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Technology Stocks : All About Sun Microsystems -- Ignore unavailable to you. Want to Upgrade?

To: Ben Antanaitis who wrote (10738)	8/5/1998 12:47:00 PM
From: John Carragher	Read Replies (1) \| Respond to of 64865

IF for real what would be the est. price?

To: Ben Antanaitis who wrote (10738)	8/5/1998 3:38:00 PM
From: Retiarius	Respond to of 64865

sept. 50 calls offset by '01 45 leaps? www.cboe.com shows a similar dollar-volume position here (~2600 contracts at ~16), which may be a market-maker hedge against the ~20000 in new open interest (so far today) on the SUQJJ's near $2. although i'm not facile with spreads/butterflies etc. if the writer of the short-term calls is the same as the leap-call buyer, then they could be wrong on imminent takeover but still come out okay...