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by 8/16/2000 11:10 AM
Stocks quoted in this article:
The PHLX TheStreet.com Internet Index (DOT - 752.2) is currently ahead by nearly 10 points, or one percent. With this advance, the index has vaulted back above its 20-day moving average, which it hasn't finished a session higher than since July 20. However, the DOT remains beneath all of its key intermediate-term and long-term moving averages. Index components contributing to the DOT's success this morning include eBay (EBAY - 55-3/4), up 7.6 percent; Priceline.com (PCLN - 26-15/16), up 6.1 percent; Check Point Software Technologies (CHKP - 128-3/4), up 4.5 percent; Lycos (LCOS - 60-3/16), up 3.8 percent; MarchFirst (MRCH - 21-1/4), up 3.6 percent; Excite@Home (ATHM - 14-3/8), up 3.6 percent; and Amazon.com (AMZN - 38-5/8), up 3.3 percent.
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by 8/16/2000 10:23 AM
Stocks quoted in this article:
Analog Devices (ADI - 90-7/16) gapped 13-3/16 points higher at the open in response to positive earnings news. The semiconductor name reported fiscal third-quarter earnings of 43 cents per share, well ahead of Street forecasts of 37 cents per share. In addition, the company said that it expects earnings for the fourth quarter to come in between 49 and 50 cents per share, while analysts were calling for earnings of 41 cents per share. In anticipation of this news, the stock has logged eight straight winning sessions during which it has gained more than 55 percent. This price action has prompted a bullish cross of ADI's 10-day and 20-day moving averages, a sign of near-term strength. On the options front today, 3,500 contracts have crossed the tape on the now deep-in-the-money August 60 call, which is likely liquidations of the 10,112 contracts open at this strike. This is one of the most-active calls on the AMEX.<
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by 8/16/2000 9:44 AM
Stocks quoted in this article:
In Tuesday's trading, Deere & Co. (DE - 33-15/16) reported third-quarter earnings of 72 cents per share, topping Street expectations by 13 cents per share. However, the company also warned that weakness in the farm equipment economy will likely continue next year, with forecasts in retail sales in the U.S. and Canada to be flat to down five percent. In response to this news, the stock dropped by nearly four points, or more than 10 percent, to reach its worst intraday mark since March 8 on above-average volume. Since the shares' near-term intraday high on May 22 through yesterday's close, they had stepped back by about 33 percent. This decline has taken DE beneath all of its significant moving averages. On the options front on Tuesday, the out-of-the-money August 35 call had volume of 1,869 contracts on open interest of just 58 contracts. After the open-interest translations, open interest at this strike now stands at 843 contracts. This morning, the security is attempting a comeback, as it is up greater than two percent.<
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by 8/16/2000 9:33 AM
Stocks quoted in this article:
Aviall (AVL - 5-1/2) distributes commercial parts for the aviation and marine industries. The company serves customers in about 80 countries around the globe. The company has been publicly traded since late 1993 and is presently trading near an all-time low. Since early April of this year, AVL shares have been consolidating in a tight range between the five and six levels. Prior to four months ago, AVL had remained above the six area since its inception. Yesterday, AVL saw above-average option activity as a number of put contracts were rolled forward from the back-month September series out to the March 2001 series. In total, 3,000 contracts were traded on each option. A number of large blocks traded as spreads between the two strikes shortly after the opening bell. The September-series positions traded off or near the ask price, while the March options went off between the bid and the ask prices. AVL is unchanged in early trading on Wednesday.
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by 8/16/2000 9:03 AM
Stocks quoted in this article:
Federal regulators finally gave approval to Clear Channel Communications (CCU - 83-11/16) to purchase AMFM (AFM - 78-5/16). The all-stock deal, which was originally agreed upon in October, was valued at $16.6 billion. The companies must now divest 122 stations in 37 markets and will do so concurrently with the merger, which will create the nation's largest radio company. Yesterday, CCU had traded as high as 85 before settling at the close up 1-1/2 points on volume twice the daily average. AFM shares closed up over two percent on slightly accelerated volume. Peak call options open interest on CCU for September lies at the 80 strike with 3,855 contracts. The September 70 put leads on the short side with 1,019 open contracts.
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