Schaeffer's Option Bytes Features Wynn Resorts, Comcast, Clear Channel Communication, Boeing, and Orbitz.

CINCINNATI -- Among the stocks featured in the September 29 edition of Schaeffer's Option Bytes are Wynn Resorts (Nasdaq:WYNN), Comcast (NYSE:CMCSK), Clear Channel Communication (NYSE:CCU), Boeing (NYSE:BA), and Orbitz (Nasdaq:ORBZ).

Schaeffer's Option Bytes are just one of the many free market commentaries written everyday at www.SchaeffersResearch.com - the home of Bernie Schaeffer and Schaeffer's Investment Research. Option Bytes are 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. For additional information about this report or to have it delivered to you free via email every day click on the following link. http://www.schaeffersresearch.com/redirect.aspx?CODE=PRMOU1M&PAGE=1 .

Schaeffer's Option Bytes for Wednesday, September 29, 2004:

Below are just a few of today's Option Bytes. Click here to read all of today's Option Bytes. http://www.schaeffersresearch.com/redirect.aspx?CODE=PROB1C&PAGE=1

1:56 PM Investors Add Calls on Wynn Resorts

Calls are trading actively today on Wynn Resorts (Nasdaq:WYNN). As of mid-day, call volume was 7.6 times its daily average, with investors exchanging nearly 4,600 contracts. The most actively traded contract is the December 45.00 strike (UWY LJ). At 11:15 a.m., 3,800 contracts traded above the ask price, suggesting a call purchase. A look at the stock's price action shows WYNN has exploded higher recently. One positive sign from a contrarian perspective is that the stock sports a hefty short-interest ratio of 14.87 days, which accounts for more than 16 percent of the stock's float. We view a high short interest ratio in the midst of a price uptrend as a bullish sign, as some short may eventually be "squeezed" into buying back their shorted shares, providing additional buying power. Today WYNN is down 71 cents to $51.40.

1:45 PM Comcast Still in Tight Range

Comcast (Nasdaq:CMCSK) has been trading in an extremely tight range between $27 and $28 over the past several weeks, but a strong increase in the level of pessimism toward the shares may be creating an opportunity for the stock to break out. Put option activity on CMCSK has increased dramatically relative to call option activity, and the Schaeffer put/call open interest ratio (SOIR) of 0.94 is higher than 86 percent of all readings taken over the past year. Nearly five times the average put volume has crossed the tape thus far today.

10:49 AM Clear Channel Downgraded

Clear Channel Communication (NYSE:CCU) received an analyst downgrade today, from "overweight" to "equal weight." The brokerage firm cited a lowered outlook for radio advertising in 2004 and 2005 as the major factor in the downgrade. Further bad news came for CCU when another analyst lowered the company's stock price target from $39 to $38 and trimmed its 2004 to 2005 earnings estimates. The company's Schaeffer's put/call open interest ratio (SOIR) stands at 0.77, which is higher than 54 percent of the readings taken over the past year. Meanwhile, analyst's are optimistic toward CCU, as Zacks reports that the company receives 10 "strong buy" ratings, four "buy' ratings, and six "holds."

10:13 AM Boeing Downgraded

Shares of aircraft manufacturer Boeing (NYSE:BA) are down 2.25 percent this morning after receiving a downgrade from Banc of America earlier. Prior to today, analysts were rather down on BA with four "buys," nine "holds," and three "sell" ratings. Short sellers were showing pessimism before this downgrade, as the number of shares sold short increased by 26 percent during the most recent reporting period. This moved the short interest ratio at 3.94. BA has been in an upwardly sloped trend channel since March and the lower rail of this channel is at 51.45 currently.

9:50 AM Shares of Orbitz Soaring on Possible Buyout Offer

Shares of online travel site Orbitz (Nasdaq:ORBZ) are soaring this morning on rumors that the company has a buyout bid from Cendant (NYSE:CD). The shares are up more than 30 percent this morning. Aside from the takeover rumors, the price may be getting pushed higher by shorts covering. In the most recent reporting period, ORBZ had a short interest ratio of 17.84. There was very little option open interest prior to today with only 2,540 calls open in the front three months and 629 puts. Analysts were paying little attention to the stock with only five analysts covering it and the ratings were three "buys" and two "holds".

The above are just a few of today's Option Bytes. Click here to read all of today's Option Bytes. http://www.schaeffersresearch.com/redirect.aspx?CODE=PROB1C&PAGE=1

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About Schaeffer's Investment Research (www.SchaeffersResearch.com)

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.