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by 8/15/2000 11:13 AM
Stocks quoted in this article:
IVAX (IVX - 29-1/2) announced today that approval of the generic version of the ovarian and breast cancer drug Taxol may be delayed because the original manufacturer, Bristol-Myers Squibb (BMY - 53-3/4), has filed for patent protection. BMY is up over six percent on this news. IVX, on the other hand, has plunged down to perfectly test its 10-month moving average. In morning trading, the shares are off approximately 30 percent. Option activity on IVX is starting to pick up steam, led by the August 40 put, which has seen almost 400 contracts cross the tape. This likely represents the liquidation of some of the 454 contracts open at that strike since much of today's activity has gone off near the bid.
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by 8/15/2000 9:01 AM
Stocks quoted in this article:
Despite the announcement that former-CEO Dick Cheney would be leaving to join the Republican ticket for president, Halliburton (HAL - 52-1/4) shares continue to motor higher, aided by strong oil prices. Last Thursday, the security moved to levels not seen since May 1998. In yesterday's option trading on HAL, the in-the-money September 55 put was notably active. Nearly 4,000 contracts changed hands at this strike on the day, and nearly all of the volume translated into new open interest.<
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by 8/15/2000 8:59 AM
Stocks quoted in this article:
Yesterday marked the first day of options trading on the Mini-NDX Index (MNX - 371.95). The MNX is a new instrument that is one-tenth the value of the Nasdaq 100 Index (NDX - 3719.61). On the back of Monday's technology rally, the NDX was able to close above its overhead 20-day moving average. Last Wednesday, the NDX was rejected soundly at this short-term trendline and proceeded to move lower in both Wednesday's and Thursday's trading. From a longer-term perspective, the NDX's rally yesterday also took it back above the index's 10-month moving average. After one day of option trading on the MNX, total call open interest stands at 13,612 contracts, and total put open interest stands at 9,095 contracts.<
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by 8/15/2000 8:53 AM
Stocks quoted in this article:
A pair of calls on Mail.com (MAIL - 7-3/8) were again active in yesterday's trading. The August 5 call saw a total of 34,115 contracts change hands on Monday with the volume resulting in an increase to open interest of 10,823 contracts. Heavy option activity on the August 5 call is nothing new. Before yesterday's volume, nearly 38,000 contracts of open interest already resided on the option. The September 5 call was also active, as 34,600 contracts crossed the tape on Monday. Before yesterday, this in-the-money strike had no open interest. As a result, virtually all of yesterday's volume translated into new open interest. Over the last month, MAIL shares have been unable to muscle above their overhead 20-week moving average, which currently resides at about the 7-1/2 mark.
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by 8/14/2000 3:26 PM
Stocks quoted in this article:
Broadbase Software (BBSW - 23), a provider of customer-centric analytic solutions, has moved ahead by seven percent this afternoon, as the security is now sitting just above its 10-day moving average. Since the shares tallied a near-term intraday high on July 13, they have retreated by more than 41 percent under the pressure of this short-term trendline. In BBSW's options pit today, 8,350 contracts have been executed on the out-of-the-money September 17-1/2 put, which has open interest of just 24 contracts. Blocks of 7,000, 1,000 and 250 contracts crossed the tape at the ask price, indicating the potential creation of new positions, while a 100-contract block transpired between the bid and the ask prices. Currently, this is the most-active put contract on the AMEX.<
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