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by 6/2/2000 12:42 PM
Stocks quoted in this article:
The markets have enjoyed a major upside move thanks to this morning's non-farm payroll report. The S&P 500 Index (SPX - 1477.77) is up two percent. Currently on the NYSE, 2,127 advancing issues are vastly exceeding 791 declining issues, while 367 issues are unchanged. Up volume of 463 million shares is soundly beating down volume of 184 million shares on total volume of 663 million shares. The 89 new highs are trouncing the 13 new lows. The Nasdaq Composite (COMP - 3784.8) is up almost six percent. Advancing Nasdaq issues of 2,945 are decimating 934 declining issues, while 532 issues are unchanged. Up volume of one billion shares is crushing down volume of 55 million shares. The 72 new highs are soundly beating the 20 new lows.<
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by 6/2/2000 12:28 PM
Stocks quoted in this article:
Energy services name McDermott International (MDR - 10-3/8) is up fractionally in early afternoon trading, as it remains above its 10-day and 20-day moving averages. MDR has been performing well over the near term, gaining 33 percent since its intraday bottom on April 28. The stock is also sitting back above its 20-week moving average. On the options front today, 3,000 contracts have traded on the in-the-money November 10 call. Open interest at this strike stands at 3,804 contracts, so today’s volume could be the liquidations of current positions. However, almost all of this afternoon’s activity has transpired between the bid and the ask prices, which makes the investors’ intentions difficult to determine. This is presently one of the most-active calls on the PHLX.
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by 6/2/2000 11:58 AM
Stocks quoted in this article:
With a massive relief rally underway on Wall Street today, some of the sectors that have served as a safe haven for investors in the past two months are moving lower. The PHLX Oil Service Sector Index (OSX - 117.38) and AMEX Natural Gas Index (XNG - 202.31) are lower by 3.5 percent and 1.6 percent, respectively. Health-care stocks are also struggling this morning. The AMEX Pharmaceutical Index (DRG - 378.5) is down 2.5 percent and the AMEX Morgan Stanley Healthcare Payors Index (HMO - 302.15) is virtually unchanged, unable to participate in today's broad-market rally.<
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by 6/2/2000 10:50 AM
Stocks quoted in this article:
On Thursday, Solectron (SLR - 38-1/16) surged more than nine percent higher after a brokerage firm reiterated its “buy” rating on the stock. SLR is participating in today’s broad-market rally, moving ahead another five percent. This morning, the shares reached their highest intraday level since May 2. Since sinking to a short-term intraday low on May 24, the equity has stepped up by nearly 35 percent and is now trading above both its 10-week and 20-week moving averages. In SLR’s options pit today, the July 35 put has been active on volume of 3,002 contracts. As this out-of-the-money strike has open interest of 2,210 contracts, some of this morning’s activity should translate into new positions. Given the security’s recent technical strength, such additions could be a bullish sign in our contrarian view. This is now one of the most-active CBOE puts.
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by 6/2/2000 10:21 AM
Stocks quoted in this article:
Book and music retailer Borders Group (BGP - 17) is trading more than 17 percent higher out of the gate this morning. This rally was catalyzed by news that BGP is negotiating a buyout with three separate companies. The buyout is valued in the neighborhood of $2 billion. Since the beginning of 1999, BGP has been range-bound between the 13 and 17 levels. Today's rally has taken the shares to the top of this range, and above their 20-month moving average. BGP has continually been shunned by options players, as the site of heaviest open interest is the August 10 call, which is home to less than 1,300 open contracts. <
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