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by 10/3/2000 2:26 PM
Stocks quoted in this article:
The AMEX Biotechnology Index (BTK 733.2) is one of the best-performing indices in mid-afternoon trading, strengthening by over 21 points, or just more than three percent. This rise comes after the BTK's 57.9-point retreat on Monday that carried the index back beneath both its 10-day and 20-day moving averages. The BTK, which remains beneath its short-term trendlines, is now sitting just above its 10-week moving average.

Top efforts by BTK components today include MedImmune (MEDI 63-1/16), up 11.3 percent; Human Genome Sciences (HGSI 174-9/16), up 6.6 percent; Millennium Pharmaceuticals (MLNM 144-5/8), up 6.4 percent; IDEC Pharmaceuticals (IDPH 167-3/16), up 6.2 percent; Amgen (AMGN 68-13/16), up 4.6 percent; and Gilead Sciences (GILD 108-15/16), up 4.5 percent.


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by 10/3/2000 1:25 PM
Stocks quoted in this article:
Last night after the close, Xerox (XRX 11-1/4) said that its expects to post a loss in the third quarter of 15 to 20 cents per share, well below the Street forecasts for earnings of 12 cents per share. The stock has plunged 26 percent so far today in reaction to this news. This takes the shares to their lowest level since January 1992.

In spite of the equity's dismal performance this year, Schaeffer's put/call open interest ratio (SOIR) on XRX has fallen from a high near 0.85 in late July to today's reading of 0.43, which is not far from an annual low. This optimism amid continued price weakness suggests that XRX could have further downside in store. For more information on SOIR, please visit Schaeffer's Daily Sentiment. <
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by 10/3/2000 11:24 AM
Stocks quoted in this article:
After Monday's close, Corel (CORL 5-13/16) announced that longtime rival Microsoft (MSFT 58-1/2) agreed to invest $135 million in the company. CORL and MSFT also said that they will work together to develop new products. In response to this news, CORL was raised to a "market perform" from an "underperform" by a brokerage firm.

The stock has jumped just over two points, or more than 59 percent, this morning, sending the shares to their top intraday mark since May 3. The security is now trading back above all of its significant short-term and intermediate-term moving averages.

In CORL's options pit today, 1,109 contracts have crossed the tape on the out-of-the-money October 5 put. This activity could be liquidations, as the option has open interest of 1,421 contracts.


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by 10/3/2000 11:23 AM
Stocks quoted in this article:
Guidant (GDT 69) has moved fractionally upward this morning, as the equity remains above all of its key moving averages. The stock is still in the midst of a near-term upswing, pushing ahead by 55 percent since its intraday bottom on June 26. During most of this advance, the shares have been guided higher by their ascending 10-day and 20-day moving averages.

On the options front today, 6,300 contracts have traded on the January 65 call. Open interest on this in-the-money option stands at 568 contracts, indicating that almost all of this morning's volume should become new positions. What's more, the October 65 and November 70 puts have seen volume of 1,000 and 2,000 contracts, respectively. The October 65 put has open interest of 1,181 contracts, while the November 70 put has open interest of a mere 70 contracts.


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by 10/3/2000 10:04 AM
Stocks quoted in this article:
As a follow-up to Friday's Market Observation on the S&P Insurance Index (IUX 777.3), the index is not participating in this morning's broad-market rally, falling by just over 10 points. This decline comes after the IUX surged 12 points higher on Monday to notch an all-time intraday best.

Stocks leading the IUX lower so far today include Torchmark (TMK 28-5/8), down 3.1 percent; Cincinnati Financial (CINF 34-7/8), down 2.8 percent; Progressive (PGR 83-9/16), down 2.5 percent; and Safeco (SAFC 26-1/8), down 2.5 percent.


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