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by 12/23/1999 9:37 AM

Stocks quoted in this article:

MSFT

Microsoft (MSFT - 118) opened lower by fractionally lower on news that the well-respected CFO Greg Maffei will be leaving the company. Investors seem to be unconcerned, and analysts have voiced confidence in his replacement John Connors. Mr. Maffei was with MSFT for 11 years. The stock has since reversed to hit a new intraday high in early trading.<
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by 12/23/1999 9:29 AM

Stocks quoted in this article:

Bonds and stocks appear to be viewing this morning's durable goods report as a favorable event. The March S&P 500 Index futures contract (SP/H0 - 1467.40) was showing signs of strength heading into the report, up about 10 points above fair value. Personal spending for November met the consensus estimate of a .5-percent increase. However, overall durable goods orders increased by 1.2 percent versus a consensus of a one-percent increase. The March Treasury Bond futures contract (US/H0 - 91-17/32) is higher by 15/32 at the open.
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by 12/23/1999 9:00 AM

Stocks quoted in this article:

As Hewlett-Packard (HWP - 106-15/16) shares fiddle around the 105 level and continue to find support from their 10-day and 20-day moving averages, options players have been betting on a downward move by the security. Yesterday, the out-of-the-money January 105 put saw its open interest increase from 1,100 to 2,800 contacts, while open interest on the in-the-money January 110 put went from 2,300 to 3,800 contracts.
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by 12/23/1999 9:00 AM

Stocks quoted in this article:

Since late November, Gap Inc. (GPS - 42-1/4) has been experiencing resistance at the 45 level. Following this period of lingering resistance, the stock has pulled back to its 10-month moving average. In addition, open interest on the out-of-the-money January 45 call is continuing to build. On Wednesday, open interest at this strike moved from 5,400 to 7,200 contracts, while other options near the equity's market price saw relatively flat volume. The January 45 call is now the site of peak front-month total open interest.<
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by 12/22/1999 4:23 PM

Stocks quoted in this article:

DELL

Dell Computer (DELL - 50-5/16) appears to have won the battle at the 50th parallel. The lines were drawn on the January 50 call, which had amassed a formidable 51,090 contracts of open interest. DELL turned lower from this key level in September when there were 62,000 contracts on the September 50 call. Although the stock did not close decisively above this key level today, it sets up the possibility for a delta hedging rally (as we recently noted in a Market Observation on the break above the December 45 call). This could result in an additional push by option sellers that are forced to purchase the shares to hedge their short-option exposure should the rally continue.
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