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by 10/12/2000 9:25 AM
Stocks quoted in this article:
On Wednesday, Applied Micro Circuits (AMCC – 167-3/4) tallied second-quarter earnings of 26 cents per share, besting analysts' projections by three cents per share. According to I/B/E/S International, this marked the company's sixth straight positive earnings surprise. AMCC also declared a two-for-one stock split.

In yesterday's trading, the stock fell in sympathy with the broader market, stepping back nearly 11 points for its worst closing level since August 16. Earlier this week, the security's 10-day and 20-day moving averages completed a bearish crossover, which can be an indication of near-term weakness. AMCC has also dipped beneath its 10-week moving average, a trendline it hasn't finished a week below since late June. The security should receive a boost today, though, as it is poised to open more than 13 points, or over eight percent, higher in response to its positive fundamental news.

With AMCC's recent struggles, pessimism toward this technology issue has been on the rise. On September 27, Schaeffer's put/call open interest ratio (SOIR) on the equity stood at 0.49, which is significantly less than its current SOIR reading of 0.78. Please visit Schaeffer's Daily Sentiment to learn more about SOIR.

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by 10/11/2000 3:23 PM
Stocks quoted in this article:
The AMEX Securities Broker/Dealer Index (XBD – 570.88) has fizzled by more than 13 points, or over two percent, in late-afternoon trading. High-yield exposure fears and uneasiness about earnings have hampered the index. With today's weakness, the XBD has registered its worst intraday level since July 31 and is poised to notch its fourth straight losing session. The index is trading below its 20-week moving average, a trendline it hasn't concluded a week below since the end of May.

Components contributing to the XBD's woes today include Lehman Brothers Holdings (LEH – 117-7/8), down 5.2 percent; Charles Schwab (SCH – 27-13/16), down 5.1 percent; Morgan Stanley Dean Witter (MWD – 71-1/16), down 4.9 percent; and Goldman Sachs Group (GS – 99-1/8), down 3.6 percent.

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by 10/11/2000 2:07 PM
Stocks quoted in this article:
Appliance manufacturer Maytag (MYG – 30-7/16) is trading modestly higher today after some positive news from Wall Street. Before the open, Bank of America initiated coverage on the stock with a "market perform" rating. MYG is not overly loved by the brokerage world, according to information from Zacks Online. Prior to today's new coverage, MYG was on the radar of only six analysts. Four of these brokerage houses rated MYG a "hold" while the remaining two named it a "buy."

MYG has endured a short-term slump, relinquishing 24 percent since late August. On a grander scale, the shares currently reside 59 percent off their all-time high of 74-13/16, which was achieved in May 1999. <
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by 10/11/2000 1:46 PM
Stocks quoted in this article:
Quantum – Hard Disk Drive Group (HDD – 12-5/16) manufactures disk drive technology. The firm designs its drives for use in commercial PCs such as those made by Hewlett-Packard and Compaq Computer, which account for 14 percent and 10 percent of HDD's sales, respectively.

HDD rallied sharply on October 4, after it was announced that the company would be acquired by Maxtor (MXTR – 8-5/16). The equity charged ahead nearly 40 percent on heavy volume that day but has since settled 10 percent lower.

Today, the stock is seeing intense options volume on the November 10 call, where 4,433 contracts have already changed hands. Prior to today, this strike was home to 1,113 contracts, suggesting that the majority of today's volume should translate into new open interest tomorrow. The bulk of today's activity crossed the tape around 10:45 a.m., as a block of 4,000 contracts traded off the ask price.
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by 10/11/2000 11:52 AM
Stocks quoted in this article:
Hyperion Solutions (HYSL – 12-1/16) makes corporate software for such clients as SBC Communications and ABN Amro. On Friday, HYSL plummeted 38 percent after company officials confessed that the firm will report a loss for the first quarter. Analysts had expected the company to earn 15 cents per share. The stock has failed to pare any of these gains in subsequent sessions.

Yesterday, the shares saw massive put volume on the near-the-money October 12-1/2 put, an option that was previously home to only 100 contracts. A series of late-day block trades ultimately boosted open interest at this strike to 8,900 contracts. This is by far the site of heaviest open interest on HYSL, as the runner-up is the October 12-1/2 call, where 1,125 contracts reside.

In late-morning trading, the stock is unchanged.
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