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by 2/9/2001 12:13 PM
Stocks quoted in this article:
Property/casualty insurer Chubb (CB - 73.98) reported fourth-quarter results this morning before the opening bell. CB posted profits of 93 cents per share, falling short of the Street estimate which called for the company to earn $1.02 per share. Underwriting losses in its commercial business were blamed for the earnings shortfall. Despite the disappointment, the shares are witnessing only a modestly negative response today. Cbis down about one point today, and has found support from its 20-day moving average. Option activity is light on CB today.
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by 2/9/2001 11:16 AM
Stocks quoted in this article:
Today's announcement that the SEC will be looking into Lucent Technologies' (LU 15.10) accounting practices was not shocking news. The company itself had restated some figures and began discussing the matter last November. But the news has still prompted selling, as LU gapped over one-dollar lower at the open and has proceeded to drift down further. It has lost over 10 percent at this point as a volume leader on the NYSE.

Even with a year's worth of negative news for investors, hope seems to spring eternal for LU, looking at today's options activity. The closest-to-the money front-month February 15 puts and calls have seen similar action, as 1,380 puts and 1,343 calls have traded so far today. In general, however, there has been much more call than put activity. For example, in the April series, a whopping 9,791 contracts of the April 17 call have traded. There is no correspondingly large put action for LU. It would seem that investors are expecting better times to arrive by the next quarterly earnings report.<
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by 2/9/2001 10:38 AM
Stocks quoted in this article:
Data server manufacturer Network Appliance (NTAP 38-1/4 ) reported earnings last night, beating First Call estimates of 10 cents per share by a penny. Revenue numbers did fall slightly short of analysts' expectations. It seems that the major brokerage firms can't decide whether or not NTAP had a good quarter. This morning NTAP has received an upgrade and a downgrade. After falling to a new low yesterday, today the stock has erased most of yesterday's losses. NTAP is currently trading up 8.17 percent on the news.
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by 2/8/2001 3:27 PM
Stocks quoted in this article:
The lack of reaction from the CBOE Market Volatility Index (VIX 24.06) continues to be troubling. With the S&P 100 Index (OEX 696.05) trading off 0.66 percent, the VIX has failed to budge higher, currently trading down 1.75 percent. This continued complacency from options traders despite a poor market environment is less than encouraging.
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by 2/8/2001 12:46 PM
Stocks quoted in this article:
Silicon Valley isn't the best place to be looking for jobs right now. At risk of sounding like a broken record, (yet) another dotcom announced a series of layoffs today. This time, it was barnesandnoble.com (BNBN 1-27/32) sounding "Taps," saying 350 jobs, or 16 percent of the work force, will be eliminated. Last night, the online book and music retailer announced that fourth-quarter earnings were in line with previously reduced Street estimates. The company also said it expects to reach profitability by the fourth quarter of 2002, but it presently sees impending slower sales for 2001. BNBN has dropped more than 14 percent today. <
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