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Technology Stocks : Ascend Communications (ASND) -- Ignore unavailable to you. Want to Upgrade?

To: Duke who wrote (54502)	9/21/1998 10:09:00 AM
From: Tim Luke	Respond to of 61433

just keep in mind one thing here.....asnd is moving today on the fact investor's still believe they will be bought out..........so the only thing to worry about "short term" is that if they don't get bought by lu or anyone else

To: Duke who wrote (54502)	9/21/1998 11:21:00 AM
From: Jan Crawley	Respond to of 61433

Hi Duke, I believe that we are getting back part of the Lu buy-out premium today and maybe more in the next few weeks. Shorts cannot afford not to cover or minimize their risks via options. I am looking at the options premiums for both Oct calls/puts, and both are quite expensive; the put premiums are actually higher right now than earlier this morning, as Asnd price has moved higher. A few weeks ago, I was lucky and wrote 5 Oct 40 puts for $7 premium and covered the Asnd short shares (only long SRA shares now) for the Arb. position. I just wrote 4 Oct 45 covered calls for $6 5/8 and 5 Oct 50 covered calls for $3 5/8 to balanced my Asnd position somewhat. Holding 750 Asnd and 700 Sra long shares.