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To: Bipin Prasad who wrote (49271)	10/14/1999 12:00:00 PM
From: Patrick Koehler	Read Replies (1) \| Respond to of 53903

Insook - I gave you the wrong logic on the options. The question is, assuming one institution wrote all options, would it be more profitable to them, if the stock went up or down. There are 4581 Oct 60 calls. There are 6366 Oct 65 calls. There are 19306 Oct 70 puts. There are 8419 Oct 75 puts. If the stock moves up one point, there is a payout of $100 on each of the 10,947 calls, but a decrease of payout of $100 on each of the 27,725 puts. So there is a difference of about 17,000 options, not the 6000 that I mentioned before. Patrick