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by 11/21/2000 3:17 PM
Stocks quoted in this article:
Ruby Tuesday (RI – 14-1/8) is saying "goodbye" to a couple of its restaurant chains today, selling them for a total of $59 million to Speciality Restaurant Group LLC. RI, which will now focus solely on its 346 core Ruby Tuesday chain restaurants, relinquished control of 41 American Cafes and 27 Tia's Tex-Mex establishments. The two chains that changed hands will continue to operate under their current names.

RI, which has appreciated over 28 percent since early October, is trading fractionally higher today. This has not taken the stock above its 10-day moving average, however, which the shares breached last Friday. <
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by 11/21/2000 12:57 PM
Stocks quoted in this article:
Gemstar – TV Guide International (GMST – 45-11/16), a sizeable purveyor of electronic books, is trading more than 10 percent in the red today after The Wall Street Journal announced a potential deal between GMST and Barnes & Noble (BKS – 27-3/16). The daily newspaper said the two firms are in discussions to cohere their business plans. The story also said that the deal remains a "long shot" despite frequent meetings the companies have held with one another. BKS is trading near the breakeven mark.
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by 11/21/2000 12:47 PM
Stocks quoted in this article:
The Nasdaq-100 Trust (QQQ – 70-1/4) has been hovering around the breakeven point today. Currently, the QQQ is poised just north of the 70 mark. This level is a key one to watch as the December 70 put is the site of over 24,600 contracts in put open interest.

Resting overhead, the QQQ's 10-day and 20-day moving averages still present potential resistance. These two trendlines reside at approximately 73 and 77, respectively.
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by 11/21/2000 12:44 PM
Stocks quoted in this article:
Today, about 84 percent of the shares in Sonus Networks (SONS – 23-1/8) were released from lockup restrictions. The stock is trading about seven percent lower today, extending a decline that began in earnest as the stock found resistance at its overhead 20-day moving average last Tuesday.

A total of 10,000 contracts changed hands on the December 20 put yesterday, with virtually all of the volume translating into new open interest. The volume crossed the tape in a series of block trades with all of the trades going off at 3/4 per contract.
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by 11/21/2000 12:41 PM
Stocks quoted in this article:
Procter & Gamble (PG – 73-1/4) was listed in today's Wall Street Journal as a suitor for Bristol-Myers Squibb's (BMY – 66-5/8) Clairol division. The hair-care line features such well-known brands as Nice and Easy, Herbal Essences, and Natural Instincts. PG is rumored to be just one of a handful of interested parties.

PG is trading modestly lower today while BMY is up over two percent. PG's pullback has brought it to support at its colliding 10-day and 20-day moving averages. Shares of the consumer name have not closed below both of these short-term trendlines since November 9. Option activity is relatively heavy on PG today, with over 4,000 contracts trading on the out-of-the-money December 80 call. Open interest currently stands at 5,100 contracts on the front-month position.

A pair of December calls are active on BMY today possibly in response to the news. The December 60 call has seen over 5,000 contracts cross the tape, while over 4,000 contracts have already changed hands on the December 65 call. <
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