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Technology Stocks : Network Appliance

NTAP 119.13

+1.6%

2:54 PM EST

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To: Uncle Frank who wrote (7728)	4/12/2001 1:46:39 AM
From: Lhn5	Read Replies (1) of 10934

<<Ntap calls command a high premium. With the stock closing at 16.56, nulev (May 12.5 strike) were bid at $5.10. If ntap opens in the mid 14s, they should still command about $4. I see it as a reasonable hedge and some nice income in return for the pain. >> That is only a $2 premium, and there seems to be a very reasonable chance that by late May NTAP will be above 12.5. So basically you are selling NTAP for 14.5 unless it is below 12.5 at that time. Is that what you want to do? The May 15s might pay near 2, and that way at least if you are called you are getting 17 for the shares. If you are that sure NTAP will be less than 12 in 5 weeks, what if just sell it and then buy it back later?

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