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Technology Stocks : Ascend Communications (ASND)

ASND 212.33

+1.1%

Nov 28 9:30 AM EST

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To: djane who wrote (51066)	7/31/1998 9:35:00 PM
From: djane	Read Replies (1) of 61433

midday thestreet.com. Heavy institutional put buying on ASND [Isn't that a nice bullish sign?] thestreet.com Options Buzz: Cendant Players Stay in the Game By Gregg Wirth Staff Reporter 7/31/98 2:40 PM ET It looks like institutional investors aren't reacting well to published reports today that Ascend (ASND:Nasdaq) will bid for Stratus Computer (SRA:NYSE) sometime next week. While Stratus call action was heavy on Wednesday and Thursday, today the focus of options traders switched to Ascend puts. The networking company's shares were down hard, 5 7/16 to 46 1/16, and put buying was rampant. Volume on the August 45 puts rolled to 1,304 as the price of the contract increased 1 9/16 ($156.25) to 2 1/4 ($225). Traffic was heavier at the in-the-money strikes such as the August 50 and 55 puts, which each traded in the neighborhood of 1,500 contracts. Chicago traders said major New York options desks were responsible for the traffic. The bears are betting that the institutional community sees any bid for Stratus as dilutive and distracting to the company's core business.

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