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To: davesd who wrote (25686)	12/17/1997 7:19:00 PM
From: ratan lal	Respond to of 53903

Dave << Someone bought a ton of DEC 25 calls yesterday....around 9,000 contracts. >> If there is some inside stuff going on, be prepared for a class action lawsuit that will surely start. The only problem is that we will get pennies on the dollar and the lawyers will get the rest. ratan

To: davesd who wrote (25686)	12/18/1997 7:48:00 AM
From: Patrick Koehler	Read Replies (2) \| Respond to of 53903

Dave, I don't take the 9000 Dec 25 calls too seriously. First, it was not by one person, but many. To some, this is their "lottery" play, in the last couple of days before expiration. You could buy the calls yesterday at the close for 3/16. If something occurred for the stock to jump to 26, you could get maybe a five fold return, and 27 would get you a 10 fold return. Commissions really make a difference on the low priced options, and really affect the returns. You could buy about 50 contracts for a thousand bucks. Additionally, some, like me, bought them on as a hedge against shorts or puts. I bought 30 on Monday as a hedge against my 30 in-the-money puts, to carry through the earnings report, then sold them on Tuesday. My only cost to do so, was the commissions. This accounted for 60 contracts this week, and I am just a small player in the arena. As of this morning, there are 12,235 Dec 25 calls and 7.427 Dec 25 puts. If you follow the Option Open Interest theory, the controllers of the stock would favor holding the stock below 25 to avoid the payoff to all of those calls, as they are 5000 more call contracts than put contracts. Patrick