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by 7/28/2000 12:13 PM
Stocks quoted in this article:
CDW Computer Centers (CDWC - 51-3/4) sells around 50,000 different computer-related products through a network of catalogs, a website, and two retail outlets in the Midwest. Earlier this week, the company announced second-quarter earnings that surpassed analysts' estimates by four cents per share. These strong results were not enough to pull the stock out of its recent slump, however. Since peaking on July 11 at the 74 level, the shares have lost nearly 30 percent of their value. This week, the shares have slipped below their 20-week moving average for the first time since mid-April. This morning, CDWC is seeing some intense option activity at the October 55 put strike. 2,920 contracts have already traded hands on this in-the-money position. Coincidentally, this is the exact amount of put open interest at this strike heading into Friday's session. A number of large blocks have gone off near or at the ask price. <
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by 7/28/2000 11:44 AM
Stocks quoted in this article:
With the Nasdaq Composite (COMP - 3720) down 3.18 percent and the S&P 500 Index (.SPX - 1431.24) down 1.27 percent today, the tone is decidedly bearish today among the sector indices, as only eight of 38 are in positive territory. Among the indices we follow, three hit new annual lows. The top four performing indices today are the PHLX Semiconductor Index (SOX - 970.1), up 2.1 percent; the PHLX Gold and Silver Index (XAU - 51.21), up 0.8 percent; the S&P Chemicals Index (CEX - 379.1), up 0.8 percent; and the AMEX Pharmaceutical Index (DRG - 399.8), up 0.5 percent. The four indices showing the most weakness are the AMEX Biotechnology Index (BTK - 620.2), down 4.2 percent; the AMEX Disk Drive Index (DDX - 78.06), down 4.1 percent; the AMEX Networking Index (NWX - 1236.8), down 4.0 percent; and the Nasdaq Composite (COMP - 3720), down 3.2 percent.
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by 7/28/2000 11:43 AM
Stocks quoted in this article:
The gross domestic product report came in well ahead of estimates, which put a damper on the prospects for a Federal Reserve cease-fire on interest-rate increases. The S&P 500 Index (SPX - 1429.54) is lower by 1.39 percent. Currently on the NYSE, 809 advancing issues are well behind 1,672 declining issues, while 547 issues are unchanged. Up volume of 141 million shares is being eclipsed by down volume of 265 million shares on total volume of 420 million shares. The 40 new highs are being crushed by the 64 new lows. The Nasdaq Composite (COMP - 3710.9) is lower by 3.42 percent. Advancing Nasdaq issues of 878 are severely lagging 2,662 declining issues, while 592 issues are unchanged. Up volume of 155 million shares is being trounced by down volume of 584 million shares. The 17 new highs are being eclipsed by the 144 new lows. Option volume is showing little fear in the wake of today's market weakness, with the put/call ratio for equities coming in at 0.48 thus far.
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by 7/28/2000 11:23 AM
Stocks quoted in this article:
This morning, retailer Nordstrom (JWN - 17-1/4) warned that earnings for its second quarter ended July 31 will fall short of analysts' estimates by as much as 12 to 16 cents per share. The company cited lower-than-expected sales, above-plan markdowns, and increased promotional expenses for this shortfall. The equity has plunged over 22 percent so far today. On an intraday basis, the shares reached their lowest level since January 1994. Since its near-term high on April 12, the stock has surrendered approximately 50 percent of its value. Nevertheless, JWN's options configuration reflects optimism. For options expiring within the next three months, call open interest is more than five times higher than put open interest. <
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by 7/28/2000 11:23 AM
Stocks quoted in this article:
After the close yesterday, Scientific-Atlanta (SFA - 76-3/8) announced fiscal fourth-quarter earnings of 35 cents per share, well ahead of Street expectations of 27 cents per share. This news prompted a major brokerage firm to upgrade the equity this morning from a near-term "accumulate" to a "buy." The equity is up over three percent in late-morning trading in reaction to this news. Yesterday, SFA saw action on the put side in anticipation of earnings. As a result of this activity, open interest on the August 75 and 85 puts increased by 2,400 and 2,600 contracts, respectively. <
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