Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Bob A Louie who wrote (4467)	12/4/1997 8:23:00 PM
From: Teddy	Read Replies (1) of 95453

NE Calls, what does this mean?: - Noble Drilling's January 35 calls were sold earlier in the session by Morgan Stanley. Traders suspect the firm is over-writing a stock position, or selling more calls than the stock in the portfolio. One of the traders said over-writing is a bearish strategy. It also is possible Morgan Stanley is buy-writing Noble Drilling, which means the firm is selling calls while buying the stock. Buy-writing helps institutions lower the cost of buying stock because they get to keep the premium received from selling the options. The January 35 call is down 3/8 at 1 1/8 on volume of 5,010 contracts, compared with open interest of 89 contracts. Noble Drilling's stock is down 5/8 at 32 1/8.

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