Sun Calls Rise; Stocks Rally
As traders wait for the Fed decision at 2:15 PM ET, stocks are higher, with
the Nasdaq leading the way with a 2.2% gain. Semiconductors are the day’s top
sector while insurance is the weakest.
At mid-day, the VIX is down .64 to 30.81.
The OEX January 720 calls are up 1.00 to 14.00.
Among bigger movers on heavier-than-average volume:
Sun Microsystems
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PowerRating) is up 1 5/16 to 29 7/8 to help spur the Nasdaq
rally. The Sun January 31 1/4 calls are up 2 9/16 to 3 3/8 on
heavier-than-average volume.
SBC Communications
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PowerRating) warned that earnings would not meet
expectations, and that has sunk the stock 7 to 46 5/16. The SBC January 50 puts
have jumped 3 3/8 to 5 on more than 4000 contracts.
Handspring
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PowerRating) is up 5 5/16 to 50 1/16 while the HAND January 65
calls are up 1 7/16 to 2 3/4 on heavier-than-average volume.
Solectron
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PowerRating) has gained 4 .38 to 31.10 while the SLR January 32 1/2
calls have added 1.25 to 2.25 on more than 1000 contracts.