendlines, is now sitting just above its 10-week moving average.

Top efforts by BTK components today include MedImmune (MEDI 63-1/16), up 11.3 percent; Human Genome Sciences (HGSI 174-9/16), up 6.6 percent; Millennium Pharmaceuticals (MLNM 144-5/8), up 6.4 percent; IDEC Pharmaceuticals (IDPH 167-3/16), up 6.2 percent; Amgen (AMGN 68-13/16), up 4.6 percent; and Gilead Sciences (GILD 108-15/16), up 4.5 percent.


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by 10/3/2000 1:25 PM
Stocks quoted in this article:
Last night after the close, Xerox (XRX 11-1/4) said that its expects to post a loss in the third quarter of 15 to 20 cents per share, well below the Street forecasts for earnings of 12 cents per share. The stock has plunged 26 percent so far today in reaction to this news. This takes the shares to their lowest level since January 1992.

In spite of the equity's dismal performance this year, Schaeffer's put/call open interest ratio (SOIR) on XRX has fallen from a high near 0.85 in late July to today's reading of 0.43, which is not far from an annual low. This optimism amid continued price weakness suggests that XRX could have further downside in store. For more information on SOIR, please visit Schaeffer's Daily Sentiment. <
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by 10/3/2000 11:24 AM
Stocks quoted in this article:
After Monday's close, Corel (CORL 5-13/16) announced that longtime rival Microsoft (MSFT 58-1/2) agreed to invest $135 million in the company. CORL and MSFT also said that they will work together to develop new products. In response to this news, CORL was raised to a "market perform" from an "underperform" by a brokerage firm.

The stock has jumped just over two points, or more than 59 percent, this morning, sending the shares to their top intraday mark since May 3. The security is now trading back above all of its significant short-term and intermediate-term moving averages.

In CORL's options pit today, 1,109 contracts have crossed the tape on the out-of-the-money October 5 put. This activity could be liquidations, as the option has open interest of 1,421 contracts.


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