Schaeffer's Daily Market Blog Features: Openwave Systems, Apple Computer, Citigroup, and Sinopec.

CINCINNATI -- Among the stocks featured in the December 28 edition of Schaeffer's Market Blog are Openwave Systems (NASDAQ:OPWV), Apple Computer (NASDAQ:AAPL), Citigroup (NYSE:C), and Sinopec (NYSE:SNP). Schaeffer's Market Blog is just one of the many free market commentaries written every day at www.SchaeffersResearch.com - the home of Bernie Schaeffer and Schaeffer's Investment Research. The Market Blog is written throughout every trading day by Schaeffer's financial analysts and traders. They are quick insights to the day's most notable market activity from an options perspective. To have this report delivered to you free via email every day click on the following link and you'll also get an opportunity to win an iPod Nano. http://www.schaeffersresearch.com/redirect.aspx?CODE=PROB13M&PAGE=1

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11:07 AM Openwave Resists Downward Tech Trends

Technology stocks are falling so far this morning, with the CBOE Internet Index (INX - 244.48) and the technology-heavy Nasdaq Composite (COMP - 2,421.2) shedding just under a half-percent. One company is bucking the trend, however, as Openwave Systems (NASDAQ:OPWV) has added more than eight percent. The reason behind this push was Wednesday evening's announcement from Harbinger Capital Partners that it plans to nominate two directors, James Zucco and Andrew Breen to the software company's board. Shareholders will vote on the nominees at the annual meeting on January 17. According to Harbinger, Zucco and Breen, if elected, would take steps to eliminate non-performing product lines and reduce quarterly operating expenses to the $50 million range. In addition, they would push launching a "significant" share repurchase program.

The rise is certainly welcome for those parties who have been watching OPWV's recent drop. In the last three months, the stock has seen a high of $10.49 and, more recently, a low of $8.12. Currently, shares have about split that difference, standing at $9.66 per share. It has broken through the resistance it was experiencing at its 10-day and 20-day moving averages.

11:55 AM Midday Rundown

There are signs that the housing market may be coming out of its funk. Existing-home sales climbed for a second straight month, and inventories fell during November. Home re-sales jumped to an annual rate of 6.28 million, from October's 6.24 million. Median home price slipped to $218,000 in November, down from $225,000 in November of 2005.

New claims for unemployment insurance increased by 1,000 to 317,000 in the week ended December 23. Claims for those drawing benefits for more than one week rose for the fourth time in five weeks, suggesting some weakening of the labor markets.

In an unexpected turn, the Conference Board's consumer confidence index rose to 109 in December, its highest level since April, compared with the upwardly revised 105.3 seen in November. Analysts had been expecting a reading of just 102.5.

Apple (NASDAQ:AAPL) seems to be the biggest talk of the Street. Shares have dropped nearly 2 percent this morning after the Financial Times reported that CEO Steve Jobs was given 7.5 million stock options in 2001 without the required authorization of the board of directors. This comes after news came that Jobs had hired his own lawyer to cover the options issue. The Financial Times also noted, though, that Jobs did surrender the options and instead received restricted stock, and AAPL maintains that Jobs was not actively involved in any wrong-doings.

Elsewhere, according to a Reuters report, Citigroup (NYSE:C) may join forces with other investors to take stakes in China's Spring Airlines. According to the news service, the 17-month-old budget airline is looking to raise $384 million through share placements and an initial public offering. The money raised would then help fund a purchase of 10 Airbus A320 planes.

12:08 PM Apple Computer's Jobs Report

It seems that we just can't get away from talking about Apple Computer (AAPL) lately. It would help if the company were a bit less conspicuous in the stock-options granting fiasco going on right now, as another page in the AAPL chapter of this debate hit this morning. According to The Financial Times, Chief Executive Steve Jobs was handed 7.5 million stock options in 2001 without the required authorization from the board. The report stated that records which purported to show a full board meeting had taken place to authorize the options were later falsified. The un-sourced report didn't say who falsified the report, however. According to AAPL, Jobs later surrendered his options before they were exercised, implying that he did not gain any direct benefit from them.

The story raises a question that any AAPL investor doesn't really want to contemplate: a future without Steve Jobs. We got a little bit of a taste of that reaction this morning, when AAPL shares plunged roughly five percent. At last check, the stock had rebounded to stand down about two percent - below potential round-number resistance at the 80 level.

12:33 PM Sinopec Drills to New High

China's second largest oil producer, Sinopec (NYSE:SNP) got another boost to their already impressive ascent after the official Xinhua news agency reported that the company has discovered an offshore oil and gas field. According to SNP, the field, north of the mouth of the Huanghe River, will provide 600,000 tons of crude per year by 2010.

SNP has been rising steadily since early October along strong support of its 10-day trendline. At last check, the stock has tagged a new all-time high of $92.75 per share, on average volume.

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Schaeffer's Investment Research, founded by Bernie Schaeffer in 1981, is a financial information and trading resources company. It publishes Bernie Schaeffer's Option Advisor, the nation's leading options subscription newsletter. The firm's contrarian approach focuses on stocks with technical and fundamental trends that run counter to investor expectations. The firm's website, http://www.SchaeffersResearch.com, is recognized as one of the leading information sources for stock and options traders and was cited as the top options website by both Forbes and Barron's. Click here for more details about Schaeffer's trading methodology: http://www.SchaeffersResearch.com/method.