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by 6/12/2000 2:49 PM
Stocks quoted in this article:
As of 2:30, the top performer in the Dow Jones Industrial Average (.INDU - 10,600.6) is Eastman Kodak (EK - 58-7/8), which is trading over three percent higher on the day. Although EK unveiled two new digital cameras and a new photo finishing process before today's open, that news doesn't seem weighty enough to be the impetus for the stock's move. What may be more important is EK's technical picture. EK has been trading in a range between 53 and 63 since early January and made what may be a double-bottom at 53 in early May. However, it was again rejected near 63 and has since returned to the site of its intermediate-term weekly moving averages. After making two consecutive closes above its downtrending 20-week moving averages for only the second time since last October, EK closed last week below this important trendline. Today's rally has continued EK's recovery from its double bottom, moving it back above its 20-week moving average.
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by 6/12/2000 2:29 PM
Stocks quoted in this article:
Internet search engine firm Ask Jeeves (ASKJ - 21-5/8) is trading almost 15 percent lower on above-average volume. This morning, the firm unveiled its latest advertising service. This will allow outside companies to pitch their products and services to consumers through ASKJ’s Ask.com website. For the past two months, ASKJ has been basically directionless, trending sideways between the 18 and 35 levels. Today’s decline has taken the shares below their 10-day and 20-day moving averages. From a longer-term perspective, the Internet stock has been perched below its descending 10-week trendline since mid-December. 2000 has not been a banner year for ASKJ shares, despite the increasing popularity of Ask.com. Since peaking at 190-1/2 in mid-November 1999, the stock has tumbled nearly 90 percent. <
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by 6/12/2000 2:28 PM
Stocks quoted in this article:
This afternoon, the Chicago Federal Reserve released the April results for the Midwest Manufacturing Index. The four sectors studied by the index include machinery output, auto, steel, and resource. Overall, growth in the electric equipment and instrument segments of the machinery sector aided in the index's 0.4-percent advance to a seasonally adjusted 163.9 figure. In fact, the resource sector was the only part of the index that posted a decline.
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by 6/12/2000 1:13 PM
Stocks quoted in this article:
Burlington Resources (BR - 42-5/16), an oil and gas producer, closed last week right on its 10-week moving average. Today, the shares are bouncing higher off a successful test of this intermediate-term trendline. BR’s options pit is active today. The July 45 call has logged volume of 2,100 contracts, while the July 41-1/2 put has seen 1,500 contracts change hands. Most of this activity should result in new positions, since open interest on these options amounts to 72 and 260 contracts, respectively. Several mid-sized blocks crossed the tape late on both options, making it difficult to determine the investors’ intentions. These two contracts are among the most-active options on the PHLX.
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by 6/12/2000 12:39 PM
Stocks quoted in this article:
The PHLX Oil Service Sector Index (OSX - 121.53) is the leading sector index so far today, thanks to upgrades on several sector members by a brokerage firm. BJ Services (BJS - 67-1/2) was one of four sector stocks upgraded from a “market perform” to a “strong buy.” The stock is up almost four percent in midday trading in response. Last week, the shares tested their 20-week moving average, and today’s move has the equity attempting to overtake its 10-week moving average. Since its intraday low on June 5, the security has advanced by almost 12 percent. BJS’s options configuration has a pessimistic bias, as its Schaeffer’s put/call open interest ratio (SOIR) stands at 1.68, which means that puts outnumber calls by 68 percent for options expiring within the next three months. This ratio is higher than almost 74 percent of all readings taken over the past 12 months.
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