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Technology Stocks : MAGIC SOFTWARE-MGIC
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To: Dorine Essey who wrote (155)1/20/2000 9:20:00 PM
From: Richard Tsang   of 219
 
MGIC has a small float. The stock split will help increase the shares available to the investing public. However, with the positive momentum resulted from their "road show" their stock is in strong demand. To satisfy the need, MGIC will issue more shares in addition to the split. The purpose is to raise some cash for operations and possible acquisition purposes. As indicated, a major shareholder will also sell some of the holding thru this placement. As an investor, I welcome that move. If the shares are sold in the open market from that shareholder, it will increase the supply and drop the price.

Notice that MGIC stock price has a lot of support at the 75 level after it came back from below 60. I got a feeling that the houses are trying to support the price so as to fetch a better PP price. I like the move in the last few days. FWIW>

Rich
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