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Phototronics (PLAB – 33-7/16) is a leading manufacturer of photomasks used in the production of semiconductors. During 2000, the company merged with Align-Rite and restructured their organization. PLAB released earnings on December 6 for their fiscal year. Results showed an increase in sales of 19 percent and a net income increase of 73 percent.
PLAB shares have been on a tear this month, gaining 63 percent from the low of 21-11/16 on January 2 to yesterday's high of 35-3/8. In doing so, they soared above their short-term moving averages and took out an area of resistance around 30 that had held them back during several rally attempts dating back to fall 1998.
Options are available for PLAB. The most open interest is clustered around the February 25, 30, and 35 calls, where a combined total of almost 2,000 open contracts reside. Today, 107 March 35 calls changed hands. 100 were part of a block trade that crossed the tape between the bid and the ask price.