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Technology Stocks : Adaptec (ADPT)
ADPT 18.50-3.8%Jan 28 3:59 PM EST
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To: Doug Skrypek who wrote (2420)5/28/1998 7:02:00 PM
From: Starowl  Read Replies (2) of 5944
 
Doug S: I noticed the following options item today on Adaptec in a report by Steven S. Sears (Dow Jones):

"An institutional investor is buy-writing a large position in Adaptec, Inc.'s stock. This is a strategy that is often used by professionals, and can be used by retail investors, to lower the cost of buying stock. The strategy is relatively simple and works like this: an investor buys stock and sells calls against that purchase. The money received from selling calls lowers the price of the stock. In the Adaptec trade, the investor sold January 15 calls that expire in 2001 and bought stock. The call is down 1/2 at 6 3/8 on volume of 9,690 contracts, compared with open interest of 40 contracts. . . ."

Starowl
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