How high will Microsoft fly? Message Board

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Technology Stocks : How high will Microsoft fly?

MSFT 492.01

+1.3%

Nov 28 9:30 AM EST

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To: J. P. who wrote (13310)	12/18/1998 10:02:00 PM
From: KM	Read Replies (2) of 74651

Yep, just as expected re this afternoon's action. From "Options Buzz": Microsoft (MSFT:Nasdaq) spiked at the end of trading today and had the multitudes who were short December 140 calls worried that they would be getting assigned. For most of the day, Mister Softee was hanging around 135 and the 140 strike price seemed a safe haven for options writers, who would have had to deliver shares of the software gargantuan if they were assigned. But just after 3:30 p.m. EST, the shares began rallying and closed strong at just under 138, throwing a helluva scare into the shorts. Open interest on those December 140 calls was almost 7,500 contracts. The 135 calls got deep in the money in a hurry and traded more than 13,600 contracts today against open interest to just 7,934. The price of that contract rose 2 3/8 ($237.50) to 3 ($300).

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