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by 8/8/2000 8:51 AM
Stocks quoted in this article:
KeySpan (KSE - 33-7/8) will be inducted into the S&P 500 Index (SPX - 1479.32), replacing New Century Energies (NCE - 38-1/8), which will be acquired by Northern States Power (NSP - 24-3/4), pending SEC approval. KSE itself was formed out of a merger of Long Island Lighting and the old KeySpan Energy Company in June 1998. KSE has been averaging a little over 353,000 shares in daily trading volume. Option activity is practically non-existent as illustrated by the current total open-interest configuration of 1,922 calls versus 253 puts. Just seven contracts traded yesterday. The security traded as high as 38 in after-hours trading.
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by 8/7/2000 3:54 PM
Stocks quoted in this article:
Remedy (RMDY - 19-1/16), a software systems company, has continued its streak of near-term weakness today, as the stock is currently lower by more than one percent. This retreat has sent the shares to their worst intraday mark since late May 1999. The security has struggled since its July 26 second-quarter earnings announcement disappointed investors and prompted numerous brokerage downgrades. Since its intraday high on June 30, RMDY has collapsed more than 66 percent under the pressure of its downsloping 10-day moving average. Traders apparently feel that this laggard has more downside prospects, as the out-of-the-money August 17-1/2 put has seen volume of 13,010 contracts this afternoon. Because open interest on this option stands at a mere 755 contracts, most of today's trading should result in new positions. Presently, this strike is among the most-active put contracts on both the CBOE and PHLX.<
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by 8/7/2000 3:27 PM
Stocks quoted in this article:
After reaching an all-time high in mid-July, Micron Technology (MU - 75-3/4) dropped 25 percent to perfectly test its 20-week moving average in Friday's trading. The shares are bouncing higher off that test in today's action. While MU was trending at record-high levels, optimism on the stock was running high with its Schaeffer's put/call open interest ratio (SOIR) hitting an annual low on July 25. However, pessimism has been building since then. The SOIR spiked sharply higher today thanks to significant put adds on Friday. Open interest on the September 70, 75, and 80 puts grew by 2,200, 8,700, and 4,800 contracts, respectively. The focus has shifted to the call side today, as almost 11,400 contracts have traded on the September 75 call, which has open interest of just 140 contracts. This is one of the most-active calls on the Pacific Exchange.
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by 8/7/2000 3:01 PM
Stocks quoted in this article:
Unisys (UIS - 12-3/16) has surged ahead by over eight percent today, setting the stock up for its first close above its 20-day moving average since June 22. The shares are also poised to log their sixth straight winning session. UIS, though, remains beneath all of its intermediate-term and long-term moving averages. On the options front in Friday's activity, investors displayed their belief that the security has more upside potential. Open interest on the out-of-the-money August 15 call rose from 3,800 to 5,000 contracts. This afternoon, 1,331 and 1,090 contracts have crossed the tape on the January 12-1/2 call and the out-of-the-money January 10 put, respectively. The January 12-1/2 call has open interest of 10,169 contracts, while open interest on the January 10 put is 6,642 contracts.<
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by 8/7/2000 3:01 PM
Stocks quoted in this article:
Boeing (BA - 49) is unchanged in mid-afternoon trading, as the equity continues to receive support from its ascending 10-day moving average. This trendline has helped to usher the stock higher over the near term, as BA has gained 30 percent since its June 13 intraday low. In addition, the shares are still higher than all of their key intermediate-term and long-term moving averages. Despite the security's recent outperformance, investors focused on the August 45 put on Friday. This out-of-the-money strike saw its open interest climb from 4,600 to 5,900 contracts. As contrarians, we view this increased pessimism from the options crowd as a bullish omen for this leader. In BA's options pit today, the November 50 put has received the most attention on volume of 506 contracts.
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