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by 7/18/2000 9:46 AM
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This morning, Unisys (UIS - 12-1/2) revealed that second-quarter earnings came in at 18 cents per share, a penny short of analysts' expectations. This news has taken the stock almost 12 percent lower in early trading to reach its lowest level since January 1998. The equity has been struggling over the intermediate term and has dropped almost 75 percent since its September all-time high. Despite UIS's poor fundamental and technical performance, optimism from the options crowd is near an extreme. In fact, Schaeffer's put/call open interest ratio (SOIR) has plunged since March and is currently trending near an annual high. This high level of optimism suggests that the equity may have more downside to come. For more information on SOIR, please visit Schaeffer's Daily Sentiment.
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by 7/18/2000 9:15 AM
Stocks quoted in this article:
Go2Net (GNET - 58), an operator of a network of Internet sites, reported that its third-quarter sales tripled. The company also announced that it posted earnings of 22 cents per share (excluding amortization of intangibles and stock compensation), besting Street estimates by seven cents per share. In anticipation of this news, the stock rose nearly eight percent in Monday's trading, reaching its top intraday mark since May 1. In pre-market activity this morning, the shares appear poised to gap more than two percent higher at the open. Over just this past week, GNET has added almost 34 percent to its value. Despite this impressive ascent, information from Multex shows that the equity remains relatively unknown to brokers. There are now only six analysts covering GNET, one of whom rates it as a "hold." Any new positive coverage or an upgrade could give the security a short-term boost. What's more, out-of-the-money call activity on this outperformer has been marginal recently, an encouraging sign in our contrarian view.
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by 7/17/2000 3:04 PM
Stocks quoted in this article:
This morning, cereal maker General Mills (GIS - 33-5/16) agreed to pay $10.5 billion in stock and assumed debt for Diageo PLC's (DEO - 36-7/16) Pillsbury unit. Investors have greeted this news with concern, as GIS is presently in the red by more than eight percent. This retreat has taken the shares to their worst intraday mark since March 16. Since the equity's near-term intraday high on May 30, it has declined by almost 20 percent. GIS is now trading beneath all of its significant moving averages. Despite these struggles, information from Zacks Online shows that 10 of 13 analysts covering this laggard still rate it as a "buy" or better. Any downgrades could further hinder the shares over the short term. This afternoon, all has been relatively quiet in the security's options pit.
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by 7/17/2000 3:02 PM
Stocks quoted in this article:
The AMEX Biotechnology Index (BTK - 712.0), which is in the black by just over 27 points, is one of the top-performing indices this afternoon. Using the support of its 20-day moving average, the index has surged back above its ascending 10-day moving average. This climb has the BTK poised to snap its three-session losing skid. Leading index performers today include COR Therapeutics (CORR - 107-3/16), up 7.9 percent; IDEC Pharmaceuticals (IDPH - 125-13/16), up 6.5 percent; Immunex (IMNX - 58-1/16), up 5.2 percent; and Chiron (CHIR - 54-5/16), up 3.3 percent.<
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by 7/17/2000 3:00 PM
Stocks quoted in this article:
Semiconductor issue Rambus (RMBS - 107-3/4) announced this morning that the number of systems based on its technology and provided by original equipment manufacturers doubled to more than 100 since April. The equity gapped 3-1/2 points higher at the opening bell in reaction to this development, and it is currently ahead by almost four percent. This has the shares poised to log their fourth consecutive winning session. Since just last Tuesday's intraday low, RMBS has stepped up by almost 30 percent. On the options front this afternoon, 1,114 contracts have crossed the tape on the in-the-money July 95 call, which had open interest of 2,023 contracts as of Friday's close.
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