Word: call
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Dates: during 1960-1969
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...been 20 years since Boston University last played Harvard. And all the magnificent hostility of those 20 years is going to be unleashed today. "THE GAME" they call it, as if they were playing Yale or Boston College...
...Call options lure bulls who figure stock prices will rise. A call is a transferable contract giving the purchaser the right to buy stock (almost always in 100-share lots) at a specified price (generally the market price on the purchase date) at any time during a specified period ranging from 30 days to a year. Last week, when National Video common was selling for $31.50 per share, an investor could have bought a call at $450 expiring next April 4. Provided that the stock rises as much as $5 a share by that date, the investor will be able...
...options, the opposite of calls, entice bears who figure that the price of a stock will fall. Puts give the purchaser the right to sell 100 shares of stock at a set price at a future date. Last March, Manhattan's Thomas, Haab & Botts, one of the largest put-and-call dealers, sold a put option on Fairchild Camera for $1,750. It permitted the buyer to sell 100 shares of Fairchild stock at $119 a share any time before Sept. 26. By last week, that stock had dropped to $92, enabling the put holder to buy the stock...
Odds Against Amateurs. For more sophisticated plungers, options come in varied forms with arcane names-"strips," "straps," "straddles" and "spreads"-that conjure up visions of the Marquis de Sade. Actually, they are only combinations of puts and calls. A straddle is a put and a call on the same stock at the same price; a spread is a straddle with a different price on the put and call; a strip is a straddle with double-sized put; while a strap is a straddle with a double call...
Much of this year's action has centered on such volatile-or promising-stocks as American Motors, Allis-Chalmers, Chrysler, Flying Tiger, Occidental Petroleum and Pan American Airways. The hotter the stock, the more costly the call-sometimes as much as 20% of its current value. In its last study of the option market, the SEC found that only 40% of put and call options are exercised. "We are asked over and over whether we are encouraging people to pour money down a rathole," admits Paul Farmer, head of Goodbody & Co.'s option department. Farmer does not think...