IP Calls Jump; Dow Rally Continues
Old economy stocks continued to soar Monday at the expense of many of the
former new economy high flyers. Forest and paper products and chemicals were the
top sectors of the day while biotechs and Internets were the weakest.
At the close, the VIX had decreased 3.05 to 27.86.
The OEX 740 calls finished up 1/8 to 14 1/8.
Among bigger movers on heavier-than-average volume:
International Paper
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PowerRating) was one of the top Dow components of the day,
rising 2 3/4 to 36. The IP November 35 calls rose 1 7/16 to 2 on more than 2600
contracts.
Cisco
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PowerRating) recovered somewhat following its mid-day swoon and closed
down 2 5/8 to 48 1/16. The Cisco November 55 calls fell 1 5/16 to 1 9/16 on more
than 16,000 contracts.
BEA Systems
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PowerRating) fell 10 1/2 to 62 1/8 while the BEAS March 01 90
calls fell 3 5/8 to 5 3/8 on more than 7500 contracts.
Gemstar
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PowerRating) fell 5 11/64 to 61 13/16 while the Gemstar November 75
calls slipped 2 7/16 to 1 15/16 on more than 6000 contracts.