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by 8/11/2000 2:59 PM
Stocks quoted in this article:
Shares of Target (TGT - 29-13/16) have hovered near breakeven for most of the day. Despite the lackluster activity in the shares, the October 30 call has traded actively. Over 4,600 contracts have changed hands on this option. Most of the activity is accounted for by a trio of block trades that crossed the tape this morning. It's possible that today's volume is the result of an institutional player exiting a position because the option already was the site of rather large open interest (nearly 24,000 contracts). By comparison, the option with the next highest open interest is the October 27-1/2 call with just over 4,200 contracts of open interest. From a technical perspective, TGT has traded in a range between 26 and 40 for the last year and a half. <
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by 8/11/2000 12:06 PM
Stocks quoted in this article:
Positive words from an analyst at a major brokerage firm has sent the AMEX Tobacco Index (TOB - 236.42) to the top of the market today. The index has surged to its highest level since October. Loews (LTR - 84-1/8) is the top-performing index component with its 10.6-percent gain, followed closely by Philip Morris's (MO - 30-15/16) eight-percent jump. Of all the tobacco stocks, MO is seeing the most option activity by far. The September 32-1/2 call has seen over 8,500 contracts change hands versus its open interest of 4,865 contracts. The August 30 call has logged volume of over 4,700 contracts compared to open interest of 8,517 contracts. These are two of the busiest calls on the AMEX. On the put side, almost 3,100 contracts have traded on the December 25 put, which has open interest of 10,363 contracts.
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by 8/11/2000 11:39 AM
Stocks quoted in this article:
Credence Systems (CMOS - 40-11/16) is up over three percent in late-morning trading, thanks to yesterday evening's positive earnings surprise. Excluding unusual items, the company earned 89 cents per share in their third quarter, while analysts had expected CMOS to earn 75 cents per share. The company's CEO attributed the 33-percent revenue growth in the quarter to market-share gains. The stock is currently battling resistance at its 10-day moving average, a trendline that has put downward pressure on the shares over the past two months. The September 35 put is the most-active CMOS option today, with over 2,300 contracts in volume. Since this option has just 65 contracts in open interest, today's activity likely represents new positions.
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by 8/11/2000 10:02 AM
Stocks quoted in this article:
Earlier this morning, retail sales numbers for July were announced, surpassing the Street's expectations. In total, retail sales pushed 0.7 percent higher compared to 1999. Analysts had been expecting a rise of 0.4 percent. Excluding automobiles, sales climbed 0.6 percent. Additionally, June retail sales were nudged lower to 0.4 percent. This number had originally been reported at 0.5 percent last month. The 36-member S&P Retail Index (RLX - 853.0) has moved slightly higher on the news. <
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by 8/11/2000 9:08 AM
Stocks quoted in this article:
World markets traded relatively flat overnight in anticipation of today's release of the Producer Price Index and retail sales in the U.S. The Bank of Japan finally made a move to raise interest rates by 25 basis points. The news came out after the trading day closed in Japan. On average, the overseas markets rose by just 0.09 percent. The top four major markets and their respective returns are Belgium (BELND- 3188.20), up 0.77 percent; Japan (NIKKEI - 16177.50), up 0.88 percent; Singapore (SIIND- 2101), up 0.79 percent; and Denmark (CSIND- 317.64), up 0.75 percent. The bottom four major markets and their respective returns are Sweden (AFFND- 5546), down 1.64 percent; Hong Kong (HKIND- 17214), down 0.69 percent; Spain (IBEND- 11060), down 0.46 percent; and South Africa (JIIND- 8869.10), down 0.28 percent.
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