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Technology Stocks : Harmonic Lightwaves (HLIT)
HLIT 9.590-5.0%Jan 8 3:59 PM EST
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To: Mark Oliver who wrote (1161)7/11/1997 5:08:00 AM
From: shlomi cohen   of 4134
 
Mark,
When I first put here weeks ago the fact that there is a huge volume
(for small cap like Hlit) on the July 17.5 calls which ended daily
with higher open interest it was very clear to me that the buyers
are bullish investors targeting the earning report.(Not every company
gives you, way in advance, the exact date of the earning report.Knowing the date gives you the opportunity to buy the July
calls without risking your money if results will come after July
18).
Since I am tracking on a daily basis for months the options trades
of companies that I like I remember that all of the big blocks on
the July 17.5 executed at the asked price and not the bid.Meaning that they are not writing calls against the holdings(in which you get
the bid) but pure calls buyers that expecting good results on the 16.
Or, buyers that hedging the short position on the stock (700,000).

I think that we see here institutions going back to Hlit after all
of them went out early on the year (only one left with above 5%).
And one way of institutions to go back to a stock is to start with buying calls
out of the money knowing that when they start the big shares buying
the calls will go into the money (like last days) and they will
exercise them to stocks on July 21.

Shlomi.
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