Global Crossing Calls Rise; Stocks Rally

• August 2, 2000
• Daniel Beighley

A smaller-than-expected increase in new home sales has sparked a market rally

that has taken the Nasdaq up 1.6% Wednesday, with semiconductors and Internets

pacing the gains. Weak sectors included forest and paper products and insurance.

At mid-day, the VIX has decreased 29 to 22.58.

The OEX 795 calls are up 2 to 11 1/2.

Among bigger movers on heavier-than-average volume:

Global Crossing
(
GBLX |
Quote |
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PowerRating) is up 3 to 28 3/8 after posting

better-than-expected second quarter earnings. The Global Crossing August 30

calls are up 1/2 to 1 1/4 on more than 3000 contracts.

Dell Computer
(
DELL |
Quote |
Chart |
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PowerRating) remains under pressure and is off 1 5/8 to to 39

15/16. The Dell November 47 1/2 puts are up 2 1/8 to 8 3/4 on more than 6000

contracts.

Sapient
(
SAPE |
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News |
PowerRating) is up 22 1/8 to 126 after announcing better-than-expected

second quarter earnings. The Sapient August 110 calls are up 11 5/8 to 20 on

double the average volume.

Siebel Systems
(
SEBL |
Quote |
Chart |
News |
PowerRating) has gained 14 3/8 to 154 while the Siebel August

170 calls have gained 4 1/4 to 6 1/2 on heavier-than-average volume.

Looking ahead, the new factory orders report will be released at 8:30 AM ET

on Thursday, and then on Friday, the much anticipated jobs report will be out at

8:30 AM ET.