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Technology Stocks : Novell (NOVL) dirt cheap, good buy? -- Ignore unavailable to you. Want to Upgrade?

To: Paul Fiondella who wrote (22821)	6/21/1998 7:33:00 PM
From: Ben Antanaitis	Read Replies (1) \| Respond to of 42771

Paul, First, you must be correct about the share total, I was looking at last Friday's tables, sorry about that. The CBOE has now 'flushed' their data. In my opinion, and anyone else is welcome to jump in here, all the end-of-day call contracts have been exercised, the 10's and the 12.5's. They were all in the money. None 'went away' worthless. It just depends on who gets to profit. The 10's are being delivered to the option holders for $1000+commission per contract. The 12.5's are being delivered to the option holder's, whose brokerage has the personal account auto-exercise threshold set to $.25, for $1250+commission per contract. The rest of the 12.5's are being delivered to the brokerages whose customers held 12.5 calls and the auto-exercise threshold is something higher than $.25, for $1250 per contract. The brokerage get to profit on these shares, it's just part of the system. I'm not sure where you are trying to take this, but some portion of the total number of shares, the 'naked' portion, needs to be purchased on the open market tomorrow. Ben A.