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Technology Stocks : VIAB (Viacom Class B shares) formerly CBS -- Ignore unavailable to you. Want to Upgrade?

To: Guy E. Fleming who wrote (2364)	8/23/1998 10:36:00 AM
From: Patrice Gigahurtz	Read Replies (2) \| Respond to of 4613

Guy: I looked and I can't see the $5 range for that option. If we are talking about the LEAP Jan30 ZWXAF call then Fri close it was: bid/ask: $ 6 7/8th & $7 3/8th. On the other hand I see that LEAP Jan30 put: $5 3/8th & $5 7/8th I know your not talking about that 'put' but still for me I went big on the 1998 Oct30 although at higher price of $1 3/4, Of course it is just over $1 now but one day last week when CBS hit intra-day $32 on that German media rumor that Oct30 hit $2 5/8th...I think ? I almost sold 'em then (the calls Oct30) but I held....WHY ??? (GREED). But another reason is Oct should be the month they could announce earnings or at least maybe the analysts will have some idea of their earnings possibilities. And so maybe Oct could be a good month CBS stock wise ???? Also, maybe they might announce another discont'd op deal has closed and if they do could that $$$ show in 3rd qtr numbers ? They just announced the Power deal close. Could that $$$$ show in 3rd qtr numbers ? I don't know but I have lots of '98 Oct30s so if 'she' pops I am in, if 'she' holds or tanks (further) than I am out $$$$ plus my long CBS shares will be worth less and I'll be sad (again). Anyway, in 9 weeks I'll know if I made a bad bet or a wise smart a-- move. Now let's talk about my moves: In last 40-50 trade days: Got in at low $30 and out at $34 1/2 (+7%), then in again at $32 1/8th and out at $34 3/4 (+7%), then in again after 'she' tanked -15% got in again at $29 1/2 and I am still holding that bunch ($29 1/2). Now I have calls Oct30s but their not a covered call position. I have NO covered calls on my $29 1/2 CBS stock buy. This is my 2nd attempt at making $$$ on CBS calls (uncovered type). 1st time I made a little and now I want something bigger. I am speculatijng but that Oct30 could be something you might want to comment on although I know you like longer term calls. At tad over $1, I mean come on ! Thanks PS: I missed Stern last night and haven't yet read the rags. How did he do ?? (I am afraid to ask).