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by 6/23/2000 3:16 PM
Stocks quoted in this article:
Gucci Group NV (GUC - 97) is the designer and distributer of luxury goods of the Gucci brand, including handbags, luggage and other leather goods, shoes, ready to wear, watches, ties and scarves, home accessories, jewelry, eyewear, and fragrances. On Wednesday, GUC announced earnings that came in at 49 cents per share versus an expected 48 cents per share. The equity opened higher, closing up over six percent. GUC has gained over 23 percent from an intraday low of 78-5/8 on May 19. However, over the last couple of days, the security has traded sideways, capped by technical resistance at the 97-98 area. This region served as resistance briefly in December and March. The shares are unchanged this afternoon, and option activity on GUC has been minimal.
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by 6/23/2000 2:20 PM
Stocks quoted in this article:
Internet issues are struggling this afternoon, as the CBOE Internet Index (INX - 550.63) has stepped back by more than 32 points, or almost six percent. This retreat has prompted a bearish crossover of the INX's 10-day and 20-day moving averages, a sign of near-term weakness. The index is now sitting at its worst intraday mark in just over three weeks. What's more, the INX is poised to finish this week beneath its 10-week moving average for the first time in a month and is also perched below its 20-month trendline. Top laggards in the index today include Exodus Communications (EXDS - 48-13/16), down six percent; CMGI (CMGI - 48-1/2), down 5.2 percent, America Online (AOL - 53-13/16), down 4.7 percent; and RealNetworks (RNWK - 44-1/16), down 4.3 percent.<
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by 6/23/2000 2:19 PM
Stocks quoted in this article:
On Wednesday, payroll and human resource services provider Paychex (PAYX - 37-1/4) logged an all-time intraday high. The last two sessions, though, have been troublesome for the stock. The shares retreated by nearly seven percent in yesterday's action, and they are currently in negative territory by more than six percent this afternoon. This rapid decline has the security poised to close below its 20-day moving average for the first time since May 23. On the options front today, a whopping 18,636 call contracts have traded at the out-of-the-money August 40 strike. Almost all of this afternoon's activity will translate to new open interest, as the option had open interest of only six contracts as of Thursday's close. This is presently the most-active call contract on the PHLX.
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by 6/23/2000 2:18 PM
Stocks quoted in this article:
In Thursday's trading, DuPont (DD - 45-1/2) reached its lowest intraday level since March 13. This afternoon, the stock is fractionally in the red, as it continues to trade below all its significant moving averages. Since notching a near-term intraday high on May 17, the shares have wilted by nearly 16 percent. In DD's options pit today, investors are showing their belief that the security has more downside potential, as 3,951 contracts have crossed the tape on the October 40 put. Open interest at this out-of-the-money strike stands at 554 contracts, so most of today's volume should become new positions.
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by 6/23/2000 2:01 PM
Stocks quoted in this article:
Razorfish (RAZF - 16-5/8) is an Internet consulting company. Like so many of its technology-based peers, RAZF suffered a pullback during the spring, losing nearly three-quarters of its value since mid-February. Today, the stock is paring some of its recent losses, rallying more than 12 percent and coming within striking distance of resistance at its 10-day and 20-day moving averages. No news has emerged yet to account for this rally. Option activity is quite notable on RAZF today as well, as the July 70 put is the most-active put option trading on the CBOE. 9,200 contracts have traded at this strike, where prior to today there was no open interest. Two large blocks of 7,728 and 1,472 contracts traded within one minute of one another on this deep in-the-money put. These went off at the costly prices of 54-5/8 and 54-3/4, respectively. This translates to $5,462.50 and $5,475.00 per contract, or total values of $42.2 million and $8.1 million for the block trades. These plays, which were clearly put on by an institutional client, will be interesting to watch through July options expiration on the 21st.
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