Stocks quoted in this article:
This morning, it was announced that Palm (PALM 52-7/16) will become a component of the Nasdaq-100 Index (NDX 3175.25) as of the beginning of trading on November 6. PALM will also be included in the Nasdaq-100 Index Tracking Stock (QQQ 79-23/32). This provider of handheld computers will replaced Global Crossing (GBLX 23-1/4), which is delisting from the Nasdaq Stock Market.
On Friday, the stock declined by more than two percent to notch its third straight losing session. The shares remain below their 10-day moving average, but they are still trading above their 10-week trendline. PALM, though, is slated to open this morning's activity higher by over two percent in response to today's news.
While the security has risen above peak November call open interest in the form of 19,132 contracts at the 50 strike, the 60 mark will be another key level for PALM to overcome, as it is the site of 11,114 front-month call contracts.