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by 5/31/2000 11:54 AM
Stocks quoted in this article:
After yesterday's broad-market advance, stocks are mixed so far today. The S&P 500 Index (SPX - 1423.35) is higher by 0.06 percent. Currently on the NYSE, 1,590 advancing issues are ahead of 1,107 declining issues, while 511 issues are unchanged. Up volume of 215,156,020 shares is outpacing down volume of 164,229,350 shares. The 48 new highs have doubled the 24 new lows. The Nasdaq Composite (COMP - 3434.5) is lower by 0.72 percent. Advancing Nasdaq issues of 1,694 are lagging 1,830 declining issues, while 676 issues are unchanged. Up volume of 284,462,300 shares is lagging down volume of 388,913,100 shares. New lows have surpassed new highs, 64 to 32.<
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by 5/31/2000 11:27 AM
Stocks quoted in this article:
Kmart (KM - 8-7/16) announced a management shake-up today, as the company's President and Chief Executive Office officially announced his retirement. Replacing the leader will be CVS Corp. (CVS - 42-3/16) President Charles Conway, who signed a five-year pact with the discount retailer. CVS has named its Chairman and Chief Executive Officer to the role of President to replace Conway. This news has generated positive results for both equities, although KM is benefiting to a greater degree, posting a nearly 10-percent gain in late-morning activity, while CVS has moved marginally higher. Today's rally in KM shares has taken it a chip-shot below resistance at its 10-week moving average. The stock has not experienced a weekly close above this trendline in nearly two months. KM is also seeing minor options activity today in the June and September call series.<
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by 5/31/2000 11:27 AM
Stocks quoted in this article:
Flextronics International (FLEX - 58) provides design and manufacturing services for electronics companies worldwide. Some of the firm's high-profile clients include Ericsson Telephone (ERICY - 20-5/16) and Cisco Systems (CSCO - 58-7/8). Another well-known patron was added to this list today, as FLEX won a $30-billion, five-year contract to serve Motorola (MOT - 99-1/4). FLEX will provide MOT's wireless phone and pager equipment as part of the pact. Additionally, MOT will purchase 11 million FLEX shares, or roughly five percent of the company. On this news, FLEX has rallied about 15 percent on heavy volume. FLEX is in fact one of the most heavily traded equities on the Nasdaq Exchange this morning. Additionally, FLEX has muscled above its 10-day and 20-day moving averages, although it remains below resistance at its overhead 10-week and 20-week trendlines. On the options front, the FLEX July 65 call is one of the most-active call options trading on the CBOE. Approximately one hour into trading, nearly 2,200 contracts had changed hands on this out-of-the-money call. A block of 2,169 contracts traded off the bid price of 4-1/8 shortly after 9:45 a.m. Prior to today, this strike was home to only 768 contracts.<
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by 5/31/2000 10:59 AM
Stocks quoted in this article:
Last Friday, paper product issue Georgia-Pacific Group (GP - 32-5/8) fell to its worst intraday mark since early January 1999. The equity bounced back in Tuesday’s trading to vault ahead by more than four percent. This morning, the security has continued its upward trajectory, stepping up by another one percent. GP, though, remains well below all of its significant moving averages. In GP’s options pit today, the October 35 put has been active on volume of 3,000 contracts. Because open interest on this in-the-money option stands at 1,721 contracts, some of today’s activity should translate into new positions. Currently, this is one of the most-active put contracts on the CBOE.
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by 5/31/2000 10:57 AM
Stocks quoted in this article:
A unit of health insurance company Aetna (AET - 63-5/8) was accused on Tuesday in a civil lawsuit of breaching contracts with 24 New York-area hospitals. In response, the shares dropped by more than two percent in yesterday’s trading. So far today, the stock has rebounded from Tuesday's retreat and is now ahead by greater than one percent. On the options front this morning, 2,000 call contracts have crossed the tape at the in-the-money June 50 strike. Most of today’s volume has transpired at the bid price. This option has open interest of 2,750 contracts. This is presently among the most-active calls on the AMEX.
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