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Technology Stocks : Cisco Systems, Inc. (CSCO)
CSCO 74.07-0.9%9:47 AM EST
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To: MGV who wrote (26579)6/23/1999 9:02:00 PM
From: Donald F. Figer   of 77400
 
I think that it goes like this:

1 contract of ZYZAV gives you the right to buy 300 shares of
CSCO with an expiration of Jan 2001. The current price is about
$69, but you must multiply this by a multiplier of 150 to figure
out how much you'd actually have to pay for it. So, to
purchase one contract, you'd pay: $10,350. In normal options
parlance, you can think of the ZYZAV contract as having a
price premium of $34.50 (per hundred shares), but, of course, you
can't buy a contract for only 100 shares. They only come in
300 share contracts. All these shenanigans come from the fact
that the CBOE didn't want to change the symbol, but needed to
accommodate two sequential splits.
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