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To: Chuck Williams who wrote (21562)	3/12/1998 11:20:00 AM
From: Andreas	Read Replies (1) \| Respond to of 97611

For Two Reasons: (and probably others I haven't thought about) (1) An in the money call, if bought, allows the buyer to essentially buy the stock for less than the stock price. This buyer believes the stock will go up in the short-term (life of the call) and since it will go up and down in conjunction with the underlying stock that investor can realize the same gain (or loss) but on a much smaller investment. (2) An in the money call, if sold, affords the seller downside protection in the event the stock continues to drop. The downside protection is to the extent of the amount which is in the money. By the same token that investor is likely to be called away, but in the meantime he has earned some premium.

To: Chuck Williams who wrote (21562)	3/12/1998 11:44:00 AM
From: Hugh W.	Respond to of 97611

300 March calls should be a close position. It's option expiration time. people are rolling their options.