Schaeffer's Option Activity Watch Features Biomet, MedImmune,

 Nokia  Business Editors CINCINNATI--(BUSINESS WIRE)--Feb. 26, 2004 Today's Schaeffer's Option Activity Watch features Biomet (Nasdaq:BMET), MedImmune (Nasdaq:MEDI), and Nokia (NYSE:NOK). The Option Activity Watch is a report that takes a closer look at three equities appearing in our most unusual option activity report from the previous day. The Option Activity Watch is published on www.SchaeffersResearch.com - the home of Bernie Schaeffer and Schaeffer's Investment Research. 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/addinfo .  Schaeffer's Option Activity Watch:  1. Biomet (Nasdaq:BMET) produces reconstructive products (such as hips, knees, and shoulders), fixation devices, orthopedic support devices, dental implants, and operating room supplies. The company was the center of some heavy put trading on Wednesday, with open interest at its March 35 strike jumping from 2,475 to 4,800 contracts. This front-month option is now the site of peak put open interest and could help to support the shares should they pull back. Pessimism has been growing toward this stock recently. The security's Schaeffer's put/call open interest ratio (SOIR) checks in at 2.20, as puts more than double calls in the front three months of options. In addition, this reading is the highest of all those taken over the past 52 weeks. Furthermore, short interest skyrocketed 39 percent in February to 5.5 million shares. Wall Street has its doubts as well, with 12 of the 22 analysts following the firm rating it a "hold" or worse. Any upgrades could boost the security higher.  This overwhelming pessimism seems out of place considering that BMET has rallied higher since August along its 10-week and 20-week moving averages. The equity's climbs appears to have slowed as it waits for its intermediate-term trendlines to catch up. Looking ahead, the company's earnings announcement on March 17 could act as a catalyst to rejuvenate the shares. The Street is currently anticipating a profit of 32 cents per share - a 14-percent improvement over earnings for the same period a year ago. In fact, BMET has met or surpassed the consensus estimate for the past five quarters. Another positive report could help to springboard the shares higher as investors rush to unwind their bearish bets.  Click the following link to see the Weekly Chart of BMET since May 2003 with 10-Week and 20-Week Moving Averages: http://www.schaeffersresearch.com/wire?ID=9548 .  2. Meanwhile, the technical picture for MedImmune (Nasdaq:MEDI) has been less than impressive. The stock has underperformed the Nasdaq Composite since March and was recently rejected by staunch resistance at its declining 20-week moving average (at the 25 level). MEDI has not logged a weekly close above this trendline since September. Investors have shown their displeasure with the company, as pessimism remains high. While the equity's March 25 call added more than 2,200 contracts yesterday, its SOIR is still higher than 90 percent of all those taken over the past year. Furthermore, the number of MEDI shares sold short increased by 11 percent in February to eight million shares. However, these positions can be covered in less than two days of trading, offering up little in the way of potential fuel for a covering rally. Wall Street is entrenched in the bearish camp, with 14 of the 23 analysts following MEDI rating it a "hold" or worse. With the combination of technical and potential options-related resistance at the 25 level (site of peak March call open interest), the shares could continue their downtrend as pessimism grows.  Click the following link to see the Weekly Chart of MEDI since July 2003 with 20-Week Moving Average: http://www.schaeffersresearch.com/wire?ID=9548 .  3. Nokia (NYSE:NOK) has managed to rebound off support at its 20-day moving average this morning. The shares have additional support below at their rising 10-week and 20-week moving averages (at 20.50 and 19, respectively). Sentiment toward the security is mixed. The equity saw more than 2,700 contracts added to its April 22.50 call yesterday, however, its SOIR is still higher than 75 percent of those taken over the past year. Elsewhere, short interest plunged 20 percent over the most recent reporting period to 12.6 million shares. The equity's short-interest ratio now sits at a paltry 1.32 days to cover, providing little hope of a covering rally boosting the stock. Wall Street is enamored of the company as well, with 23 of the 28 analysts following NOK rating it a "buy" or better. Traders should keep an eye on the stock's 22.50 level. This area is currently the site of peak front-month call open interest with roughly 29,200 contracts and could easily serve to halt any rally attempts. A rejection here and/or a break below its intermediate-term trendlines could force some of these optimistic analysts to rethink their ratings.  Click the following link to see the Daily Chart of NOK since November 2003 with 20-Day Moving Average: http://www.schaeffersresearch.com/wire?ID=9548 .  The best way to take advantage of the timely Schaeffer commentaries is to sign up to receive their free e-newsletters -- Opening View, Midday Report, Market Recap and Monday Morning Outlook. Click here to have the Schaeffer's commentaries delivered to you free via email every day: http://www.schaeffersresearch.com/addinfo .  About Schaeffer's Investment Research (www.SchaeffersResearch.com)  Schaeffer's Investment Research, founded by Bernie Schaeffer in 1981, is 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 .  CONTACT: Schaeffer's Tom Godich, 513-589-3800 releases@sir-inc.com