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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Earlie who wrote (161019)	4/19/2002 5:03:03 PM
From: Bill/WA	of 436258

Earlie, or Knighty, if you could comment. Re: FleetBoston (FBF). FBF is trying to sell its Robertson Stephens investment bank and scale back its Principle Investing venture capital arm which includes Quick & Reilly. Combined, they lost nearly $800M last year and accounted for 90% of a $4B drop in revenue (BankBoston, later sold to Fleet, bought Robbie Stephens from BAC for $800M). FBF lost $507M last quarter due to a $1.19B write-down from the Argentina crises. The latest quarter included $25M more in Argentina write-downs, drawn against a $1B reserve fund. Now here's my question: note-I hold Jul/30 PUTS. Yesterday (the 18th), after very little volume, the volume exploded to 3,127 contracts. Also, the May/35 PUTS had a BIG jump of 1,688 contracts. The corresponding open interest increased approx. 3000+ in the Jul/30's and 1700 in the May/35's. Intrigued, I looked at the volume in the CALLS. Yesterday showed that the May/35's volume spiked to 1837 and the Jul/40's to 3069. Opened interest increased approx. 500+ in the May/35's and 1600+ in the Jul/40's. These are HUGE increases in volume. FBF trades at a p/e of 25. Any idea of what's going on here??? Bill/WA

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