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Wednesday June 17, 7:33 pm Eastern Time
Company Press Release
SOURCE: Chicago Board Options Exchange
CBOE to List Options on Orckit Communications, Ltd. on Tuesday, June 23,
and General Magic, Inc. (GMGC/GGQ) and Teleglobe, Inc. (TGO) on
Wednesday, June 24
CHICAGO, June 17 /PRNewswire/ -- The Chicago Board Options Exchange
(CBOE) today announced it will begin trading options on Orckit
Communications, Ltd. (Nasdaq: ORCTF; CBOE: QFY) on Tuesday, June 23,
General Magic, Inc. (Nasdaq: GMGC; CBOE: GGQ), and Teleglobe, Inc.
(CBOE: TGO) on Wednesday, June 24, 1998.
Orckit Communications, Ltd., located in Tel Aviv, Israel, develops,
manufactures and markets digital subscriber line systems. The company's
systems enable telephone companies to cost effectively provide
efficient, high-speed digital transmission of data, voice and voice-over
the ''last mile'' of existing telephone network.
QFY options will trade on the January expiration cycle, with
introductory expirations in July, August, October and January. Initial
strike prices have been set at 15, 17 1/2 and 20. Eclipse, J.V. is the
Designated Primary Market Maker (DPM) in the option.
General Magic, Inc. located in Sunnyvale, Calif., develops products,
services, and technologies designed to simplify communications and
manage information resources for mobile business professionals and other
consumers. The company is developing a communications and information
service which will integrate both voice and data. General Magic also
offers handheld mobile communications solutions.
GGQ options will trade on the February expiration cycle, with
introductory expirations in July, August, November and February. Initial
strike prices have been set at 10, 12 1/2 and 15. General Magic, Inc.
will trade in the K Mart Corporation (NYSE:KM - news) trading crowd.
Teleglobe, Inc., located in Montreal, Canada, owns and operates a
worldwide telecommunications network. The company's network includes
submarine cable and satellite facilities linking North America with over
240 countries and territories. Teleglobe meets the connectivity needs of
established and emerging carriers, as well as those of Internet service
providers, broadcasters, and multinational corporations.
TGO options will trade on the March expiration cycle, with introductory
expirations in July, August, September and December. Initial strike
prices have been set at 25, 30 and 35. RMB & Associates has been named
the Designated Primary Market Maker (DPM) in the option.
CBOE, regulated by the Securities and Exchange Commission (SEC), is the
pioneer of listed options and the world's largest options marketplace.
SOURCE: Chicago Board Options Exchange
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