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To: pallmer who wrote (4070)	12/15/2002 8:19:40 PM
From: pallmer	Read Replies (1) \| Respond to of 29609

-- WSJ(12/16) Options Report: News Stirs Gold-Related Issues -- By Kopin Tan Dow Jones Newswires NEW YORK -- Options trading was cautious and sluggish as stocks drifted lower, with investors trying to gauge the impact of recent geopolitical developments. Good news, such as Friday's better-than-expected consumer-sentiment reading, was met with indifference. Activity in the options market defied general categorization and was stock-specific, traders said, with much of the action driven by news. The options-market fear gauge, the Chicago Board Options Exchange's volatility index, rose 1.31 to 32.12. Jittery investors continued to bid up call options on some gold-related stocks as they digested news that North Korea may reactivate a nuclear-power plant. In 4 p.m. New York Stock Exchange composite trading Friday, Newmont Mining shares rose 89 cents, or 3.2%, to $29. Its January 30 calls traded 2,460 contracts, compared with open interest of 13,594 contracts, and rose 35 cents to $1.30 each at the Philadelphia Stock Exchange. Chip options traded briskly after J.P. Morgan Chase began coverage of the semiconductor industry and cautioned investors to avoid Intel and Advanced Micro Devices, and after Cirrus Logic issued a revenue warning. Short-term puts were active in the Semiconductor Holdrs Trust, an exchange-traded fund pegged to a pool of chip stocks. The trust fell $1.01 to $24.28. At the Pacific Exchange, its December 30 puts rose 70 cents to $5.50 each as 9,250 contracts traded, compared with open interest of 10,562 contracts. The January 25 puts rose 40 cents to $2.30 each as 9,250 contracts traded, compared with open interest of 11,583 contracts. Brocade Communications Systems' calls and puts were among the most heavily traded options, with much of the volume accounted for by what appears to be a large seller of December 5 calls and puts. By selling these December 5 options, the investor secures income and perhaps doesn't expect Brocade to move much from a $5 strike price during the week before these December options expire after Dec. 20. In 4 p.m. Nasdaq Stock Market trading Friday, Brocade shares fell 17 cents, or 3.4%, to $4.85. Its December 5 calls traded 34,248 contracts, compared with open interest of 9,988 contracts, and declined 10 cents to 15 cents each in Philadelphia. The December 5 puts traded 15,436 contracts, compared with open interest of 24,492 contracts, and rose five cents to 25 cents each. Coca-Cola options traded actively after the consumer-products company said it won't provide further quarterly or annual profit forecasts. In 4 p.m. Big Board composite trading Friday, Coca-Cola shares fell two cents to $45.85. The January 50 calls gained 10 cents to 40 cents each as 2,529 contracts traded at the American Stock Exchange, compared with open interest of 32,530 contracts. The January 45 puts fell five cents to $1.35 each as 2,527 contracts traded at the Amex, compared with open interest of 19,011 contracts. (END) Dow Jones Newswires 12-15-02 1950ET- - 07 50 PM EST 12-15-02 Symbols: US;AMD US;BRCD US;CRUS US;INTC US;KO US;NEM DE;BCS DE;BCSF DE;BCSX DE;CRU DE;CRUF DE;CRUX CA;INTC XE;INTC CH;KO DE;CCC GB;CCA PE;KO XE;KO 16-Dec-2002 00:50:00 GMT Source WSJ - Wall Street Journal