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Biotech / Medical : Agouron Pharmaceuticals (AGPH) -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (4456)	6/11/1998 11:58:00 AM
From: Peter Singleton	Read Replies (1) \| Respond to of 6136

Is there anyone out there who can help me understand the option position outstanding? All I know about options (besides foggy memories from business school) are what I've learned by losing money buying calls when I've thought I could time the market. For example, there's the very large position in I think August 40 calls ... this is the position that has been rolled over for quite a number of months. People have speculated on this board that this is part of someone's hedging strategy (Morgan Stanley?). Is there someone out there (e.g., institutional investor) who has executed something like this, and can speculate on what these folks might be trying to accomplish, how they make money on this, and the implications to the rest of us? Peter