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Technology Stocks : Novell (NOVL) dirt cheap, good buy?
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To: Paul Fiondella who wrote (31816)5/22/2000 9:22:00 PM
From: Paul Fiondella  Read Replies (1) of 42771
 
Oh no, more Calls!!!!

Elsewhere in the options market:

"- Novell Inc. calls were active, as a large Wall Street firm was said to have bought several thousand June 10 call contracts. With Novell shares up 1/32 at 9 3/32, the June 10 calls were recently unchanged at 5/8 at the Amex on volume of 7,509 contracts. Open interest was at 2,709 contracts.

At the CBOE, the June 10 calls rose 1/16 to 11/16 on volume of 8,860 contracts."

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So you had 16,519 June 10 calls sold at between 3/8ths and 3/4 with a close at 5/8ths.

Buying the Calls and shorting the stock. Perhaps. But to what end? More likely another way to rebuild inventory without having to buy the stock.

This brokerage is trying to clean up on an upward move in the stock. They probably sold their inventory on the way down and rather than take the chance of buying the stock back, just bought the calls.

Once again bullish.
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