Active Stock Option Trading in Several Securities on October 28, 1998

Strategic Insights -

Trading on October 28, 1998, was marked by high stock option volume in several securities, including America Online, Citigroup, Medtronic, Dell, Intel, Western Digital, and Apple Computer. The stocks saw significant price movements, with America Online finishing up $2 1/8, Citigroup closing up 3/4, and Dell closing up $2 after coverage was initiated by Prudential with a Strong Buy rating.

Key Takeaways:

  • America Online (AOL) saw very active trading, finishing up $2 1/8, a day after reporting earnings above analysts' expectations and a 2-1 stock split.
  • Citigroup (CCI) closed up 3/4, with The New York Times reporting a co-branded credit card with Sony.
  • Medtronic (MDT) closed up 3/16, following the approval of the merger of AVECOR Cardiovascular into Medtronic by AVECOR shareholders.
  • Dell (DELL) closed up $2 after Prudential initiated coverage with a Strong Buy rating.
  • Intel (INTC) closed up almost $2, with Prudential also initiating coverage with a Strong Buy rating.
  • Western Digital (WDC) closed the day up 1/2, after receiving initial coverage by Prudential as a Hold.
  • Apple Computer (AAPL) finished up $1 9/16, after Prudential initiated coverage as a Hold.
  • Maytag (MYG) has closed higher each day this week, following an upgrade from Brown Brothers last Friday.
  • The companies mentioned were highlighted by active stock option trading on October 28, 1998.

Statistics:

  • America Online (AOL) saw a price movement of $2 1/8 on October 28, 1998.
  • Citigroup (CCI) saw a price movement of 3/4 on October 28, 1998.
  • Dell (DELL) saw a price movement of $2 on October 28, 1998.
  • Intel (INTC) saw a price movement of almost $2 on October 28, 1998.
  • Western Digital (WDC) saw a price movement of 1/2 on October 28, 1998.
  • Apple Computer (AAPL) saw a price movement of $1 9/16 on October 28, 1998.
  • Maytag (MYG) saw a price movement increase each day this week, starting from an upgrade on October 23, 1998.

Sources:

  • BUSINESS WIRE, "HOUSTON--(BUSINESS WIRE)--Oct. 28, 1998--Wednesday's trading was highlighted by active stock option trading in several securities."
  • The New York Times, "Citigroup and Sony to Offer Co-Branded Credit Card"
  • CoveredCall.Com, "Provided courtesy of CoveredCall.Com. For a free trial to their web site, visit CoveredCall.Com on the web at http://www.coveredcall.com"