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Technology Stocks : Altaba Inc. (formerly Yahoo)
AABA 19.630.0%Nov 6 4:00 PM EST
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To: Howard Hoffman who wrote (18813)1/22/1999 5:14:00 AM
From: Simon Withers  Read Replies (1) of 27307
 
<The signs of impending doom were so clear that I restricted myself to Feb puts. The time is now. Even the Feb puts were very expensive. Jan '00? Are those even available yet? I have no idea what will be a year from now>

Agreed - I've got April 170s which are starting to show a nice profit, but the premiums were ferocious. I wasn't aware that you could buy anything further out than July '99, but then I got this message from someone in a Compuserve forum (remember those?)

<<<Yahoo has options until jan 2001. the jan 2000 100 put costs something like 5$. I think it is not very expensive. The implied volatility is the same as for at the money options with the same duration. I am a professional options trader and I hardly see out of the money puts piced on the same volatility as at the money options, so I think it is quite cheap. Well, maybe not if you realize the stock has to fall 75% before you start making any money, but if the sentiment for internetstocks changes, people will start to pay enormous premiums for downside protection. What I am saying is that I am looking to sell my puts once the pannick start.

The bloomberg code for leaps on Yahoo is YHOOO US <equity> OCM.>>>

Worth checking out, no? Of course that was back in the heady days of last week, when Yahoo was riding high, but even then $5 for a 100 Put a year out seems incredibly cheap.

Simon
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