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Technology Stocks : Dell Technologies Inc.

DELL 123.18

+4.9%

3:45 PM EST

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To: LemurHouse who wrote (110979)	3/23/1999 10:32:00 AM
From: Tommaso	Read Replies (2) of 176387

There seem to be about 300,000 LEAP put contracts outstanding on DELL. Each of these is for 100 shares, so a dollar a share movement either way could, ultimately, translate to $30,000,000 per point movement of the stock. Depending on how low the stock dropped, this aggregate of puts could amount to very large liabilities to someone, unless they are hedged. These are only the puts of Jan 2000 and Jan 2001. I have not looked at the value of the intermediate issues. Also, some of these puts are already deep in the money, while others are some distance away. Complete analysis would take all this into account.

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