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The Brink's Company Message Board

  • JM_Options JM_Options May 8, 1998 12:23 AM Flag

    PZB Takeover

    Business week is reporting that PZB may be a takeover candidate. Did anyone hear any names of possible suitors?

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    • I too traded trhe old PCO. I wish I had held all
      of the "parts" since they sure add up to a lot more
      than the old whole used to be worth. With the options,
      however, I found that if I placed a bid or offer out there
      at my desired price level, I would usually get my
      order filled. I would never recommend to anyone to just
      send a market order out there, since, as you say, the
      option spreads are fairly wide. However, I never send a
      market order out in anything, unless I need to make the
      trade immediately, or unless the market is 1/16 of a
      point wide. Good luck!
      JM

    • A couple of years ago I used to write covered
      calls on
      PZB or its predecessor stocks (larger parts
      of Pittston).
      I found the options didn't trade
      very much and had
      pretty wide spreads as a percent
      of the value of the
      option. Now I just hold PZB
      stock without any option
      write. If five years or so,
      and having sold the Minerals
      and the Air Transport
      parts when they were issued, I've
      got a very good
      increase in this holding. It can also
      keep going up for
      a long time to come.

    • JM,

      Thanks for a great site. It has more info than the one I've been using and should help me to optimize my CC returns.

      Sincerely,

      Andykg

    • You can also access the quotes on options at
      www.phlx.com by looking on the left side of the page, clicking
      on "more quick quote and trade info", and at the
      bottom of the green area, click on "Option Chain". That
      will bring you to a screen in which you enter the
      stock symbol and click "view all options and leaps for
      this symbol" and you will get quotes for any option on
      this or any other stock. It takes a few clicks to get
      there, but if you bookmark the page for the option
      chain, you can get to it quickly. Hope this helps.
      JM

    • You can get the previous day's close for all puts
      and calls at


      http://quotewatch.com

      Just click option chain after you've looked up the
      security that you're interested in.

      For intra-day
      quotes I use Schwab. Also a lot of info at the CBOE
      site.


      http://www.cboe.com/index.html

      Hope this helps,

      Andykg

    • Dean Witter set it up for me to trade in options.
      Since that's pretty speculative stuff, they did make me
      jump through a lot of hoops. But your broker can get
      you the forms and submit them for you. Once you're
      approved, it's the same as trading in the primary
      stock,except that you'll have to call your broker for the
      going price. You can't look it up on the Internet so
      far as I know.

    • Dear Priv:
      If you believe that a stock will
      trade flat (ie. stay at about the same price as it is
      now) or up slightly between now and expiration, you
      could buy the stock and sell the just out of the money
      call, as a way of taking in income. The only thing you
      give up is the appreciation of the stock price above
      the option strike price. For example, if you buy XYZ
      stock at 38, and sell the July 40 calls at 2, you put
      up $3600 (3800 - 200) in a cash account. If, on the
      third Friday of July, the stock is below $40, you
      simply keep the $2 that you sold the option for. If the
      stock is above $40, you make $400 on a $3600 investment
      for 1 1/2 months. That's a pretty good rate of
      return!!! If, however, the stock was to go to $60 before
      expiration, you would have made more by NOT selling the call.
      That is why it only works in stocks that don't have a
      history of high volatility. If you don't understand
      something I've said, post here and I'll do my best to
      explain. Good luck.
      JM

    • I was directed to you for helpful hints on
      writing covered calls. I have never done that before and
      was wondering what sort of situations I should expect
      or look for to make a profit. I am also concerned a
      little anyways about the costs involved.

    • How did you find the ability to trade the
      options? Did they make a market for you, or did they run
      away from your bid. In my experience, I've had no
      trouble trading the options on this stock, but I was
      wondering about your experience. Thanks.
      JM

    • pzb is a pretty stodgy stock. Don't look for much
      movement unless there is a buy-out. If that's what you're
      betting on, consider call options. I bought options to
      buy 2000 shares in august at $40. Cost me $2,500.
      Could lose the whole $2500 if the stock tanks. But if
      it is bought out i stand to make a bundle off a
      fairly small investment.

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