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by 6/1/2000 12:06 PM
Stocks quoted in this article:
On Wednesday, semiconductor name Xilinx (XLNX - 80-3/4) stepped up by more than one percent in reaction to news that its near-term “buy” status was reiterated by an analyst. This morning, another broker reiterated his “buy” recommendation on XLNX, sending the stock higher by over six percent. Today’s advance has lifted the shares to their highest intraday level since April 11. Since its intraday bottom on May 24, the security has elevated by 41 percent, using the sturdy support of its upsloping 20-week moving average. This recent upswing also prompted a bullish crossover of XLNX’s 10-day and 20-day moving averages, which can be a sign of near-term strength. On the options front this morning, 1,043 contracts have crossed the tape on the in-the-money June 70 call, which has open interest of 1,426 contracts. What’s more, 3,723 and 2,039 contracts have been executed on the out-of-the-money September 80 and 90 calls, respectively. Open interest on the September 80 call stands at 3,871 contracts, while the September 90 call has open interest of just 411 contracts. Most of the volume on the September 90 call should translate to new positions, while we will have to wait until tomorrow’s open interest translations for both the June 70 and September 80 calls.<
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by 6/1/2000 12:05 PM
Stocks quoted in this article:
Morgan Stanley Dean Witter (MWD - 74-13/16) provides financial and investment products and services worldwide. After falling back to support at its 20-day moving average early in the trading session, the stock reversed higher and is currently up nearly five percent on the day. However, from a longer-term perspective, the stock is still trading roughly 20 percent off its late-March all-time high. Option activity is slanted to the put side today, as 2,502 out-of-the-money June 60 puts crossed the tape in large block transactions. This is one of the most-active put contracts on the CBOE.
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by 6/1/2000 11:57 AM
Stocks quoted in this article:
Finnish cell-phone maker Nokia (NOK - 55-7/16) is seeing some heavy option activity in late-morning trading. A 3,000-contract spread was initiated between the out-of-the-money July 48-3/4 put and the out-of-the-money October 50 put. These are two of the most-active put contracts on the CBOE. From a technical perspective, NOK surged above its 20-day moving average for the first time in two weeks and is currently up over six percent on the day. Sentiment on the stock is still showing an extreme in pessimism, as Schaeffer's Open Interest Ratio (SOIR) for NOK is in the 96th percentile of all readings over the past year.
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by 6/1/2000 11:49 AM
Stocks quoted in this article:
A consumer confidence poll released yesterday suggests that although consumers continue to be confident about their financial situations, they are less so than in April. The poll's sponsor, a major monthly financial publication, said that consumer confidence fell to 27 in May from April's reading of 28. According to the survey, positive sentiment toward buying dropped to 49 percent from 50 percent in April. Confidence in personal finances rose to 67 percent from 66 percent. Sentiment toward the economy held steady at 76 percent.<
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by 6/1/2000 11:29 AM
Stocks quoted in this article:
This morning, the Commerce Department released April construction spending figures. Construction spending dropped 0.6 percent and was in line with expectations. The decline was the first in seven months, an indication that higher interest rates may have begun to slow the housing sector. The drop to a $757.3 billion annual rate was the steepest since May 1999. Last month's number was revised downward to a 0.8-percent increase.<
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