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by 10/9/2000 3:43 PM
Stocks quoted in this article:
Nextel Communications (NXTL – 39-13/16) has risen by nearly two percent this afternoon, just two sessions after logging an annual low. The security remains below all of its significant moving averages, including its 20-month moving average. The shares haven't finished a month lower than this long-term trendline since December 1998.

In NXTL's options pit today, 4,015 contracts have crossed the tape on the January 45 call. This out-of-the-money strike has open interest of just 981 contracts, which indicates that most of this afternoon's volume should translate into new positions. This is currently among the most-active calls on the AMEX.


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by 10/9/2000 2:07 PM
Stocks quoted in this article:
The PHLX Semiconductor Index (SOX – 780.75) has eroded by more than 18 points, or over two percent, in mid-afternoon trading to reach its worst intraday level since early February. Since its September 1 intraday high, the SOX has crumbled by greater than 33 percent, encountering overhead resistance from its downsloping 10-day moving average. From a long-term glance, the index closed September below its ascending 10-month moving average for the first time since October 1998. It is presently perched just a chip shot away from its uptrending 20-month moving average.

Stocks leading the SOX lower this afternoon include Rambus (RMBS – 70-7/8), down 11.4 percent; Altera (ALTR – 41-11/16), down 5.3 percent; Texas Instruments (TXN – 45), down 4.2 percent; and Xilinx (XLNX – 78-5/8), down four percent.

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by 10/9/2000 12:33 PM
Stocks quoted in this article:
The Morgan Stanley Cyclical Index (CYC – 452.65) is one of the few indices on positive ground in early afternoon trading, ticking up more than two points. The CYC is back above its 10-day moving average, but it has yet to overtake its 20-day trendline. From a long-term perspective, the index has closed below its flat 20-month moving average for five consecutive months and remains well beneath this important long-term trendline.

Top CYC performers today include Dana (DCN – 22-7/16), up 4.3 percent; Sears (S – 34.98), up three percent; Hewlett-Packard (HWP – 89-1/2), up 2.6 percent; Ingersoll-Rand (IR – 34-15/16), up 2.3 percent; and Ford Motor (F – 25-7/8), up 2.2 percent.

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by 10/9/2000 11:26 AM
Stocks quoted in this article:
Electronic Data Systems (EDS – 45-7/8) has jumped almost 13 percent today on news that it won a contract from the U.S. Navy worth up to $9 billion. The Navy tapped EDS to link its computer networks into one system.

This price action has lifted the shares well above their 10-day moving average, a trendline that had pressured the stock during its 23-percent decline from its September 5 high to its low on Friday. However, the equity remains below its 20-week moving average, which rejected the security's rally attempt in late August.

On the options front, 1,004 contracts have traded on the December 45 put, which has open interest of 953 contracts. A 650-contract block crossed late, while a 350-contract block transacted between the bid and the ask. This is one of the busiest puts on the Pacific Exchange.
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by 10/9/2000 10:57 AM
Stocks quoted in this article:
Analog Devices (ADI – 76-1/16) is off over nine percent in late-morning trading on no news. This continues a near-term descent that has seen the stock surrender almost 24 percent of its value since early September. Although the equity is trading below its key short-term and intermediate-term moving averages, its 10-week moving average remains just below near the 76 area.

On Friday, the deep-in-the-money October 50 and 55 calls captured most of the attention in ADI's options pit. Both options saw their open interest increase from zero to 5,450 and 5,000 contracts, respectively. It appears that a 5,000-contract spread was initiated late in the day using both options. These were among the most-active contracts on the Pacific Exchange on Friday. <
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