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by 8/17/2000 3:28 PM
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IVAX (IVX - 26-7/8) is up over three percent after the company announced that it would buy back up to 10 million of its shares. The stock gapped significantly lower on Tuesday on news that its generic version of Bristol-Myers Squibb's (BMY - 52-11/16) Taxol drug would be delayed due to a patent dispute with BMY. IVX's options pit is seeing significant activity, most notably on the September 22-1/2 put, where 1,035 contracts have crossed the tape. Since this option has only 227 contracts in open interest, this activity likely represents new positions. <
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by 8/17/2000 1:12 PM
Stocks quoted in this article:
This afternoon, the AMEX Oil Index (XOI - 529.56) is one of the best performing indices, as it is presently in the black by over 12 points, or more than two percent. This advance has lifted the index to its highest intraday level since June 26. Since notching a near-term intraday bottom on July 26, the XOI has shot up by 13 percent, and a bullish crossover of its 10-day and 20-day moving averages recently confirmed this upward momentum. The index is also trading above both its 10-week and 20-week trendlines for the first time in about two months, and it has also eclipsed its 10-month and 20-month moving averages. Top XOI performers today include Occidental Petroleum (OXY - 21-13/16), up 5.4 percent; Unocal (UCL - 35-5/16), up 4.8 percent; Texaco (TX - 54-5/16), up 4.8 percent; and Phillips Petroleum (P - 60-1/16), up four percent.
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by 8/17/2000 11:54 AM
Stocks quoted in this article:
The GSTI Multimedia Networking Index (GIP - 680.2) has stepped up by nearly 14 points, or just over two percent, in late-morning trading. This upswing has the GIP poised to log its highest intraday mark in more than three weeks. The index is obtaining support today from its ascending 10-day moving average as well as its 10-week and 10-month trendlines. The GIP has not closed a month lower than its 10-month moving average since September 1998. Leading the index higher this morning is Oni Systems (ONIS - 111-1/4), which is higher by 16.4 percent on news that it will provide optical networking equipment to Qwest Communications (Q - 48-5/16). Other top GIP performers today have been Efficient Networks (EFNT - 49-1/8), up 8.8 percent; Ciena (CIEN - 173-3/4), up 6.4 percent; Cabletron Systems (CS - -35-1/8), up six percent; and Sycamore Networks (SCMR - 156-3/8), up five percent.<
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by 8/17/2000 11:19 AM
Stocks quoted in this article:
According to First Call/Thompson Financial, second-quarter earnings for the companies comprising the Standard & Poor's 500 Index (SPX - 1493.67) are running four percent higher than analysts' expectations. Currently, 95 percent of the SPX firms have already reported their earnings. In late-morning trading, the SPX is ahead by more than 13 points, or nearly one percent.<
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by 8/17/2000 10:46 AM
Stocks quoted in this article:
Corning (GLW - 283-7/8) is the world's top manufacturer of fiber-optic cable technology. The company additionally profits from its telecommunications division. The stock has enjoyed an impressive, steady uptrend over the past 10 months. Since its October lows around the 69 mark, the equity has roughly quadrupled in value. Yesterday, the shares recorded a new all-time high at the 295 level. Wall Street is taking the stock's strength to heart, as brokerage houses have a unanimously positive opinion on the shares. According to the latest data from Zacks Online, all 12 analysts rating GLW have named the stock a "buy" or better. Last night after the close, GLW officials announced plans to split the firm's stock three-for-one. This split will take effect on October 3 for shareholders of record by September 5. The split will raise the number of outstanding GLW shares from 319 million to 957 million. GLW is trading more than 2.5 percent higher in mid-morning activity. <
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