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by 8/11/2000 3:50 PM
Stocks quoted in this article:
Federal Reserve President of Kansas City Thomas Hoenig was interviewed by the Nightly Business Report television program last evening. In his remarks, Hoenig indicated that he was comfortable with the economy's ability to maintain non-inflationary growth, even with the unemployment rate near four percent. He added that higher productivity may allow the unemployment rate to drop even lower without spurring inflation. Some economists believe that with unemployment so low, companies will need to pay higher wages to attract employees, causing demand for goods and services to be higher as a result of more money chasing the same amount of goods and services. Employer-productivity increases have made retail-price hikes by companies unnecessary. Thus, even though wages have risen and spending remains strong, this so-called wage inflation has so far not appeared. Though Hoenig will be an attendant at the upcoming August 22 Federal Open Market Committee meeting and participates in monetary-policy discussions, he will not be a voting member of the Federal Open Market Committee until 2001. <
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by 8/11/2000 3:47 PM
Stocks quoted in this article:
Home improvement retailer Home Depot (HD - 55-7/8) is seeing some heavy call option activity today. The in-the-money August 50 and August 55 strikes are home to the bulk of today's option activity. Volume at the two strikes numbered 1,508 contracts for the 50 strike and 1,038 contracts at the 55 strike. On a technical note, HD moved higher off support at its 20-day moving average and is currently up over one percent on the day.
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by 8/11/2000 3:47 PM
Stocks quoted in this article:
Weatherford International (WFT - 46-3/4) provides oilfield products and services. In late-afternoon trading, WFT is seeing some heavy put option activity, as 500 out-of-the-money September 35 puts crossed the tape near the ask in one large block transaction. Technically speaking, WFT bounced off support at its 10-day moving average and is currently trading back near all-time high territory.
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by 8/11/2000 3:02 PM
Stocks quoted in this article:
The September 30-year Treasury Bond futures contract (US/UO - 99-20/32) has been on a wild ride in today trading. Yesterday, the contract made its first close above the psychologically important 100 level. This morning, after the release of the July Producer Price Index, the contract shot higher, eventually topping out at 100-12/32. However, the contract has since moved back below the 100 mark. The 100 level is a site of heavy call open interest and will remain a key level to watch in coming days.<
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by 8/11/2000 3:00 PM
Stocks quoted in this article:
Apple Computer (AAPL - 47-1/4) has been under pressure all day in sympathy with Dell Computer (DELL - 37-13/16). The stock is well off its worst levels of the day but still remains fractionally lower, unable to surmount its 10-day moving average. It appears that an institutional player initiated a spread on AAPL using the October 55 call and the January 55 call. Each option saw approximately 2,500 contracts cross the tape around 11:30 this morning.<
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