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by 8/1/2000 2:01 PM
Stocks quoted in this article:
With the Nasdaq Composite (COMP - 3721.8) down 1.20 percent and the S&P 500 Index (.SPX - 1437.14) up 0.44 percent today, 24 of the 38 sector indices are higher on the day. Among the indices we follow, two hit new annual highs today. This afternoon's top four performing indices are the AMEX Biotechnology Index (BTK - 634.1), up 7.2 percent; the AMEX Natural Gas Index (XNG - 188.71), up 3.2 percent; the Morgan Stanley Healthcare Products Index (RXP - 943.8), up three percent; and the Morgan Stanley Healthcare Payors Index (HMO - 337.81), up 2.9 percent. The four indices showing the most weakness are the AMEX Disk Drive Index (DDX - 79.92), down 2.9 percent; the PHLX Semiconductor Index (SOX - 965.3), down 2.9 percent; the CBOE Internet Index (INX - 490.9), down 2.3 percent;and the AMEX Computer Technology Index (XCI - 1455.4), down 1.4 percent.<
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by 8/1/2000 1:34 PM
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Barnesandnoble.com (BNBN - 4-1/4) is an Internet-based retailer of books and music. Roughly 40 percent of the company is owned by the brick-and-mortar establishment Barnes and Noble (BKS - 19-5/16). Last night following the close, BNBN reported a second-quarter loss of 27 cents per share. Wall Street had expected the cyber-retailer to lose only 18 cents. Adding insult to injury, the shares were downgraded at two Wall Street firms this morning. Goldman Sachs Group (GS - 99-7/16) reduced its rating on BNBN from an "outperform" to a "perform" while Bank of America (BAC - 47-9/16) cut its BNBN coverage from a "buy" to a "market perform." BNBN gapped 11 percent lower at the open and is presently trading 16 percent off yesterday's close. Additionally, the equity has reached a new annual low of 4-1/16 during the trading day. BKS is down over 4.5 percent in sympathy with its offspring. <
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by 8/1/2000 1:24 PM
Stocks quoted in this article:
Net Perceptions (NETP - 12) is down just over one percent in early afternoon trading, as the stock continues to trade beneath all of its significant moving averages. Since the security's short-term intraday high on July 18, it has lost nearly 38 percent of its value. On the options front today, a whopping 15,100 contracts have crossed the tape on the August 10 put. This out-of-the-money position had open interest of just 20 contracts as of yesterday's close, so almost all of this volume should translate into new open interest. This option is currently the most-active put on both the AMEX and PHLX.
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by 8/1/2000 1:23 PM
Stocks quoted in this article:
Broadband services concern Global TeleSystems (GTS - 8-7/8) has vaulted ahead by over four percent so far today, but it is still trending below all of its key moving averages. The shares remain well off their all-time intraday best of 45-27/32 from late June 1999. In GTS's options pit this afternoon, the out-of-the-money October 7-1/2 put has been extremely active on volume of 5,040 contracts. Open interest at this strike stands at just 99 contracts, indicating that most of today's volume will become new positions. Presently, this is one of the most-active put contracts on the AMEX.
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by 8/1/2000 12:23 PM
Stocks quoted in this article:
Drug bellwether Pfizer (PFE - 45) has rallied over four percent so far today on news that its impotence drug Viagra may also be an effective treatment for a digestive ailment that often affects patients with diabetes. Today's move higher comes off a perfect test of the stock's 20-week moving average. PFE has attracted some call additions recently, as open interest on the August 47-1/2 call has risen from 8,700 to 11,500 contracts over the past four sessions, making it the site of peak open interest in the August series. This heavy call open interest could serve as options-related resistance to a continued rally. In option activity today, the August 45 call has seen approximately 1,400 contracts cross the tape. A 1,000-contract block traded near the ask this morning.
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