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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 77.02

+3.3%

Jan 26 3:59 PM EST

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To: D.E. Lee who wrote (15590)	8/3/1998 6:28:00 PM
From: James A. Shankland	Read Replies (2) of 77400

Re: "Anyone buying PUTS tomorrow? If so why? Will it be sell on the news Wednesday?" I was thinking about it. But I see that everyone else is thinking about it too. Since everyone and his or her cat now expects that CSCO will sell off after earnings, it probably won't. :) Maybe. Also, there's a huge time premium still built into the August options. CSCO would have to make a pretty sharp move down for puts to pay for themselves. An August 95 put is going for 3 1/2 or so, meaning CSCO would have to drop to about 91 1/2 for the put to be worth the price. No matter what happens, almost all of that option time premium will be gone by day after tomorrow. I've been looking for a post-earnings selloff, too, but at 96 1/2, most of the post-earnings selloff may have already happened.

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