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by 11/29/2000 3:56 PM
Stocks quoted in this article:
Mortgage firm Fannie Mae (FNM – 79-3/8) has been a shining star in the murky market of late, appreciating 65 percent from its August 2 low. This rally, which has kept the shares afloat atop their short-term and long-term moving averages, took the stock to a new all-time high above the 80 mark yesterday.

Options players are beginning to take note of the equity's potential, as evidenced by the volume seen today on the January 2002 90 LEAPS call. Over 6,500 contracts have traded on this option already today. Prior to today's trading, this LEAPS option was home to only 1,883 contracts. The majority of this volume transpired early in the day, as six blocks of 1,000 contracts each traded between 10:00 and 10:30 a.m. These primarily went off between the bid and the ask prices. The most-active FNM put today is the December 80 option, which has seen 248 contracts change hands. <
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by 11/29/2000 2:51 PM
Stocks quoted in this article:
Energizer Holdings (ENR – 19-7/16) was spun off earlier this year from its parent company Ralston Purina. With its Energizer and Eveready brands, the firm is the number-two battery manufacturer in the United States. Today, even the indefatigable pink rabbit can't help the shares, as they have plummeted over 10 percent, falling below their short-term and intermediate-term moving averages in the process.

This morning, ENR officials announced that first-quarter sales would fall 12 to 16 percent below last year's numbers. Additionally, the firm said earnings-per-share will total 50-60 cents. According to earnings.com, Wall Street was expecting ENR to earn between 75 and 92 cents per share. Following this announcement, Merrill Lynch cut its short-term rating on the shares to a "neutral" from an "accumulate."
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by 11/29/2000 10:23 AM
Stocks quoted in this article:
Qualcomm (QCOM - 83-15/32) shares pulled back about six dollars yesterday, hurt by the weak tech market. From a short-term technical perspective, yesterday's decline took the stock below its 10-day moving average. However, QCOM still remains above its 20-day moving average, which sits near the 77 mark. Option activity on QCOM over the past week in the December series has been skewed toward the call side. Most notably, the December 85 call has seen open interest increase from about 6,100 contracts to approximately 16,500 contracts over the past three sessions. Among calls in the December series, the 85 strike is now the site of peak open interest. The December 80 put is the site of peak open interest in the December put series, with just under 6,400 contracts. <
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by 11/29/2000 10:20 AM
Stocks quoted in this article:
Johnson & Johnson (JNJ - 100-1/8) broke out of a four-month trading range yesterday. The shares were able to crack the century mark to log their first daily close above this round-number level since July 11. Now they are approaching JNJ's all-time high of 106-7/8. Among the December option series on JNJ, the December 100 call saw the most action yesterday. This at-the-money option saw over 2,800 contracts cross the tape, resulting in an open interest increase of about 1,800 contracts. In the December call series, the 100 strike price is the site of peak open interest, with just over 9,000 contracts.<
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by 11/29/2000 10:19 AM
Stocks quoted in this article:
Drug stocks will be worth watching today, as a major brokerage house initiated coverage on a number of names in the group this morning. The AMEX Pharmaceutical Index (DRG - 440.9) continues to benefit as drug issues are perceived as a safe haven amid the turmoil in the technology sector. The DRG hit another all-time high in yesterday's trading, adding to Monday's gain of nearly three percent. <
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