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by 8/15/2000 12:34 PM
Stocks quoted in this article:
Avis Group Holdings (AVI - 30) gapped 4-3/4 points higher at the opening bell and is currently up over 17 percent on news that Cendant (CD - 13-5/16) has made a $750 million cash offer to acquire the company. CD currently owns 18 percent of AVI's outstanding shares. Today's move takes AVI to an annual high. Option activity on AVI is heating up in response to this news. The September 30 call has registered volume of 2,480 contracts versus open interest of just 100 contracts. Almost 2,000 contracts have changed hands on the September 30 put, which had no open contracts coming into today. As such, this activity likely represents the initiation of new positions.
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by 8/15/2000 12:34 PM
Stocks quoted in this article:
On August 3, LSI Logic (LSI - 36-5/8) sank to its lowest level since early January. The shares have since pushed off this low to gain 23 percent. Today, the stock has ran squarely into resistance at its downtrending 20-day moving average, a trendline that has served as resistance since the equity fell below it in late June. Despite the security's lackluster performance recently, options players are showing extreme optimism. Schaeffer's put/call open interest ratio (SOIR) on LSI is trending near its lowest level over the past 12 months. Traders are continuing to show a preference for calls today. The September 35 and October 35 calls have seen over 6,000 and 5,100 contracts, respectively, cross the tape. The September 35 call is one of the most-active contracts on the AMEX.
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by 8/15/2000 12:07 PM
Stocks quoted in this article:
Biotechnology name COR Therapeutics (CORR - 90-1/2) has stepped back by over one percent this morning, as the stock is currently trapped between its 10-day moving average and its overhead 20-day trendline. Since CORR's all-time intraday high on July 13, it has lost 17 percent of its value. However, the shares are receiving support this week from their ascending 10-week moving average. Today's decline comes in front of the company's planned two-for-one stock split, which will be effective tomorrow morning. The equity remains relatively unknown to brokers, according to Zacks Online. There are only six analysts covering CORR, including one who rates it as a "hold."<
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by 8/15/2000 11:40 AM
Stocks quoted in this article:
The AMEX Networking Index (NWX - 1272.7) is avoiding today's broad-market decline, as it is currently ahead by greater than five points. This climb has taken the NWX back above its 20-day moving average, a trendline it hasn't finished a session higher than since July 26. The index is also trading above its supportive 10-week trendline. Top NWX components this morning include Cabletron Systems (CS - 30-7/8), up 8.1 percent; Comverse Technology (CMVT - 80-5/8), up 3.6 percent; ECI Telecom (ECIL - 29-3/8), up 1.9 percent; and Lucent Technologies (LU - 41-1/8), up 1.5 percent.
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by 8/15/2000 11:14 AM
Stocks quoted in this article:
After sinking to a nine-month low in early August, National Semiconductor (NSM - 39-5/8) has mustered a recovery attempt. From its August 3 bottom, the stock has appreciated by 28 percent. This rally has taken the shares above their downtrending 20-day moving average for the first time since late June. A large spread transaction appears to have been initiated today using the September 30 and 35 calls, which have logged volume of 4,013 and 6,900 contracts, respectively. These are two of the busiest calls on the CBOE.
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