Novell (NOVL) dirt cheap, good buy? Message Board

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Technology Stocks : Novell (NOVL) dirt cheap, good buy?

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To: Ben Antanaitis who wrote (22787)	6/20/1998 4:58:00 PM
From: Paul Fiondella	Read Replies (1) of 42771

Simple options question for you on NOVL We saw options expiration Friday with all of the June Calls finishing in the money. The stock closed at 12 3/4 so the 12.5 Call was 1/4 in the money and the option was last sold at .187 at the end of the day. Open interest was reported around 1.3 million shares. I assume the only way to reduce open interest is to exercise the option during the trading day. My question is can we assume that the total open interest at the end of the day, minus those calls just allowed to expire were exercised? In other words did someone have to pony up those million or so shares today? And if so did they have to deliver them Saturday and where did they get them?

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