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Non-Tech : OAKLEY- NYSE:OO

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To: Brian C. Lund who wrote (455)5/23/1997 11:19:00 PM
From: WILLIAM BLACK   of 1383
 
Bran:

This action in the puts may have been due to the expiration of the May options. This also could be from people selling puts thinking that the stock may not move lower but higher which would allow the sold puts to expire worthless next month. When I think a stock has bottomed at an extreme low, I will sell naked puts and pick up the cash to purchase the stock or calls. I have done fairly well using this strategy but if it is used one must be prepared to take delivery of the stock if it should be " put to you". I think Oakley is undervalued based on fundamentals. Time will tell.

Bill Black
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