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by 7/25/2000 2:55 PM
Stocks quoted in this article:
Oil and gas issue Pennaco Energy (PN - 12-3/16) has moved ahead by nearly four percent on above-average volume this afternoon just one session after dropping to its lowest intraday mark since April 4. From an all-time intraday high on June 14 to yesterday's intraday low, the stock had wilted by more than 36 percent, encountering stingy overhead resistance from its downsloping 10-day moving average. The shares are below all of their short-term and intermediate-term trendlines, but they remain higher than their 10-month moving average. In PN's options pit today, 2,100 contracts have crossed the tape on the January 12-1/2 call. This near-the-money option has open interest of just 13 contracts, so almost all of this afternoon's activity should become new positions.<
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by 7/25/2000 2:01 PM
Stocks quoted in this article:
Verizon Communications (VZ - 48-7/8) has had trouble getting the wind at its back following the official change to the VZ symbol from the Bell Atlantic and GTE merger in early July. VZ is seeing heavy option activity on the August 40 call today, with 4,825 contracts trading versus open interest of 4,833 contracts. This is a liquidation of a spread trade that was put on just five trading days ago. It appears that the August 40 call netted just under $1.5 million during this time frame. Unfortunately, it is difficult to determine what the other side of this trade was when it was initiated. This is presently the most-active call contract on the CBOE.<
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by 7/25/2000 1:56 PM
Stocks quoted in this article:
This afternoon, 24 of the 38 sector indices are in positive territory, as the Dow Jones Industrial Average (.INDU - 10,703.2) is currently ahead by more than 17 points. Among the indices we follow, one hit a new annual higih today. The top four performing indices today are the S&P Insurance Index (IUX - 661.7), up 3.5 percent; the PHLX Semiconductor Index (SOX - 1099.7), up 2.3 percent; the S&P Chemicals Index (CEX - 376.4), up 1.7 percent; and the Morgan Stanley High Tech 35 Index (MSH - 1027.9), up one percent. The four indices showing the most weakness are the AMEX Biotechnology Index (BTK - 654.6), down 4.1 percent; the Morgan Stanley Healthcare Payors Index (HMO - 315.31), down 2.1 percent; the AMEX Disk Drive Index (DDX - 85.69), down 1.9 percent; and the AMEX Pharmaceutical Index (DRG - 393.5), down 1.8 percent.<
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by 7/25/2000 1:53 PM
Stocks quoted in this article:
Light volume and a lack of conviction on the part of investors have left the markets stumbling from positive to negative territory today. The S&P 500 Index (SPX - 1467.72) is now up just over three points. Currently on the NYSE, 1,364 declining issues are leading 1,316 advancers, while 579 issues are unchanged. However, up volume is ahead of down volume by three percent. The 53 new highs are surpassing the 36 new lows. The Nasdaq Composite (COMP - 3994.6) is presently in the black by just over 13 points. Declining issues of 2,208 have exceeded 1,565 advancers. Up volume, though, holds a 16-percent advantage over down volume. New lows have outpaced new highs, 83 to 37.
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by 7/25/2000 12:57 PM
Stocks quoted in this article:
Chiron (CHIR - 44-1/4) announced today that it won't continue developing its rhIGF-I treatment for osteoarthritis after two Phase II trials showed poor results. The equity is down 11 percent in response to this news. After charging almost 75 percent higher from late May until its July 10 high, the stock has retreated by 25 percent. Today's move takes the shares down to their supportive 20-week moving average. However, CHIR's 10-day and 20-day moving averages are on the verge of a bearish cross, which can be a sign of near-term weakness.<
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