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by 2/21/2001 11:48 AM
Stocks quoted in this article:
Blue Wave Systems (BWSI 7-31/32) announced today that it agreed to be acquired by Motorola (MOT 18.05) for as much as $165 million in stock. The telecommunications-equipment maker is up by more than seven percent in trading as it continues to battle overhead resistance in the form of its 20-day moving average.<
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by 2/21/2001 11:31 AM
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Youth-oriented apparel retailer, Abercrombie & Fitch (ANF 29.70), reported fourth-quarter earnings after the bell yesterday. The company beat Street estimates by two cents per share and came in three cents above last year's earnings. Per diluted share income amounted to 76 cents on a 21-percent rise in sales.

Stores open longer than one year saw a nine-percent falloff in sales, however. The company is being cautious about the near-term future due to the uncertain economic environment. Two analysts this morning have issued positive comments. The shares are trading up about six percent today, but that is after a huge decline yesterday before the earnings release.<
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by 2/21/2001 10:47 AM
Stocks quoted in this article:
An article in today's Washington Post presented conflicting sentiment on online retailer Amazon.com (AMZN 11-11/16). One electronics distributor said it has ceased delivery to AMZN until the retailer pays its outstanding bill with the vendor. Other vendors expressed concern over the future of the firm, even though AMZN remains up-to-date with current payments. Defending his creation, AMZN chief executive (and Time's 1999 man of the year) Jeff Bezos asserted that the company had an "excellent" payment record and claimed that AMZN has never been in better shape.

Investors seem to be siding with the vendors, as the stock has dropped more than five percent today to register a new annual low at 11-5/16. The equity is sitting nearly 90 percent below its all-time high achieved in December 1999.

On the options front, AMZN might face some challenges overhead, as the site of heaviest open interest in the front-month series resides at the March 15 call strike. More than 6,300 contracts currently dwell at this out-of-the-money strike. By contrast, the most-active put in the March series is the March 10 option, home to 3,882 open puts. <
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by 2/21/2001 10:30 AM
Stocks quoted in this article:
Finisar (FNSR 13-9/16) manufactures networking and communications devices for the computer industry. Newbridge Networks and EMC Corp. account for the bulk of the firm's sales.

FNSR shares are seeing above-average volume this morning and are subsequently one of the most-active names trading on the Nasdaq Exchange. Last night, the firm announced third-quarter earnings of five cents per share, matching the consensus estimate on Wall Street. Also last night, company officials announced plans to purchase the Texan firm Marlow Industries for $300 million in stock and cash. The firm anticipates that this deal will close by the second quarter.

This news has not been viewed kindly this morning, as the shares have dropped nearly 25 percent (explaining today's heavy volume). This move has taken the shares to a new low; FNSR has not traded at its present levels since its inception in late 1999. FNSR is an optionable stock but is lightly traded. <
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by 2/21/2001 10:09 AM
Stocks quoted in this article:
AnnTaylor Stores (ANN 26.85) did not enjoy a Sweet November, as the stock plunged 47 percent during the four trading sessions between November 27 and November 30. This decline was spurred by brokerage downgrades and lagging same-store sales numbers. The equity has since overtaken one of its bear gaps from three months ago but has yet to surmount its November 28 drop-off level, around the 32 mark. Since the end of 2000, ANN shares have been sandwiched between the 25 and 30 levels. The stock also remains below staunch resistance at its 20-week moving average. This intermediate-term trendline is perched just overhead near the 28 mark.

This morning, the upscale women's clothier joined American Eagle Outfitters (AEOS 56-5/8) and Abercrombie & Fitch (ANF 29.50) in new coverage at Lehman Brothers Holdings. The brokerage firm started ANN with a "buy" rating, saying it feels the retailer has overcome past merchandise problems. Despite this vote of confidence, the shares are trading nearly three percent in the minus column. <
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