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by 8/23/2000 10:19 AM
Stocks quoted in this article:
Morgan Stanley Dean Witter (MWD - 101-3/4) has been on a solid run for the past three months, appreciating 63 percent from its late-May lows. After notching an all-time high on August 14, the shares have consolidated toward their 10-day moving average.

This price action has attracted call players recently. Over the past four sessions, open interest on the September 105 and 110 calls has increased by 2,800 and 2,100 contracts, respectively.

In today's action, however, the put side is active with 2,025 contracts changing hands on the September 95 put. This option has open interest of 1,621 contracts. Furthermore, today's activity went off at the ask, suggesting the initiation of new positions. This is currently the most-active put on the CBOE.
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by 8/23/2000 10:13 AM
Stocks quoted in this article:
Dillard's (DDS - 13-5/8) is the number-three operator of upscale department stores, lagging behind Federated Department Stores (FD - 26-13/16) and the May Company (MAY - 24-7/16). The retailer owns around 430 stores in 30 states nationwide.

This morning, DDS announced second-quarter earnings of 10 cents per share, significantly missing Wall Street's consensus estimate of 19 cents. These figures represented a 70-percent falloff from 1999 earnings numbers. The firm also reluctantly noted that same-store sales for the quarter dropped three percent.

Some of this news may have already been discounted into the share price, as DDS's price action this morning has not been disastrous. Shortly after 10:00 a.m, DDS shares were trading a non-calamitous three percent lower. The equity has been trading below its 10-month and 20-month moving averages since July 1999. <
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by 8/23/2000 9:10 AM
Stocks quoted in this article:
After Tuesday's closing bell, Intuit (INTU - 46-1/16) posted a fourth-quarter loss of four cents per share, topping brokers' forecasts of a loss of nine cents per share. The software maker also announced that its sales would climb 22 percent in the next year. In anticipation of this news, the shares eased back fractionally to record their fourth straight losing session. However, the stock still has pushed ahead by nearly 43 percent since its near-term intraday low on July 31, using tenacious support from its ascending 10-day moving average. INTU is also sitting just beneath its 10-month moving average, which it hasn't finished a month higher than since March. The security is poised to open this morning's trading higher by just over three points, or more than seven percent.
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by 8/22/2000 3:53 PM
Stocks quoted in this article:
This afternoon, Paychex (PAYX - 45-1/2) has elevated by more than one percent, as the security is poised to close above both its 10-day and 20-day moving averages for the first time in nearly two weeks. The shares, which are just a chip shot from their all-time intraday best of 47-5/8 from August 7, are trending above all of their key intermediate-term and long-term moving averages.

In PAYX's options pit today, the near-the-money March 45 put has been active on volume of 4,020 contracts. A 3,900-contract block transacted between the bid and the ask. As open interest on the option stands at only 13 contracts, nearly all today's activity is likely to become new positions. This is now the most-active put on the PHLX.


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by 8/22/2000 3:41 PM
Stocks quoted in this article:
The PHLX KBW Banking Index (BKX - 886.36) is leading the market higher in reaction to the Federal Open Market Committee's decision not to change interest rates. Currently, the index has pushed ahead by more than 14 points, or over one percent. The BKX is now sitting just a chip shot away from its annual high of 896.2 from June 2. Since logging a near-term intraday bottom on June 30, the index has risen by more than 21 percent, obtaining sturdy support from its upsloping 10-day and 20-day moving averages.

Top BKX performers this afternoon include Chase Manhattan (CMB - 52-5/8), up 3.3 percent; State Street (STT - 113), up 3.2 percent; Mellon Financial (MEL - 44-1/4), up 3.2 percent; and PNC Bank (PNC - 59), up 3.2 percent.<
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