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by 10/26/2000 10:32 AM
Stocks quoted in this article:
Protein Design Labs (PDLI – 131-1/4) is up over four percent in early trading after a major brokerage firm upped its rating on the stock from "neutral" to "outperform." The stock has increased its value more than five times since its early April lows.

Schaeffer's put/call open interest ratio (SOIR) on PDLI stands at 1.1, which indicates that puts exceed calls by 10 percent for options expiring within the next three months. However, this is down considerably from the reading of 2.62 just a month ago. This indicates that pessimism is unwinding on the equity as it works its way higher.
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by 10/26/2000 9:47 AM
Stocks quoted in this article:
Calpine (CPN – 80-5/8) is one of the nation's fastest growing independent power companies. The company released third-quarter earnings numbers that exceeded Street expectations by 21 cents per share. The 96-cents figure bested consensus estimates of 75 cents per share and the year-over-year number of 37 cents per share. Revenues jumped over 168 percent from $253 million to $678.9 million. In addition the company announced a two-for-one stock split payable on November 14 to shareholders of record on November 6.

The shares are down some 27 percent from their all-time high set in early October. The downtrending 10-day moving average has capped all closes since October 4. The stock is now trading in the area of potential chart support around the 75 level. Today's news may validate that level as support.

Peak front month open interest lies on the November 90 put with 4,049 open contracts compared to just 1,337 contracts on the November 90 call.
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by 10/26/2000 9:15 AM
Stocks quoted in this article:
This morning, the Labor Department released the third-quarter Employment Cost Index (ECI) results. The ECI came in below consensus estimates with a 0.9-percent advance. On a year-over-year basis, however, the increase was the largest in nine years at 4.3 percent. After initially surging higher on the news, the December S&P 500 Index Futures contract (SP/Z0 – 1377.90) has been moving lower and is currently up by a modest 2.1 points, indicating a positive open. <
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by 10/25/2000 3:00 PM
Stocks quoted in this article:
Anheuser-Busch (BUD – 40-1/2) is expected to release its third-quarter earnings after tonight's close. The consensus estimate on Wall Street is for the firm to earn 56 cents per share, a 14-percent improvement over last year's numbers for the same time period. According to Earnings.com, BUD has surpassed analysts' estimates in four of the past five quarters. The company matched Street expectations for the fifth quarter.

In anticipation of this announcement, speculators are engaging in heavy spread activity. In late-afternoon trading, 3,450 calls have traded on the December 35 call, while 4,525 options have changed hands on the June 40 call. Some of this volume may be roll-outs, as the back-month call is home to over 3,800 open contracts, while the June position had no open interest prior to today. Shortly after 1:00 p.m., large blocks traded as spreads between the two strikes. All of the volume was executed between the bid and the ask prices.

BUD is trading over six percent lower just before 3:00 p.m. This has taken BUD below its 10-day and 20-day moving averages.
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by 10/25/2000 2:42 PM
Stocks quoted in this article:
Computer Associates (CA – 29-1/8) has managed to avoid today's downdraft. The stock is up over nine percent in response to a positive earnings surprise that came in after the close yesterday. The company posted earnings of 54 cents per share for its fiscal second quarter, topping analysts' estimates by two cents per share.

Options players are focusing on the November 22-1/2 call today. This option has seen over 15,400 contracts cross the tape on open interest of just 67 contracts. Several large blocks were traded in the first hour of the session. This is one of the most-active calls on the CBOE and the Pacific Exchange.

The November 25 put has also seen some action. Almost 6,700 contracts in volume have been logged at that strike, which has open interest of almost 12,000 contracts. <
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