Lucent Calls Gain; Stocks Rally
Stocks staged a broad-based bounce Thursday from what many analysts felt were
oversold levels. Telecommunications and semiconductors were the top sectors of
the day while oil services and gold and silver were the weakest.
At the close, the VIX had decreased 2.41 to 21.95.
The OEX October 770 calls rose 5 3/8 to 17 3/8.
Among bigger movers on heavier-than-average volume:
Lucent
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PowerRating) led a strong telecom sector, rising 2 1/8 to 31. The Lucent
October 30 calls rose 1 7/16 to 3 1/4 on more than 9000 contracts.
WorldCom
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PowerRating) also joined in on the telecom run, gaining 2 15/16 to
29. The WorldCom October 30 calls added 13/16 to 1 3/16 on more than 7500
contracts.
Siebel Systems
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PowerRating) rose 7 59/64 to 116 31/64 to an all-time high. The
Siebel October 125 calls jumped 2 3/8 to 3 5/8 on more than triple average
volume.
Procter & Gamble
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PowerRating) soared 5 3/16 to 66 15/16 while the PG October
60 puts sank 1 3/8 to 1/4 on more than 10,000 contracts.