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Technology Stocks : America On-Line: will it survive ...?
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To: steve lipson who wrote (4684)9/5/1997 2:19:00 PM
From: Harry Larson   of 13594
 
Obviously, AOL is up because of the undedinable value, right Steve?
Not. Like any story stock, AOL is driven by news. Bad news could send
it down 20% in an hour. Absent news, as lately, it is driven by a trading dynamic of momentum players and institutions and their brokers who keep the pot boiling buying and selling their inventory, at the same time squeezing weak shorts at their stops; all aided by a whisper mill run by the analysts who work for the firms that handle much of the institutional trading. In April, buying Compuserve was pronounced 'good'. (Get new subs, network biz). Up 15% Now, that someone else looks like the buyer, that AOL is not buying Compuserve is 'good' (won't stall the glorious earnings sure to come). Up 8%.

That's why AOL doesn't follow the market much at all, as today.

But the volume patterns suggest that some institutional smart money
is distributing under cover of the folderrol.
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