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by 9/19/2000 10:02 AM
Stocks quoted in this article:
Minnesota Mining & Manufacturing (MMM 84-3/8) is responsible for the creation of Post-It notes, Scotch tape, and other well-known consumer products. The company also has divisions in the health care, transportation, and communications industries. In all, the firm manufactures 50,000 different products. This morning, the company announced the positive news that a Texas jury has found MMM not liable in the latest case against defective breast implants. MMM has logged a 1.5-percent gain shortly after the open.

Technically, MMM has been floundering of late, falling 15 percent in the last three weeks. In late August, MMM encountered short-term resistance just above the 97 mark. The shares are now sitting below all of their significant short-term and long-term moving averages. <
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by 9/18/2000 4:10 PM
Stocks quoted in this article:
Continuing its 10th straight day of declines, the December gold futures contract (GC/Z0 - 275.0) braces for the third of six planned gold auctions by the Bank of England. Tomorrow, the U.K. central bank will put 25 metric tons of the yellow metal up for sale, leading to the ultimate disposition of 150 metric tons.

The contract attempted to overtake the 300 level during the end of June, but failed ahead of the U.K.'s July 12 auction. At that time, the product was disposed of at $279.75 per troy ounce. The historic low of 261.70 established in August 1999 could once again be tested if bids do not come in sufficient quantity near the market price.
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by 9/18/2000 3:26 PM
Stocks quoted in this article:
The AMEX Oil Index (XOI 553.42) has avoided today's broad-market weakness by moving ahead over four points to record an all-time intraday best. Since the index's near-term intraday bottom on July 26, it has risen by nearly 19 percent, using its 10-day and 20-day moving averages for cohesive support.

Top XOI performers this afternoon include Occidental Petroleum (OXY 24-3/8), up 2.3 percent; Phillips Petroleum (P 67-5/8), up 1.8 percent; Exxon Mobil (XOM 90), up 1.1 percent; and BP Amoco (BP 55-11/16), up one percent.

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by 9/18/2000 2:55 PM
Stocks quoted in this article:
Bucking the broad sell-off today, Sun Microsystems (SUNW 115-3/4) is up 1-1/2 percent in afternoon trading. After rallying 93 percent from its late-May low to an all-time high on September 1, the stock pulled back to test its 10-week moving average. The shares are pushing higher off that intermediate-term trendline today.

The SUNW October 110 call has registered volume of 14,655 contracts so far today. This activity has come across throughout the session in mid-to-large-sized blocks, which have transacted primarily between the bid and the ask. This is the busiest call on the Pacific Exchange.
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by 9/18/2000 12:57 PM
Stocks quoted in this article:
Despite the broad-market weakness today, Adobe Systems (ADBE 141-5/8) is continuing its strength from Friday. So far today, the stock is up almost seven percent, following a 5.78-percent gain on Friday. Today's gain has helped the equity achieve a new record high, surpassing its previous high from July 13.

Options players are making bearish wagers on the security in the face of this strength. Schaeffer's put/call open interest ratio (SOIR) on ADBE is approaching annual-high territory at 1.05. This indicates that put open interest outnumbers call open interest by five percent for options in the front-three-month series. In our contrarian view, such pessimism on a stock at all-time highs suggest that ADBE could have more upside in store.
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