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by 8/16/2000 2:37 PM
Stocks quoted in this article:
Quaker Oats (OAT - 73-9/16) has bounced higher off its 20-week moving average after falling back to the support of this trendline in mid-July when some analysts voiced valuation concerns. From its August 1 low, the stock has appreciated by over 10 percent and is now trading above all its key moving averages. There is some activity on the put side in OAT's options pit today. The September 80 put has posted volume of 1,500 contracts compared to its open interest of just 25 contracts. Several mid-sized blocks crossed the tape near the ask, indicating the initiation of call purchases. <
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by 8/16/2000 1:47 PM
Stocks quoted in this article:
Wholesale retailer Costco Wholesale (COST - 32-3/4) has been discounted itself during today's session, losing nearly six percent in early-afternoon activity. This decline was spurred by action at Donaldson Lufkin & Jenrette (DLJ - 56-5/16), which reduced its rating on COST from "top pick" to "market perform." COST has been range-bound for about three months, trading sideways between the 32 and 36 levels since plunging sharply in mid-May. DLJ's scorn of the retail sector did not stop with COST, however, as the brokerage firm also slashed its ratings on Wal-Mart Stores (WMT - 49-3/4) and Home Depot (HD - 50-1/8). Discount retailer WMT was cut from a "buy" to a "market perform" while home-improvement retailer HD fell from a "top pick" rating to a "buy." HD is trading off more than six percent shortly before 2:00 p.m., while WMT has slipped nearly four percent into the red. <
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by 8/16/2000 1:24 PM
Stocks quoted in this article:
June Online Services (JWEB - 5-3/4) offers free Internet access and e-mail service. The company is able to provide these services free of charge because of a network of banner ads. The company can also offer Internet services for charge for those who prefer to browse without banner ads on their workspace. JWEB currently boasts around 3.8 million subscribers. In Wednesday's trading, the equity is enjoying a 19-percent boost on news that PC giant IBM (IBM - 119-15/16) will be bundling JWEB's free Internet access along with its computers. This move is allowing JWEB to flirt with overhead resistance at its declining 10-day moving average, which is perched around the 5-7/8 level. Since enjoying a sharp run-up to the 87 level in late December, JWEB has come crashing down, losing around 93 percent of its value over the last nine months.
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by 8/16/2000 12:42 PM
Stocks quoted in this article:
Boston Scientific (BSX - 16-1/8) has fallen to a new five-year low in today's trading. The stock has been under pressure since the company warned on July 18 that its full-year earnings would likely fall short of analysts' estimates. Since then, the shares have relinquished over 35 percent of their value. On the options front, some heavy bets have been placed on the put side today. The August 15 put has seen volume of 3,250 contracts. Since this option has open interest of just 489 contracts, these are likely new positions on an option that expires in just two days. In addition, over 17,000 contracts have changed hands on the September 15 put, which has open interest of just 267 contracts. Several large blocks crossed the tape at the ask, suggesting that these are new put purchases. These are two of the most-active calls on the AMEX and CBOE.<
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by 8/16/2000 11:25 AM
Stocks quoted in this article:
August has been a good month for Automated Data Processing (AUD - 57-3/4). The stock has shot up 17 percent from its July 31 close and notched a new record high in yesterday's trading. Both the August 50 and February 50 calls have seen 3,610 contracts in volume today, coming across in a series of large to mid-sized blocks. It's possible that this activity represents an institutional roll-out from the August to February series. These are two of the busiest calls on the PHLX.<
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