Zeev's Turnips Patch-No Politics (ZEEV)

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Schaeffer`s Option Activity - Aug 6,2002

Late last week, Siebel Systems (SEBL, Trade) announced the launch of a stock buyback to the tune of $500 million. The Street seems unimpressed, as yesterday SEBL shares dropped four percent to register a new 52-week low. Since March, the stock has been mired in a steep downtrend that has recently plunged it into single-digit territory. The equity's options pits were active on Monday, as speculative players traded over 15,000 contracts on the September 7.50 put. Nearly all of this volume ultimately translated as new open interest on the out-of-the-money position. Between 1:30 p.m. and 2:30 p.m., a handful of large block trades crossed the tape at or near the bid price. There was a muted effect on the security's Schaeffer's put/call open interest ratio (SOIR), which rose from 0.63 to 0.71.