ADTM WARRANTS(ADMTW) #1 IN AFTERHOURS VOLUME! read:
TheStreet.com
Get TheStreet.com's premium subscription content The Night Watch: Adatom.com's Options Action Steals the Show
By Eric Gillin
Staff Reporter
3/23/00 9:42 PM ET
Wild.
Warrants in Adatom.com (ADTM:Nasdaq) were the most actively traded substance on Island ECN and were the seventh most-active options on Instinet. Interest in the company's options opened tonight's session with a bang, passing a half-million shares traded within the first 30 minutes of action on Island.
Why?
Well, that's a really good question. Today, Adatom.com's common shares gained 1 5/16, or 19%, to 8 5/16. That's a sizable pop, but it could've been even better -- earlier Adatom.com hit a 52-week high of 10 3/4 and opened the session at 10 1/2. Warrants charted a similar path, gaining 1 7/32, or 85%, to 2 21/32, hitting 52-week high of 3 7/16 right after the open.
Tonight's interest was momentum in the wake of Adatom.com's announcement about an agreement with the China Product Trade Net Center, or CPTNC. The CPTNC is an organization created with the support of the Chinese government to promote the distribution of Chinese goods using the Internet as a primary means of accomplishing this end. According to a company press release, Adatom.com and the CPTNC will create a joint-venture company based in Beijing to help support the Internet execution of the CPTNC's business-to-business goals.
Pavlov was wrong. A ringing bell doesn't cause salivation -- the words "China" and "business to business" do.
As a result, warrants in Adatom.com rose 11/16 to 3 5/16 on 1.4 million shares on Island and 53/64 to 3 31/64 on 72,000 shares on Instinet. According to a company spokesman, these warrants have a strike price of $6.50 and expire in October 2002. They can be called in at $9.10.
-Thanks PhillyTNT on RB for the post! |
