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by 9/26/2000 3:45 PM
Stocks quoted in this article:
Yesterday, Park Place Entertainment (PPE 14-15/16) broke through short-term resistance near the 15 area to achieve a new all-time high. The stock is trading fractionally lower in the final minutes of trading today.

This afternoon, two 5,000-contract blocks changed hands near the ask on the January 17-1/2 call. Since there is open interest of just 499 contracts at this strike, this activity likely represents new positions. This is the busiest call on the AMEX.
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by 9/26/2000 3:44 PM
Stocks quoted in this article:
BP Amoco (BP 52-3/4) said today that it discovered a major offshore natural gas field in Trinidad and Tobago. The field's size is estimated at 630 million barrels. BP shares have had a subdued response to this news, as the stock is up only fractionally in late trading. Since an intraday high on September 7, the equity has backtracked almost nine percent, price action that has prompted a bearish cross of its 10-day and 20-day moving averages. Furthermore, the security is now trading below all of its key moving averages.

Two 2,500-contract blocks have traded today on the October 55 put. This could represent the liquidation of the majority of the 5,519 contracts open at this strike; however, the blocks transacted between the bid and the ask, making it difficult to asses the traders intentions. This is one of the most-active puts on the CBOE.
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by 9/26/2000 3:22 PM
Stocks quoted in this article:
Last night, Palm (PALM 56) reported fiscal first-quarter earnings of four cents per share, topping Street estimates by two cents per share. This news prompted a brokerage firm to upgrade its rating on the stock from a "buy" to a "strong buy." The shares are trading up seven percent on this news. PALM has recovered nicely after bottoming in late May. Since that low, the equity has appreciated by a hefty 180 percent.

Yesterday, approximately 6,500 contracts were added to the October 55 call ahead of today's earnings announcement. Today, this option is again the focus of activity, as almost 5,000 contracts have changed hands. This activity could represent some profit taking on the 8,525 contracts that are open at this strike. <
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by 9/26/2000 2:49 PM
Stocks quoted in this article:
Sunoco (SUN 27-11/16) is the third-largest independent oil refiner in the world, according to Hoover's Online. The shares had been in a bit of a slump, declining 18 percent between their intraday high on September 15 and their intraday low yesterday. Today, however, the equity is enjoying a 7.5-percent boost following a brokerage upgrade. Shortly after the opening bell, Prudential upped its rating on the stock from an "accumulate" to a "strong buy."

The equity's boost has catapulted it back above its 20-day moving average, although it remains below its newly descending 10-day trendline. <
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by 9/26/2000 2:47 PM
Stocks quoted in this article:
Research In Motion Limited (RIMM 98) manufactures telecommunications devices, such as its two-way email pager known as the BlackBerry. RIMM sells its products to manufactures and wireless dealers such as BellSouth and Panasonic. For the past four months, the stock has enjoyed an impressive ride higher, more than tripling in value since bottoming out around the 23 level in late May.

Yesterday and today combined, RIMM has surged about 25 percent. Monday's 11-percent rally was attributed to an upgrade on Wall Street, as a Piper Jaffray analyst boosted his 12-month price target on the stock to $90 from $75. Today's session has seen RIMM's strength continue, as the shares have posted a 14-percent gain in mid-afternoon trading. Option activity remains rather quiet on the equity. <
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