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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.