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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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by 8/10/2000 11:21 AM
Stocks quoted in this article:
Oil-service name Tidewater (TDW - 34-5/16) appears to be on the comeback trail. After hitting a three-month low in late July, the stock has ramped 15 percent higher. This price action has brought the equity's 10-day and 20-day moving averages to the verge of a bullish cross, which can be an indication of near-term strength. Options players are showing optimism on TDW, as its Schaeffer's put/call open interest ratio (SOIR) stands at a very low reading of 0.18. The call side continues to receive the most attention today. The August 30 and September 30 calls have both seen volume of 3,000 contracts coming across in large blocks. This could represent a roll-out from the August call to the September call, but we'll have to wait for tomorrow's translations to confirm this assumption. These are two of the most-active calls on the CBOE.<
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by 8/10/2000 11:20 AM
Stocks quoted in this article:
Another oil-service name has been the focus of option activity. Baker Hughes (BHI - 38) is down fractionally in response to a brokerage downgrade this morning. However, the stock is sitting just a chip shot away from a two-year high. This morning, a 1,000-contract block changed hands at the bid on the August 40 call. This option had no open interest heading into today, so it's possible that today's activity could represent new put-write positions.
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by 8/10/2000 11:20 AM
Stocks quoted in this article:
This morning, Mylan Laboratories (MYL - 22-7/8) announced fiscal first-quarter earnings of 14 cents per share, which missed Street forecasts by a penny. The shares, however, have managed a fractional gain in spite of this news. The stock gapped significantly lower on June 8 after the company issued an earnings warning. Since then, though, MYL has rallied to cover this bear gap, rising 43 percent along its 10-day moving average. Perhaps accounting for today's benign reaction to the negative earnings surprise was the high level of investor pessimism coming into the earnings report. Schaeffer's put/call open interest ratio (SOIR) on MYL has risen from 0.83 on July 28 to today's high reading of 1.02. For more information on SOIR, please visit Schaeffer's Daily Sentiment.
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