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by 9/1/2000 11:03 AM
Stocks quoted in this article:
The Dow Jones Utility Average (UTIL - 366.73) is making another all-time high today. The UTIL had broken out above the 330 area in early August and closed out the month with a dazzling 11.7-percent return. The UTIL had been consolidating into its 20-day moving average over the last few days and now appears to be benefitting from technical buying and this morning's employment report. <
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by 9/1/2000 10:21 AM
Stocks quoted in this article:
On Thursday, Global Crossing (GBLX 33-11/16) increased its expectations for 2000 revenue based on results from its services, installation, and maintenance businesses. As a result, this worldwide telephone and data network operator's share price moved ahead by just over one percent. At this morning's open, the shares gapped 2-3/4 points higher and are currently ahead by nearly four points, or almost 12 percent. This upswing has lifted GBLX above both its 10-day and 20-day moving averages as well as to its top intraday level since July 14.

So far today, 3,547 contracts have already crossed the tape on the out-of-the-money September 35 call. This strike has open interest of 7,961 contracts. This is presently the most-active call contract on the Pacific Exchange.


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by 9/1/2000 9:17 AM
Stocks quoted in this article:
This morning, the Labor Department released the August unemployment rate, non-farm payrolls, and average hourly earnings results. The U.S. unemployment rate came in at 4.1 percent, which was above analysts' estimates of four percent. Non-farm payrolls dropped by 105,000 versus analysts' estimates of an 18,000 decline. Although the drop in payrolls was far greater than analysts expected, the majority of the decline was attributed to layoffs at the U.S. Census Bureau and a strike by Verizon Communications (VZ 43-5/8) workers. Average hourly earnings, however, remained benign with a 0.3-percent rise compared to last month's 0.4-percent increase. Today's numbers are being viewed bullishly by the market, as it bolsters the belief that the economy is slowing. After the report was released at 8:30 a.m., the September contract of the S&P futures (SP/U0 - 1535.80) rallied sharply higher. Currently, futures are up over 11 points, indicating a positive open.<
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by 8/31/2000 4:49 PM
Stocks quoted in this article:
This morning, Talk.com (TALK 7-3/16) was upgraded to a "strong buy" from a "buy" by a brokerage firm. In response to this positive fundamental development, the stock surged two points, or just over 39 percent, higher on above-average volume. The shares logged their top intraday mark since June 8, using their 10-day moving average for support. TALK is now perched higher than its descending 20-week moving average, a trendline it hasn't closed a week above since mid-February.

On the options front today, investors showed their conviction that TALK has more upside potential. The out-of-the-money April 10 call saw a whopping 11,064 contracts cross the tape on no open interest. This means that all of today's volume should translate into new positions. This was one of the most-active calls on the CBOE.


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by 8/31/2000 4:30 PM
Stocks quoted in this article:
Today's top performer in the Dow Jones Industrial Average (INDU 11,215.1) was banking giant J.P. Morgan (JPM - 167-3/16). JPM gained nearly 11 percent on the day, as a result of both a strong market and a relief rally following the takeover of Donaldson, Lufkin & Jenrette (DLJ 88-1/2) by CS First Boston. JPM rallied yesterday as news came out that they would not be the buyer of DLJ. With today's strength in the market and financial issues, JPM has moved to an all-time high, its second straight. From its near-term low of 110 on July 3, JPM has added almost 52 percent. Its two-day gain of more than 12 percent has lifted the stock above the highest open call strike at 160. The most-active JPM option on the day is the September 155 call with over 4,000 contracts traded. This compares to open interest of 1,012 contracts.<
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