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by 7/19/2000 3:43 PM
Stocks quoted in this article:
Apple Computer (AAPL - 52-9/16) is down over eight percent in late trading. Yesterday after the close, the company revealed that its fiscal third-quarter earnings came in at 45 cents per share, a penny ahead of expectations. However, revenue fell just shy of analysts' estimates. The stock had appreciated by over 40 percent from its June 1 low, but today's plunge takes AAPL back down to its ascending 10-month moving average. This long-term trendline has contained all but one daily close since December 1997. AAPL's options configuration is slanted toward the put side, as put open interest exceeds call open interest by 23 percent for options expiring within the next three months.
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by 7/19/2000 3:37 PM
Stocks quoted in this article:
Eyewear maker Bausch & Lomb (BOL - 61-11/16) announced this morning that its second-quarter earnings met Street predictions at 74 cents per share. The company also reported that its sales for the quarter were relatively unchanged and were about $20 million less than what some analysts had expected. BOL gapped 11-5/16 points lower at the open and is presently in negative territory by nearly 22 percent. The equity is now trading at levels not seen since May 10, as it is perched beneath all of its significant short-term and intermediate-term trendlines as well as its 10-month moving average. The shares have not finished a week below their 20-week trendline since late April. The July 70 call is the most-active BOL option this afternoon on volume of 400 contracts.
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by 7/19/2000 3:33 PM
Stocks quoted in this article:
On Tuesday, Veritas Software (VRTS - 111-1/16) posted second-quarter earnings of 13 cents per share, besting brokers' projections of 12 cents per share. Investors appear to be "selling on the news," as the stock is lower by more than 16 points, or over 12 percent, after gapping down by 11-1/8 points at this morning's opening bell. Today's retreat has taken VRTS to below both its 10-day and 20-day moving averages for the first time in about two weeks. What's more, the shares are also beneath their 10-week and 20-week moving averages. In terms of options activity, the out-of-the-money July 105 put is the volume leader in VRTS's busy options pit this afternoon at 569 contracts. The out-of-the-money July 120 and July 110 puts have also seen volume of greater than 500 contracts.
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by 7/19/2000 3:14 PM
Stocks quoted in this article:
Excluding a $1.9 billion restructuring charge, Bank One (ONE - 32-1/4) reported second-quarter operating earnings of 55 cents per share this morning, falling nine cents short of Street projections. Nevertheless, the stock is up over seven percent in afternoon trading after ONE's CEO Jamie Dimon said that the bank will take the necessary steps to improve performance, including an aggressive cost-cutting program. Dimon expects the company to post earnings of 50 cents per share in both the third and fourth quarters and $2.90 per share in 2001. The August 30 put is active on ONE, with 13,393 contracts crossing the tape. This activity may represent the liquidation of some of the 14,480 contracts of open interest at this strike, as a 5,000-contract and 1,150-contract block crossed the tape at the bid, while blocks of 2,000 and 1,000 contracts transacted near the bid.<
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by 7/19/2000 3:00 PM
Stocks quoted in this article:
Investors apparently believe that Federal Reserve Chairman Alan Greenspan may have unfriendly comments about equities tomorrow in his Humphrey-Hawkins address before Congress. The S&P 500 Index (SPX - 1482.91) is lower by more than 11 points. Currently on the NYSE, 1,131 advancing issues are being trounced by 1,647 declining issues, while 522 issues are unchanged. Up volume of 300,919,616 shares is far behind down volume of 378,209,344 shares. The 41 new highs, though, are surpassing the 35 new lows. The Nasdaq Composite (COMP - 4065.7) is in the red by over 111 points. Advancing Nasdaq issues of 1,417 are being eclipsed by 2,479 declining issues, while 642 issues are unchanged. Up volume of 260,822,000 shares is being crushed by down volume of 794,533,696 shares. The 45 new highs are lagging the 48 new lows. Option volume is showing little fear in the wake of today's market weakness, as the put/call ratio for equities stands at 0.55 thus far.<
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