Bear Stears Calls Jump; Stocks Mired In Red
An earnings warning from Apple Computer
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stocks Friday, and that has left all three major averages mired in red.
Chemicals and oil services are the day’s top sectors while airlines and
semiconductors are the weakest.
At mid-day, the VIX has increased 1.54 to 23.49.
The OEX 790 calls are down 2 5/8 to 5 1/8.
Among bigger movers on heavier-than-average volume:
Bear Stearns
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PowerRating) has jumped 6 75/256 to 63 on speculation that the
brokerage firm could be the next takeover target in the brokerage business. The
Bear Stearns October 60 calls have gained 5 7/16 to 7 1/4 on more than 2000
contracts.
Dell Computer
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PowerRating) is down 2 5/8 to 30 13/16 as the fallout from Apple
ripples through the market. The Dell October 30 calls are off 2 1/8 to 2 1/8 on
more than 2500 contracts.
Dow component Hewlett Packard
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PowerRating) is down 6 9/16 to 97 1/4 while the
Hewlett Packard October 105 calls are down 4 1/8 to 2 1/8 on more than double
average volume.
Microsoft
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PowerRating) has sunk 1 3/4 to 59 9/16 while the Microsoft October
60 calls have dropped 1 to 2 1/4 on more than 3000 contracts.