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by 12/12/2000 12:25 PM
Stocks quoted in this article:
The shares of networking firm Lucent Technologies (LU - 18-13/16) are seeing an unusual boost in mid-afternoon trading . The impetus for today's surge can be attributed to rumors of a potential takeover by Finnish wireless giant Nokia (NOK - 49-7/8). Although officials at both firms refused to comment, the hearsay alone was good for a 12-percent rally in the share price of LU. Options activity is also on the upswing on today's report, with heavy volume coming in at the in-the-money December 17-1/2 and out-of-the-money December 20 calls.
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by 12/12/2000 11:14 AM
Stocks quoted in this article:
The market is having difficulty with two levels of technical resistance this morning. March 2001 S&P 500 Index Futures (SP/H1) are having trouble with the round-number 1400 level, which we have mentioned as significant. The S&P 500 Index (SPX- 1378.92) is itself having trouble with the overhead 50-day moving average. This moving average capped the index on November 6 and 7. <
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by 12/12/2000 10:31 AM
Stocks quoted in this article:
Shares of Procter & Gamble (PG - 73) got a lift this morning from positive comments out of the Cincinnati based concern. The company expects its second quarter earnings to come in within the 91 to 93-cents per share range. Analysts have maintained a consensus opinion of 92-cents per share. PG also estimated that its fiscal year 2001 would show an earnings per share increase of seven to 10 percent.

On the options front, the soon to expire December 70 put represents peak open interest in the series with 10,057 current open contracts and has traded almost 600 contracts so far this morning. In the January series, the 55-strike put and the 60 call are running neck-in-neck with 14,502 and 14,073 current open positions, respectively.
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by 12/12/2000 10:08 AM
Stocks quoted in this article:
Yesterday's Nasdaq Composite (COMP - 2957.30) high of 3028.80 was near the site of previous lows, one of which was a major turning point for the COMP and the other of which had short-term significance.

On May 24, 2000, the COMP bottomed at 3042.60 before increasing 41-percent from the intraday low to the peak on July 17, 2000. On October 18, 2000, the COMP bottomed at 3026.1 and this preceded a short-term rally before the next downleg began in early November, around Election Day. <
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by 12/12/2000 9:33 AM
Stocks quoted in this article:
Your father's Oldsmobile may soon become a collector's item if the rumors are true about General Motors' (GM - 51-9/16) plans to phase out this product line. Over the past several years, GM has invested over three billion dollars in product development for the 103-year old marquee. But the stock's decline from a high of 94-5/8 in April to recent levels not seen since October 1998 have put in motion a plan for realignment. Recent remarks about the firm's upcoming restructuring plans have included verbiage stating that no division is sacred. It is assumed those words refer to the Oldsmobile line. An announcement regarding this brand's future could come during GM's conference call scheduled for this morning. Such a move would follow Daimler-Chrysler's (DCX - 43.59) elimination of the Plymouth line of vehicles.

Short interest on GM decreased by over 24 percent over the last reporting period as the bears locked in their profits. The short interest ratio currently stands at just 1.08, indicating that these remaining positions could be liquidated in just over one trading day at the current average daily volume.

In the January options series, peak open interest resides on the in-the-money January 60 put, with 18,632 contracts. The near-the-money January 50 put has 11,257 open positions. The peak January call option is the January 60 strike, with 7,379 open positions.
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