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Technology Stocks : Novell (NOVL) dirt cheap, good buy?
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To: Spartex who wrote (20631)3/4/1998 3:21:00 PM
From: Don Earl  Read Replies (4) of 42771
 
Hi Quad-K,

I'm not sure if you understood my comment. Is it possible that the roughly 3 million shares in block trades over the last 2 days were short sales, rather than buying or selling a long position.

It seems like there has been a lot of selling pressure in the 1-20K trades most of the day but it doesn't seem to move the price down. If the MMs had big orders to fill it seems like they would let the price drop so they could pick up some cheep stock. There has to be an up tick for short trades and all the blocks seem to be trading on up ticks.

The rational of someone/s purchasing 3 million shares near the 52 week high without incredibly strong earnings, revenue and financials, and in the face of a suit that could have a major impact on the price, doesn't make sense to me. If there was some sign of insider buying I could see it, but there isn't. Is the current momentum based solely on seeing big trades?

If the law suit could result in an audit, $30 million seems like an awful risky play. The open interest in options looks bearish as can be. The puts are shrinking and there are a ton of calls. Still no comment from Novell on the suit. No real guidance from the company on future prospects, except that they feel optimistic if certain things happen. The chart looks pretty good but there isn't any real support under it until you get to 7. The current price seems to me like it's built on smoke.

Regards,

Don
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