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by 7/20/2000 1:00 PM
Stocks quoted in this article:
Biotech issue Immunex (IMNX - 54-3/16) is not participating in today's broad-market rally. IMNX is off over six percent after reporting second-quarter earnings last night that beat brokers' predictions by a penny per share. It appears as though the Street was looking for a little more, as a brokerage firm downgraded the security this morning from a "strong buy" recommendation to a "buy." The equity is now trading below both its 10-day and 20-day moving averages. In IMNX's options pit this afternoon, the out-of-the-money August 60 call is leading the way with volume of 874 contracts.<
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by 7/20/2000 12:47 PM
Stocks quoted in this article:
Tut Systems (TUTS - 84-1/2) provides multi-service broadband access systems. The stock is putting in an exceptional performance today, rallying in excess of 23 percent. The impetus for today's surge was a rather impressive earnings report. Second-quarter revenue came in at $21 million versus $5 million in the year-ago period. TUTS posted earnings of four cents per share versus analysts' estimates of a loss of four cents per share. Technically speaking, the stock was able to move higher after closing back at its supportive 10-day moving average in yesterday's activity. The shares are now just a chip shot away from their all-time intraday best of 86-1/4 from early February 1999.
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by 7/20/2000 12:33 PM
Stocks quoted in this article:
SDL Inc. (SDLI - 409-7/8), which is being acquired by JDS Uniphase (JDSU - 123-5/16), is leading technology issues higher across the board in early afternoon trading. SDLI is benefiting from news that JDSU will be added to the S&P 500 Index (SPX - 1496.72). The equity is currently higher by more than 50 points, or over 13 percent, after logging an all-time intraday best of 425-1/2 earlier today. The shares have stepped up by nearly 59 percent in just the past two weeks. In SDLI's options pit today, the August 500 call has been active on volume of 1,358 contracts. This deep-out-of-the-money option has no open interest. On the put side this afternoon, 1,000 contracts have been traded at the far-out-of-the-money December 330 strike, which has open interest of only 51 contracts.
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by 7/20/2000 12:32 PM
Stocks quoted in this article:
Since its near-term intraday high on May 30, General Mills (GIS - 35) has stepped back by more than 16 percent, encountering staunch overhead resistance from its descending 10-day and 20-day moving averages. So far today, the stock is unchanged, as it continues to hover beneath all of its intermediate-term and long-term moving averages. On the options front this morning, 5,000 contracts have crossed the tape on the October 35 call. This volume is likely new positions because the option's open interest stands at a mere 31 contracts. This is now among the most-active call contracts on the Pacific Exchange.
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by 7/20/2000 12:30 PM
Stocks quoted in this article:
Despite today's broad-market advance, the AMEX North American Telecom Index (XTC - 1585.41) continues to trend in negative territory. The index is presently lower by greater than 15 points, slipping back below its 20-day moving average. The XTC appears poised to register its fourth consecutive losing session. The top index laggard this afternoon is Lucent Technologies (LU - 53-5/8), which is down over 17 percent after warning that its profit for the next two quarters will lag forecasts. Other XTC underperformers include Verizon Communications (VZ - 44-3/4), down 4.6 percent; Sprint FON Group (FON - 43-7/16), down four percent; and WorldCom (WCOM - 45-1/4), down 2.3 percent.
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