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by 9/20/2000 2:13 PM
Stocks quoted in this article:
After losing almost four percent yesterday, Anadarko Petroleum (APC – 64.94) is rallying along with other oil-related issues today. The stock is up three percent in afternoon trading. APC has been on the move recently, rallying 57 percent from its late-July low to an all-time high on September 11.

The APC November 70 call is seeing heavy volume today. Blocks of 2,000 and 3,000 contracts crossed the tape this afternoon. Since this option has open interest of just 118 contracts, this activity will likely result in new positions. This is one of the busiest options on the CBOE today.
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by 9/20/2000 1:03 PM
Stocks quoted in this article:
Internet company Excite@Home (ATHM – 15-1/16) has dipped almost seven percent today and is one of the most-active equities trading on the Nasdaq Exchange. This tumble came on news that the firm's chairman and CEO plans to resign. He will continue at his role until a replacement is found.

This pullback has taken the stock below its 20-day moving average for the first time since August 28. The shares continue to trade below their intermediate- and long-term moving averages. ATHM is sitting nearly 85 percent off its all-time peak of 99, achieved in April 1999.
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by 9/20/2000 1:01 PM
Stocks quoted in this article:
Network Appliance (NTAP – 133-15/16) notched its third straight all-time intraday high today in spite of the broad-market weakness. The stock has been driving higher recently and has nearly doubled in value since its low on August 3.

Not surprisingly, options players have been focusing on the call side recently. Over the past two sessions, total call open interest for options expiring within the next three months increased by almost 3,000 contracts, while put open interest decreased by over 1,800 contracts. This unwinding of pessimism is likely contributing to the shares' charge to new heights.
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by 9/20/2000 11:43 AM
Stocks quoted in this article:
Carnival (CCL – 22) is the world's largest cruise operator, in charge of five different cruise lines. Last Friday, the equity surged over 14 percent after being upgraded from an "attractive" to a "buy" rating by PaineWebber Group. Additionally, the shares may have benefited from news that a smaller, privately held competitor is throwing out its anchor and ceasing operations.

Despite this recent boost, CCL remains 57 percent off its annual highs and nearly 60 percent away from its all-time peak. The stock is still well below its 10-month and 20-month moving averages.

Yesterday, CCL saw extremely heavy option volume transpire on the January 25 call, as 5,278 contracts traded. On an average day, just under 600 contracts are traded on this out-of-the-money option. This activity ultimately boosted call open interest at this strike from 1,950 to 7,235 contracts. A block of 5,250 contracts traded shortly before the close yesterday. This volume came across the tape "late," making it impossible to determine whether it was traded near the bid or the ask price. CCL is down fractionally in late-morning activity. <
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by 9/20/2000 11:34 AM
Stocks quoted in this article:
After dropping by over 16 points on Tuesday, the PHLX Utility Index (UTY – 347.08) is again struggling in late-morning action. The index is in the red by over seven points, or more than two percent, to sink below its 20-day moving average. This short-term trendline has offered perfect support on a daily closing basis since July 31.

The leading UTY laggard today is PG&E Corp. (PCG – 23-11/16) after the debt-rating agency Fitch downgraded its outlook for debt issued by California's three investor-owned utilities. PCG is down 8.4 percent to reach its lowest intraday level since April 17.

Other top index underperformers this morning include Public Service Enterprises (PEG – 39-5/8), down 2.4 percent; CP&L Energy (CPL – 36-13/16), down 2.4 percent; Dominion Resources (D – 54-9/16), down 2.2 percent; PECO Energy (PE – 54), down 2.2 percent; Ameren (AEE – 39-11/16), down two percent; and American Electric Power (AEP – 35-5/8), down two percent.
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