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Technology Stocks : Novell (NOVL) dirt cheap, good buy?
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To: Ally who wrote (21304)3/24/1998 9:37:00 AM
From: Rich Young  Read Replies (1) of 42771
 
If you're less than 3/4 point in the money at expiration and you haven't sold the option, you have to call your broker to execute them, otherwise they will expire worthless. By the way, you have until 5:30pm (pretty sure) the Friday of expiration to execute and pay for the purchase/sale of the stock. I had this happen to me last month on some calls I held that were about 3/8 or 1/2 in the money, didn't have the cash to execute & lost about a thousand bucks on the deal. Needless to say I was not a happy camper. The lesson is: if you don't intend to execute your long option position, make sure you sell them before close on the third friday of the expiration month.

Rich
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