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Technology Stocks : Rockwell-Spins off Conexant (CNXT)
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To: Ibexx who wrote (711)2/28/2000 5:29:00 PM
From: Ibexx  Read Replies (1) of 2013
 
From Bernie Schaeffer's Optionsource.com"



1:07:46 PM
Conexant Systems (CNXT - 97-5/16) has plunged over 15 percent in mid-session trading. An analyst downgraded the stock to a "buy" from a "strong buy" rating, stating that the stock is no longer at an attractive valuation. With today's price action, the shares have dipped below their 10-day and 20-day moving averages, but remain above their 10-week moving average. The equity's sentiment picture is mixed. Calls outnumber puts by more than a two-to-one margin. However, options players have been accumulating puts recently, especially at the March 120 strike, where open interest increased by 2,200 contracts on Friday. As further evidence of increasing pessimism, short interest on CNXT surged last month by 53 percent to reach a hefty 15.6 million shares. If this pessimism continues, it would suggest that the security's downturn may only be temporary.



Ibexx
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