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by 8/10/2000 4:59 PM
Stocks quoted in this article:
Sears, Roebuck and Co. (S - 30-9/16) is one of the nation's oldest and largest retailers. After the close on Wednesday, S officials announced a new $1 billion buyback program. This adds to the firm's $1.5 billion buyback plan that was launched in March 1999, which is nearly complete. The company presently has around 343 million outstanding shares. While such buybacks are typically viewed as positive, suggesting that the firm in question has room for fundamental growth, reaction to this announcement was muted. The shares closed slightly lower on the day. What's more, Wall Street is not overly enamored of the retailer, as evidenced by recent data from Zacks Online. Of the 15 analysts covering S shares, only five have placed the stock on their respective "buy" lists, while 10 brokerage houses have named the shares a "hold." <
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by 8/10/2000 4:40 PM
Stocks quoted in this article:
With today's loss of nearly two percent, the Nasdaq-100 Trust (QQQ - 90) dropped just below the 90 mark, the site of its 10-day moving average. Interestingly, the 90 mark was the site of today's hottest QQQ option activity, as 8,000 puts and 2,900 calls traded at this strike in the front-month series. The put activity was widely spread out, as no single trade involved more than 500 contracts. This was the most-active put today on the AMEX. The story was a bit different for the calls, as blocks of 750 and 1,000 contracts went off near the bid and at the bid, respectively. Though we won't know how the put trades will affect open interest until tomorrow morning's translations, the August 90 put contains the second highest amount of open interest in the August series with 21,000 contracts. Even if most of today's put trading was liquidations, it will be interesting to see if the large number of puts at 90 and the QQQ's 10-day trendline will provide any support for the shares in tomorrow's action.<
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by 8/10/2000 3:14 PM
Stocks quoted in this article:
Before today's open, Biogen (BGEN - 63-3/8) was raised to a "buy" from "hold" status by an analyst. In reaction to this upgrade, the stock gapped nearly four points higher at the opening bell. Currently, the shares are in the black by almost seven percent, overtaking their 20-day moving average. BGEN hasn't finished a trading day above this short-term trendline in four weeks. The security is also perched back higher than its 10-week moving average. Today's upswing comes in the face of weakness in the AMEX Biotechnology Index (BTK - 652.1), which is presently down by just over 21 points, or more than three percent. On the options front this afternoon, the out-of-the-money August 60 put is receiving the most attention on volume of 1,806 contracts. This activity could be a partial liquidation of the 3,777 contracts of open interest residing at this strike.<
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by 8/10/2000 1:55 PM
Stocks quoted in this article:
The Morgan Stanley High Tech 35 Level (MSH - 1006.45) is in the red by more than 10 points, or over one percent, this afternoon. The overhead resistance of its 20-day moving average has turned the index lower today. The MSH also is sitting just beneath its 10-week moving average. Leading index laggards this afternoon include Cisco Systems (CSCO - 64), down 5.6 percent; 3Com (COMS - 16-3/8), down five percent; Micron Technology (MU - 76-3/4), down 4.5 percent; Broadcom (BRCM - 227-1/16), down 3.2 percent; and Applied Materials (AMAT - 69-13/16), down 3.1 percent.
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by 8/10/2000 12:47 PM
Stocks quoted in this article:
Currently on the NYSE, 1,259 advancing issues are slightly behind 1,319 declining issues, while 573 issues are unchanged. Up volume of 261,827,230 shares is ahead of down volume of 206,628,900 shares. The 59 new highs are overshadowing the 19 new lows. Advancing Nasdaq issues of 1,477 are lagging by a wide margin 2,156 declining issues, while 658 issues are unchanged. Up volume of 227,052,400 shares is being trounced by down volume of 397,118,600 shares. The 36 new highs are being eclipsed by the 74 new lows. Option volume is showing modest fear in the wake of today's market weakness, with the put/call ratio for equities coming in at 0.55 thus far.
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