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by 6/26/2000 2:51 PM
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An analyst at Bank of America (BAC - 47-9/16) said Nike's (NKE - 39-3/16) new Presto running shoe was a commercial success, and she expects the company to hit her earnings estimate of 47 cents per share when NKE reports fourth-quarter earnings on Thursday. The stock is up over five percent in response to these comments, but still remains below its downtrending 20-day moving average. On the options front, the August 45 call is busy on volume of 2,065 contracts. This activity likely represents new positions since open interest on this option amounts to only 18 contracts. This is one of the most-active options on the Pacific Exchange.<
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by 6/26/2000 2:43 PM
Stocks quoted in this article:
Inktomi (INKT - 115) offers products and services for Internet companies, including a search engine technology presently utilized by cyberspace issues Yahoo! (YHOO - 118-11/16) and Lycos (LCOS - 54-1/16). Today, however, YHOO officials announced plans to phase out INKT's services for general Internet queries. Even though YHOO contributes only three percent to INKT's bottom line, the shares have taken this news to heart, dropping more than 18 percent on extremely heavy volume. The equity is presently the fifth-most actively traded name on the Nasdaq Composite (COMP - 3889.5). This downward move has taken the shares below their 10-day and 20-day moving averages, although they remain slightly above their 10-month trendline. The most-active option trading on INKT today is the July 140 call, where over 2,300 contracts have changed hands. Prior to today, this strike was home to less than 1,000 contracts. <
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by 6/26/2000 2:36 PM
Stocks quoted in this article:
The AMEX Pharmaceutical Index (DRG - 400.8) is higher by over one percent today, finding support from its 10-day moving average. The DRG moved as high as 404 this morning before paring its gains. The intraday decline appears to have been halted temporarily at the 400 level. It is noteworthy that the DRG has found support from this round-number level, which acted as a barrier to the index's advance in November and May. Helping the index on its advance today are rallies in Johnson & Johnson (JNJ - 94-3/4) and Alza (AZA - 60-5/16), up 5.5 percent and 7.4 percent, respectively.
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by 6/26/2000 2:31 PM
Stocks quoted in this article:
Webvan Group (WBVN - 7-3/8) is an online grocery store offering over 15,000 products. Headquartered in San Francisco, the company also has operations in Atlanta and plans to expand into 26 other markets. Today, the stock is trading down more than 14 percent on above-average volume, taking it below its 10-week moving average. This action was spurred by news that WBVN plans to buy HomeGrocer.com (HOMG - 6-15/16) in a $1.2-billion stock-swap agreement. WBVN will exchange 1.07605 of its shares for each HOMG share. Despite this buyout offer, HOMG is trading over 13 percent in the red. Both equities are fairly new to the publicly traded world; WBVN began trading in November, while HOMG debuted on the New York Stock Exchange in March.
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by 6/26/2000 12:45 PM
Stocks quoted in this article:
This morning, US West (USW - 88-7/8) and Qwest Communications (Q - 51-13/16) received approval for their merger from the Arizona Corporation Commission. This approval marks the completion of all required regulatory approvals in the 14-state region. Q agreed in June 1999 to pay $69 per share for USW. In response to today's development, USW is down fractionally this afternoon after notching an all-time intraday high earlier today. Since logging a near-term intraday bottom on May 24, the stock has mounted a 32-percent advance, using the sturdy support of its ascending 10-day moving average. In USW's options pit today, investors are apparently showing their belief that the shares have more upside potential over the near term. The out-of-the-money July 95 call has seen volume of 4,802 contracts. Open interest at this strike stands at 1,614 contracts, so a large amount of this afternoon's activity should translate into new positions. Currently, this is one of the most-active call contracts on the Pacific Exchange.
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