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Non-Tech : OAKLEY- NYSE:OO

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To: Roger Zucchet who wrote (358)	4/16/1997 4:08:00 PM
From: Sam Nizam	of 1383

I bought OO Apr 12.5 Calls a couple days ago at 1/16. Today I sold my 800 shares at 12. This way if it goes up I only lose the differnce between 12 and 12.5, and if it tanks I buy back in a couple points lower. I'm sitting on 40 of the calls so I hope it goes up tomorrow. What I can't understand is why some big block trades are going through (obviously institutional buying) right before an earnings announcement that has previously indicated to be lackluster. I would think institutions would play it safe and wait until after the announcement. Unless they know sonething we don't. My prediction: Oakley reports tomorrow before the open and stock trades down to about 10 and then rallies back mid-morning.

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