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Technology Stocks : Compaq -- Ignore unavailable to you. Want to Upgrade?

To: Night Writer who wrote (23978)	4/6/1998 9:02:00 PM
From: Mike Gordon	Respond to of 97611

Night Writer: Nice call on TRV, however I feel your pain. I pulled it up on Dryfus just to look. What a nice day for allot of people. Please notice the open interest for the May 65 calls, prior to today, and the June 60 and 65's. Someone knew it was coming. A merger of that magnitude you can't keep a secret for long. In any case, to answer your question, typically calls are exercised sooner if they are deep in the money or a merger appears to be firm. Movement into CPQ, at least between now and May 5th could be rewarding. Again I cite the earnings announcement, which might be better than expected, and the shareholders meeting with announcements on DEC. I could be wrong on both counts, but I placing my money on it. Tomorrow, might be an interesting day which could put further pressure on CPQ. Traders kept it a 25. However, depending on tomorrow, it could slip a bit more. I maintain the $25 support level and invest at 22.5 for margin of error. Good luck tomorrow, Mike