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by 6/26/2000 12:26 PM
Stocks quoted in this article:
Sara Lee (SLE - 18-5/16) is the parent of many familiar and diverse brand names, including Hanes, Coach, Hillshire Farms, Playtex, and Endust. The equity has been consolidating sideways beneath the 19 level for the past three months. The shares remain nearly 35 percent below their late-October peak of 27-1/2. Additionally, SLE continues to trade significantly below its 10-month and 20-month moving averages. These long-term trendlines were once technical support for the shares. Today, however, the consumer company received positive mention in financial weekly Barron's. The company's earnings for its fiscal year (ending this month) should reveal a 10.7-percent increase compared to 1999 earnings levels. This factor, combined with changed management and a better focus on household products, should make the stock "more appealing," according to the publication. SLE is trading marginally higher in early afternoon activity. <
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by 6/26/2000 9:05 AM
Stocks quoted in this article:
Electric Fuel (EFCX - 13) announced this morning that it has introduced a new ZincAir "Instant Power" battery for use with Palm Inc. (PALM - 26-5/16) handheld computers. EFCX said the battery products that will allow PALM users to continue working even as their rechargeable battery runs down. In anticipation of this news, EFCX soared almost 24 percent this past Friday on volume of 2.9 million shares. Friday's volume was almost 14 times the stock's average daily volume. Option activity picked up a little as well. Total option volume to close last week's activity was 229 calls versus 72 puts. Current total open interest stands at just 738 calls versus 213 puts. The equity has been slowly heading north after peaking at 23-7/8 on February 29 and finding a bottom at 4-1/2 on May 24. Over the past month, the security has increased its value twofold. Despite this recent advance, the Street has not discovered the shares, as there are currently no analysts covering them. Any new positive coverage should boost EFCX over the short term. The equity has not been a favorite of short sellers, too. The latest numbers show a decline in shares shorted from 308,644 to 152,576, or less than one day's worth of trading. EFCX is poised to gap more than 10 percent higher at this morning's opening bell.<
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by 6/26/2000 8:55 AM
Stocks quoted in this article:
The July 60 call on America Online (AOL - 53-1/4) was extremely active in last Friday's trading. The front-month option saw open interest climb by over 50,000 contracts to finish the day with just over 101,000 contracts of open interest. The July 60 call is now the site of peak call open interest among front-month options by a wide margin. The July 55 call ranks second with over 60,000 contracts. Peak put open interest among front-month options resides at the July 50 strike. At the close of Friday's activity, open interest on this option was at about 36,700 contracts. The shares have spent most of the past two months in a tight trading range, shackled between the overhead calls at 60 and the puts below at the 50 strike. This extended consolidation phase prmpted the shares to make their first close below their 20-month moving average last month since February 1997. AOL remains below its 20-month trendline, which now resides at approximately the 56 mark.
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by 6/23/2000 3:45 PM
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The 30-year U.S. Treasury Bond yield (TYX - 6.032) has risen from an intraday low of 5.845 percent three days ago. The TYX has historically found support and resistance at the round number six-percent level. However, today's drop in bonds has pushed the yield past this barrier without a pause. For most of the afternoon though, 6.03 percent has capped the yield's advance. The 6.03-6.05-percent area was an area of support in November 1999 and again in February 2000. 6.03 percent is also the 50-percent retracement level of the high of 6.25 percent on May 8 and the low of 5.807 percent on June 2. This level will be important to watch to see if the 30-year bond yield will be turned back here.
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by 6/23/2000 3:30 PM
Stocks quoted in this article:
On Wednesday's, the Organization of Petroleum Exporting Countries (OPEC) agreed that oil production would be raised by only three percent in response to higher oil prices. The near-month crude oil futures contract (.OIL - 32.40) has risen over two dollars per barrel since the OPEC announcement. Analysts believe that the increase in production may not be enough to meet growing worldwide demand, especially in light of their belief that OPEC waited too long before increasing production after last year's tightening. After making a nine-year high at $34.37 per barrel on March 7, OIL dropped quickly to $24 per barrel in early April. Since a near-term bottom in April 10, however, OIL has added nearly 45 percent to reach its third highest level in the last nine-plus years.
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