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Non-Tech : Cendant Corporation (NYSE:CD) -- Ignore unavailable to you. Want to Upgrade?

To: jim shiau who wrote (1372)	7/30/1998 6:35:00 AM
From: ayn rand	Respond to of 3627

Thursday July 30, 12:01 am Eastern Time U.S. OPTIONS/Cendant calls well bid, vols dip CHICAGO, July 29 (Reuters) - Calls on Cendant Corp. (CD - news) were well bid on Wednesday as investors turned optimistic about the prospects for the scandal-ridden company after its chairman stepped down. The stock, which tumbled from around 41 in early April to a trough at 14-7/16 in mid-July amid accounting irregularities, bounced 1-3/16 to 18-3/8 on hopes for a turnaround. The stock and options drew investor interest after Cendant chairman Walter Forbes along with nine Cendant directors resigned. Chief executive and president Henry Silverman will assume the additional title of chairman. ''It looks as though the speculation is that Silverman will lead the company back,'' said Michael Schwartz, a director at CIBC Oppenheimer. Cendant options were among the most actively traded on all three exchanges where the options are traded. Cendant November 25 calls topped the most active list on the American Stock Exchange, where more than 11,800 contracts changed hands. The November and August 20 calls were among the most active, as were the August 17-1/2 puts. The January 15 puts were among the most active on the Chicago Board Options Exchange and the August 17-1/2 and November 25 calls drew the most volume on the Philadelphia Stock Exchange. A lot of today's options volume also represented traders closing out calls that were bought against long stock positions, Schwartz added. Implied volatility for nearby at-the-money options ended around 66 percent, down sharply from an average of around 114 percent during July. ''Anxiety about this company and its future is finally easing,'' a trader said. --------------------------------------------------------------------------------