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by 7/21/2000 1:29 PM
Stocks quoted in this article:
The S&P 500 Index (SPX - 1483.94) and the Nasdaq Composite (COMP - 4122.6) are both struggling this afternoon, as they are currently off by more than 11 and 61 points, respectively. The AMEX Biotechnology Index (BTK - 708.67) continues to avoid today's broad-market weakness, pushing ahead 3.35 percent. Other top sector indices today include the PHLX Forest and Paper Products Index (FPP - 283.61), up 2.30 percent, and the Morgan Stanley Healthcare Products Index (RXP - 932.37), up 1.36 percent. The PHLX TheStreet.com Internet Index (DOT - 828.19) is leading the market lower, dipping back below its 10-day and 20-day moving averages with a loss of 4.27 percent. Additional lagging indices this afternoon are the PHLX Semiconductor Index (SOX - 1103.10), down 3.76 percent, and the CBOE Computer Software Index (CWX - 1219.76), down 3.47 percent.<
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by 7/21/2000 11:32 AM
Stocks quoted in this article:
Applied Materials (AMAT - 79-3/4) is struggling along with the rest of the technology market this morning, as the shares are in negative territory by over four percent. This retreat has taken the stock to its worst intraday level since May 30. Since Monday's intraday high, AMAT has lost almost 16 percent of its value, as the equity appears poised to log its fourth consecutive losing session. This semiconductor name is trading below all of its significant short-term and intermediate-term moving averages. On the options front yesterday, investors showed their belief that the security has more downside potential. Open interest on the in-the-money August 90 put increased from 1,100 to 5,800 contracts, making it the site of peak open interest in the August series. In AMAT's options pit today, 1,165 contracts have traded on the near-the-money July 80 call.<
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by 7/21/2000 11:31 AM
Stocks quoted in this article:
The leading index amid today's broad-market setback has been the AMEX Biotechnology Index (BTK - 706.2). The BTK is in the black by more than 20 points, or nearly three percent, using support from its 20-day moving average. The index is now sitting just beneath its 10-day trendline. The top BTK performer this morning is MedImmune (MEDI - 63-9/16), which is ahead by 5.2 percent. Other index leaders today include Gilead Sciences (GILD - 76), up 4.8 percent; COR Therapeutics (CORR - 100-13/16), up 4.6 percent; Vertex Pharmaceuticals (VRTX - 124), up 4.4 percent; and Amgen (AMGN - 77-3/16), up 4.3 percent to reach an all-time intraday best.
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by 7/21/2000 10:32 AM
Stocks quoted in this article:
Computer Associates International (CA - 27-3/16) reported yesterday that its first-quarter results met reduced brokers' expectations, but also noted that its sees its 2001 earnings coming in below Street estimates at $2.70. In addition, CA expects revenue growth of 10 percent for its second quarter and in the mid-teens for the second half. The stock plunged more than nine percent lower on Thursday, hitting its worst intraday mark since early April 1997. So far today, the shares are up over eight percent even though a brokerage firm cut its rating to "neutral" from "attractive" on this laggard. CA also received two reiterations of its "buy" status this morning. The equity continues to trade beneath all of its key moving averages. On the options front today, 10,262 contracts have already crossed the tape on the out-of-the-money August 25 put. This strike has open interest of 4,534 contracts, so a large chunk of this morning's activity should become new positions. Currently, this is one of the most-active put contracts on the CBOE.
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by 7/20/2000 3:15 PM
Stocks quoted in this article:
Conexant Systems (CNXT - 38-5/16) has plunged almost 22 percent so far today. Last night, the company reported fiscal third-quarter earnings that merely met analysts' expectations. Furthermore, company officials also said that they expect fourth-quarter earnings will decline roughly 10 percent as a result of increased research and development investments. The stock has been in the midst of a recovery, rallying 56 percent from its May 24 bottom to yesterday's close. However, today's free fall has the shares trading back below all their key moving averages. Among the more active CNXT options, the August 40 call has seen volume of almost 1,400 contracts on open interest of just 226 contracts, which indicates that this activity likely represents new positions.<
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