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Technology Stocks : BAY Ntwks (under House)
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To: jeff wheatley who wrote (3030)12/9/1997 6:05:00 PM
From: WBendus  Read Replies (1) of 6980
 
Jeff, I think that you are absolutely right. I own some BAY stock, sold some calls agains it the other day, January 30's, then this afternoon bought the December 27.5 puts as a hedge. When I filled, there was only about 26 contracts that had traded. By the end of the day there were over 900 contracts that traded. 650 of them coming in the final minutes of trade. I also saw a block of 170,000 cross on the close at the bid. The 650 dec 27.5's all crossed at 1 7/16 and 1 1/2, the bid was 1 1/4 ask 1 1/2. I think that this indicates that the stock will go down some more this week. I also noted troughout the day that there were a lot of 20,000+ size blocks crossing the tape on the bid. Institutions were getting out in a big way.

Wayde.
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