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by 9/25/2000 11:19 AM
Stocks quoted in this article:
CIENA (CIEN 134-5/8) announced today that Korea Telecom (KTC 32-3/16) will use its products to develop optical transport systems in Korea. The stock has surged over 11 percent to a new all-time high in response to this news. CIEN has been a high flyer in 2000, appreciating 370 percent since the beginning of the year.

It appears that a large call position on the CIEN January 125 call has been rolled up to the January 150 call. Two large blocks totaling approximately 15,500 contracts have traded on both options. The January 125 call has open interest of 16,624 contracts, while the January 150 call sports open interest of just 72 contracts. These are two of the most-active calls on the AMEX. <
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by 9/25/2000 9:58 AM
Stocks quoted in this article:
The AMEX Biotechnology Index (BTK 794.1) is higher by more than 21 points, or nearly three percent, this morning. The index has now eclipsed its near-term intraday high of 789.2 from September 1 and is rapidly approaching its all-time intraday best of 806.4 from March 7. The BTK has advanced by over 38 percent since its July 31 intraday low, using reliable support from its ascending 10-week moving average.

Top index performers so far today include COR Therapeutics (CORR 63-7/16), up 6.3 percent; Human Genome Sciences (HGSI 184-7/16), up 5.8 percent; MedImmune (MEDI 81), up 5.8 percent; Millennium Pharmaceuticals (MLNM 155-3/4), up 5.3 percent; Cephalon (CEPH 54-7/16), up 4.9 percent; and Gilead Sciences (GILD 113-7/8), up 4.2 percent.

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by 9/22/2000 3:12 PM
Stocks quoted in this article:
Zomax (ZOMX 8-1/16) is a maker of CD-ROMs for multimedia publishers. This morning, the company reported that it expects third-quarter earnings of 17 cents per share, which would fall short of analysts' predictions of 28 cents per share. Not surprisingly, investors have punished the stock in reaction to this warning, sending it onto the Nasdaq new lows list. The shares have plunged over nine points, or greater than 53 percent, to drop to levels not seen since late June 1999.

The options crowd, though, apparently has taken today's news as a chance to add call positions. The out-of-the-money October and January 10 calls have been active on volume of 503 and 519 contracts, respectively. This trading should amount to some new positions, as the October 10 call has open interest of only 26 contracts, while open interest on the January 10 call stands at 69 contracts.


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by 9/22/2000 2:44 PM
Stocks quoted in this article:
The AMEX Computer Hardware Index (HWI 399.89) is preparing to end this week's action on a sour note, as it has stepped back by nearly 18 points, or more than four percent. The index continues to hover close to the round-number 400 mark en route to dipping to its lowest intraday mark since August 3. The HWI has subtracted over 16 percent of its value since recording an all-time intraday high on September 1 under the pressure of its downsloping 10-day moving average.

Top HWI laggards this afternoon include Apple Computer (AAPL 51-13/16), down 8.5 percent; Dell Computer (DELL 35-9/16), down 6.4 percent; Silicon Graphics (SGI 3-11/16), down 6.3 percent; Micron Electronics (MUEI 11-11/16), down six percent; and Compaq Computer (CPQ 29-1/8), down 5.6 percent.


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by 9/22/2000 1:20 PM
Stocks quoted in this article:
Oil issue Cooper Cameron (CAM 73-1/16) has retreated by over two percent this afternoon, sinking to its worst intraday level since August 11. The shares have declined by more than 12 percent since tallying an all-time closing high on September 12. Recently, the stock's 10-day and 20-day moving averages completed a bearish crossover, which could be a further confirmation of this weakness. Also, CAM appears set to finish this week's trading beneath its 10-week trendline for the first time since late July.

On the options front today, 1,850 contracts have crossed the tape on the November 80 call. For the most part, these are likely new positions, as this out-of-the-money strike has open interest of 605 contracts. If this turns out to be the case, it could have bearish implications given the security's technical struggles.


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