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Non-Tech : Tyco International Limited (TYC)
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To: Chuzzlewit who wrote (652)11/12/1999 2:18:00 PM
From: Richard James  Read Replies (1) of 3770
 
Hello Chuzzlewit,

The stock is Tyco International (TYC). The Apr40 calls (TYCDH)were sold for 5-5/8 and 5-3/4 when the stock was at 39-3/8. I have not yet bought back the 5-3/4. I bought back the other lot this morning for 7-3/4, when the stock had dropped to 43-1/16. The ask on the options was as high as 9 this morning, yesterdays closing price being 8-1/8.

Although in the money, the price of the calls is definitely not moving with the price of the stock. Almost seems to be dropping 1/4 for every 3/4 the stock drops and yesterday moving up 1/3 for every dollar the stock moves up.

Thanks in advance for you help.

Richard
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