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by 6/14/2000 8:52 AM
Stocks quoted in this article:
Though there were less than four days left until June expiration, traders were adding new put positions in a couple of S&P 100 Index (OEX - 789.43) options on Tuesday. The out-of-the-money June 750 put saw volume of 4,560 contracts yesterday, with the activity resulting in an increase of 1,480 contracts to open interest. The further out-of-the-money June 700 put traded over 3,100 contracts with just under 1,000 contracts of the volume added to open interest. All of the trades on this option yesterday transacted at 1/16. With such little time left until expiration, we typically see open interest decline as traders exit their positions. One explanation for the addition of the new OEX put positions yesterday may be skittishness among speculators in front of today's release of the Consumer Price Index.
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by 6/14/2000 8:49 AM
Stocks quoted in this article:
Yesterday after the closing bell, it was announced that the U.S. Court of Appeals has decided to review the decision in the government's antitrust case against Microsoft (MSFT - 67-7/8). The move is seen as a small victory for MSFT, as the company has received favorable rulings in the appellate court in the recent past. In yesterday's trading, the deep out-of-the-money January 120 call was the most-active MSFT call option on the CBOE. The option's volume on Tuesday was mainly comprised of a spate of mid-afternoon activity. In a 15-minute span, approximately 4,000 contracts traded on the option, with all of the volume transacting at 5/8. From a short-term technical perspective, the shares have shown signs of life lately. The stock was able to find solid support from its 20-day moving average in yesterday's trading, rebounding to finish nearly two points off its low of the day.
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by 6/13/2000 5:20 PM
Stocks quoted in this article:
The Justice Department has recommended that SBC Communications (SBC - 47-7/8) be allowed to provide long-distance service in Texas. The recommendation to the Federal Communications Commission is not binding, but the commission is expected to approve it by July 5. This would make SBC the second "Baby Bell" to enter the long-distance arena since the breakup of AT&T in 1984. Bell Atlantic (BEL - 55-7/16) won approval to offer long distance service in New York late last year. <
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by 6/13/2000 3:29 PM
Stocks quoted in this article:
One of the strongest performers in the S&P 100 Index (OEX - 787.80) is biotechnology company Amgen (AMGN - 65-5/16), which is up over seven percent on the day. AMGN has risen steadily higher all day, aided by continuing positive information coming from its patent-infringement lawsuit against Transkaryotic Therapies (TKTX - 35-7/8) and Aventis (AVE - 64-15/16). On Friday, a judge initially ruled that AVE and TKTX had not infringed on certain AMGN patents. This ruling caused strong selling in AMGN on Friday, knocking it down nearly five percent. AMGN fell another 2.6 percent yesterday to close at 60-15/16. Today, a brokerage firm started AMGN at a long-term "outperform." This rating along with positive witness testimony regarding AMGN's key anti-anemia drug Epogen have combined to push the shares higher today.
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by 6/13/2000 3:28 PM
Stocks quoted in this article:
Adobe Systems (ADBE - 125-15/16) develops and markets software designed for use in the desktop publishing and graphic design industries. Slightly ahead of the market open today, an analyst at brokerage giant Prudential Securities upped his rating on the shares from an "accumulate" to a "strong buy." The shares are benefiting from this positive mention, trading more than 3.5 percent higher in late-afternoon activity. For the past 2-1/2 months, ADBE has been travelling sideways within a range between the 102 and 129 levels. The stock is presently nearing the top end of this range. ADBE is seeing some call volume today on the July 120 call, where over 1,350 contracts have changed hands. Current open interest on this option is strikingly similar to today's call volume, standing at 1,452 open contracts. <
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