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by 8/2/2000 11:19 AM
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July was a rough month for the "Big Three" automakers, as General Motors (GM - 57-13/16), DaimlerChrysler AG (DCX - 52-7/16), and Ford Motor (F - 45-13/16) all sold fewer vehicles than in 1999, and DCX and GM both lost market share compared to their overseas rivals. Large Japanese auto manufacturers, including Hyundai, Toyota, Mitsubishi, and Honda, as well as Germany's Volkswagen, experienced slight gains in car and truck sales. GM sales dropped 2.6 percent compared to 1999, while F saw a 1.2-percent falloff compared to last year, and DCX suffered a 12-percent retreat. GM and F shares are trading slightly lower today, while DCX is virtually flat.
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by 8/2/2000 11:04 AM
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During Tuesday's trading, Gap Inc. (GPS - 37-7/16) saw extremely heavy trading volume, as over 12.5 million shares swapped hands. The three-month average daily trading volume for shares of the apparel retailer stands at just over four million shares. There has still been no news to account for yesterday's sudden interest. The equity moved more than three percent higher yesterday, surging back above its 10-day and 20-day trendlines. Option activity was mixed yesterday, with the most-active option being the August 35 put. Open interest at this strike rose from 829 to 1,810 contracts thanks to yesterday's speculative activity. A close second was the August 40 call, which saw over 1,000 contracts change hands during Tuesday's session. GPS will likely issue same-store sales numbers this week, and second-quarter earnings should be released late next week. GPS is trading slightly higher in early morning activity. <
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by 8/2/2000 10:32 AM
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Protein Design Labs (PDLI - 142) is up seven percent in early trading in response to last night's earnings report. The company revealed second-quarter earnings of 23 cents per share, topping Street expectations of 18 cents per share. The stock had been in a near-term decline, dropping approximately 40 percent from its July 11 high to its July 31 low. Today's rally takes the shares up to their downtrending 10-day moving average, a trendline that has served as resistance during the recent retreat. Schaeffer's put/call open interest ratio (SOIR) for PDLI is near its lowest level so far this year at 0.17. So far today, PDLI's options pit has had a muted reaction to the company's financial results.<
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by 8/2/2000 10:32 AM
Stocks quoted in this article:
Yesterday after the close, Sapient (SAPE - 124-3/4) revealed second-quarter earnings of 23 cents per share, three cents ahead of analysts' projections. The company sweetened the pot by announcing a two-for-one stock split. This morning, the stock has surged over 20 percent higher in reaction to this news. This move has taken the equity above all its key moving averages. From a sentiment perspective, Schaeffer's put/call open interest ratio (SOIR) on SAPE is near its highest level so far this year at 1.13, which means that put open interest exceeds call open interest by 13 percent for options within the front three-month series. In our contrarian view, such pessimism could bode well for a continuation of the equity's rally.
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by 8/2/2000 9:08 AM
Stocks quoted in this article:
Effective today, MGM Grand (MGG - 35-7/16) will change its name to MGM Mirage. The stock and option symbol will remain MGG, and no adjustment to options contracts will be made to reflect this name change. In Tuesday's trading, the security closed below its 10-day moving average by falling more than one percent, but it received support from its ascending 20-day trendline. The shares are also trending higher than all of their intermediate-term and long-term moving averages. With yesterday's close, MGG managed to finish above peak front-month and back-month call open interest at the September 35 strike. There is now minimal overhead call open interest residing on both the August and September 40 options, which shouldn't impede any further rally attempts.<
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