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by 6/14/2000 12:08 PM
Stocks quoted in this article:
Semiconductor issue Novellus Systems (NVLS - 56-1/8) is up over nine percent in early afternoon trading. After last night's close, Standard & Poor's announced that NVLS will replace Champion International (CHA - 73-3/16) in the S&P 500 Index (SPX - 1472.99) due to CHA's acquisition by International Paper (IP - 34-1/16). The change will take place after Friday's close. From a technical perspective, today's surge moves NVLS back above its ascending 10-day moving average. On the options front, 1,194 contracts have crossed the tape on the out-of-the-money June 60 call. This strike has open interest of 1,337 contracts.<
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by 6/14/2000 10:47 AM
Stocks quoted in this article:
Online auctioneer pioneer eBay (EBAY - 65) announced last night that it will acquire online trading marketplace Half.com for between $312 and $374 million in stock. EBAY officials said they expect this acquisition to begin boosting the bottom line by 2001's earnings reports. The companies plan to close the deal by the third quarter of this year. Some members of the Street seem to favor this strategic move, as the stock was upgraded from a "buy" to a "strong buy" rating at a brokerage house earlier today. Nevertheless, EBAY is trading over four percent lower today and has breached its 10-day and 20-day moving averages. The stock is now perched below all significant moving averages. One hour into the trading day, EBAY was boasting one of the most actively traded call options on the CBOE. EBAY's July 75 call has seen almost 2,300 contracts trade hands. Prior to today, this strike was home to only 932 open contracts. A number of large blocks have traded off the ask price or between the bid and the ask, implying that these are new positions. <
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by 6/14/2000 10:47 AM
Stocks quoted in this article:
ADC Telecommunications (ADCT - 79-1/2) makes devices that accelerate the rate at which voice and data signals are transmitted. ADCT has been one of the most impressive trenders in the market; since September, the stock has more than quadrupled in value. This rally has been continually buttressed higher by support at its 10-day and 20-day moving averages. Today, the shares have rallied an additional one percent to make a new all-time high just above the 80 mark. This morning before the open, the company declared a two-for-one stock split. The split will occur on July 17 for shareholders of record on June 26. The company paid its last two-for-one split out in February. The stock is seeing slight option activity in the front-month call series this morning. The strike of heaviest open interest on ADCT is the out-of-the-money July 85 call, which is home to over 2,500 open call positions.
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by 6/14/2000 10:47 AM
Stocks quoted in this article:
Tiffany & Co. (TIF - 62-5/8) sells jewelry, clocks, silver, china, and other luxury items through a network of 130 stores globally. The company's flagship store on New York City's Fifth Avenue amazingly generates around 15 percent of the firm's total sales. This morning, Standard & Poor's announced that the retailer will join the ranks of the S&P 500 Index (SPX - 1478.10), replacing Silicon Graphics (SGI - 7-7/8). This transition will occur after the close of trading on June 20. TIF is up more than 3.5 percent on the news, while SGI is trading seven percent in negative territory. TIF's rally has taken it above its descending 10-day and 20-day moving averages. The shares have not managed a close above these short-term trendlines since May 16. TIF is not a favorite of options players, as there are no strikes that boast open interest of more than 300 contracts.
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by 6/14/2000 8:55 AM
Stocks quoted in this article:
This morning, the Labor Department released the May Consumer Price Index. Overall, consumer prices rose by 0.1 percent versus analysts' estimates of a 0.2-percent advance. The core index, which excludes the volatile food and energy sectors, came in at estimates with a 0.2-percent rise. Today's numbers should help to reassure investors that inflationary pressures in the economy remain rather light. In addition, many economists increasingly believe that the recent inflation-friendly economic indicators will allow the Federal Reserve to hold off raising interest rates at its policy-setting meeting later this month. After initially rising on the news, the September S&P 500 Index futures contract (SP/U0 - 1495.5) is up fractionally, indicating a flat to slightly positive open.<
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