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InfoSpace (INSP – 8-13/16) provides cyber content for over 3,000 web sites, including America Online and Microsoft. The company supplies white and yellow pages as well as classified ads, stock quotes, TV listings, and other various consumer services.
INSP has displayed an insipid performance in 2000, shedding over 93 percent of its value since its early-March peak. It goes without saying that this drubbing has taken the stock below its significant intermediate- and long-term moving averages.
On the options front, speculators are heavily predisposed to the put side, which is understandable given the equity's performance of late. The site of heaviest put open interest is the in-the-money January 10 strike, home to 28,866 open contracts. In contrast, the site of heaviest call open interest is the far out-of-the-money April 60 option, which is the site of 6,215 contracts.
Today, speculators have been active on both sides of the January 10 strike. Over 5,300 contracts have traded on the call side, making this one of the most-active positions on the AMEX. Prior to today, there were only 1,868 contracts in residence at this strike, meaning that the majority of today's volume should translate into new open interest. On the put side, around 2,700 contracts have crossed the tape.
The call position saw most of its action transpire around 10:45 a.m., as a block of 4,500 contracts and a block of 500 contracts went off at the bid price. Blocks of 1,750 and 750 traded on the January 10 put earlier in the session.