Inkotomi Calls Plunge; Stocks Higher
Stocks are broadly higher Monday and are being led higher by strength in
technology, consumer stocks and financials. On the weaker side are biotechs and
chemicals.
At mid-day, the VIX has decreased .18 to 25.71.
The OEX July 820 calls are up 1 1/2 to 7 3/8.
Among bigger movers on heavier-than-average volume:
Inktomi
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PowerRating) plunged 22 7/8 to 117 1/2 on news that Yahoo! will phase
out using Inktomi’s search capabilities. The Inktomi July 140 calls are down 8
1/8 to 4 3/8 on ten times the average volume.
Tyco
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PowerRating) is up 4 1/4 to 47 1/2 on news that the company has amended its
1999 earnings. The Tyco July 45 calls are up 2 1/4 to 4 1/4 on double the
average volume.
Microsoft
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PowerRating) is helping the Dow, rising 2 1/8 to 79 13/16. The
Microsoft July 75 calls are up 1 1/4 to 6 1/4 on heavier-than-average volume.
Phillip Morris
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PowerRating) is up 3 1/2 to 26 15/16 on news the company will buy
Nabisco. The Phillip Morris July 25 calls are up 1 13/16 to 2 3/8 on quadruple
the average volume.
All eyes now turn toward the Fed, which meets Tuesday.