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by 8/25/2000 9:20 AM
Stocks quoted in this article:
This morning, the Commerce Department released the revised second-quarter Gross Domestic Product report. For the three-month period ending in June, the red-hot economy notched a strong 5.3-percent growth, slightly higher than the initial report of a 5.2-percent advance. As the revised results were in line with Wall Street expectations, they should not have much of an impact on today's trading. In pre-market activity, the September S&P 500 Index Futures contract (SP/U0 1513.20) is down two points, indicating a moderately lower open.<
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by 8/25/2000 9:14 AM
Stocks quoted in this article:
On Thursday, RF Micro Devices (RFMD 81-15/16) vaulted ahead by nearly seven points, or just over nine percent, to record its highest intraday level since July 26. Since notching a short-term intraday bottom on August 11, the stock has shot up by more than 29 percent, prompting a bullish crossover of its 10-day and 20-day moving averages earlier this week. Such a technical development can be a further confirmation of near-term strength. The shares are also trading above their 10-week moving average, a trendline they haven't finished a week above since early June.

In pre-market trading, RFMD is fractionally higher ahead of the company's planned two-for-one stock split, which will occur after today's closing bell. Citigroup (C - 76-11/16) will also split its shares four for three before Monday's open.<
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by 8/24/2000 2:55 PM
Stocks quoted in this article:
On Wednesday, Carnival Corp. (CCL - 21-7/16) retreated by nearly two percent to close below its 10-day moving average for the first time since August 1. The stock has slipped further beneath this short-term trendline today, and it is currently down by just over three percent. The shares have encountered overhead resistance this week from their 20-week moving average, which they haven't finished a week above since early February.

In CCL's options pit this afternoon, investors are showing their belief that the security has more downside potential. The out-of-the-money September 20 put has seen 2,050 contracts cross the tape. Open interest at this strike stands at a mere 17 contracts, indicating that almost all of today's volume will become new positions. If so, this could provide a layer of downside protection for the equity. Presently, this is one of the most-active puts on the CBOE.<
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by 8/24/2000 11:14 AM
Stocks quoted in this article:
The AMEX Biotechnology Index (BTK - 712.7) is leading the broad market higher in late-morning trading, stepping up by more than 19 points, or over two percent. This climb has lifted the BTK to its highest intraday mark in a month, as the index is in positive territory for the fourth consecutive trading day. The BTK has obtained support this week from its uptrending 10-week moving average.

Top index performers this morning have been COR Therapeutics (CORR - 54-3/8), up 14.3 percent; Human Genome Sciences (HGSI - 149), up 7.7 percent; Protein Design Labs (PDLI - 81-5/8), up 5.6 percent; and Millennium Pharmaceuticals (MLNM - 130-9/16), up 4.4 percent.
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by 8/24/2000 10:48 AM
Stocks quoted in this article:
Next Level Communications (NXTV - 45-7/8) gapped down over 40 points at the open this morning in response to downgrades from two major brokerage firms. The stock has plunged 50 percent so far today to hit an all-time low.

Activity in NXTV's options pit is busy in response to this news, led by the December 45 put, which has seen volume of 688 contracts so far today. Since this option has only 20 contracts in open interest, this activity likely represents new positions.
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