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Technology Stocks : TLAB info?
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To: dougjn who wrote (2825)7/29/1998 8:35:00 PM
From: JMD   of 7342
 
Doug, I'll take a stab. Given TLAB's volume, it seems to me that alot of these shares relate to Ciena/Coherent arbs doing the unwind trick now that it's clear both deals are going through. If they were long TLAB and short CIEN and are now reversing . . . .locking in spread premiums, etc. etc. Don't see what else could explain volume: institutions sure as hell aren't selling following last earnings report. Maybe a few momentum guys that got on for the quick run-up following earnings and now taking profits, etc. Can't see anything else unless the market is saying with the RBOCs consolidating, the new combined entities will have greater purchasing power thus hitting TLAB's margins. Don't buy it myself, otherwise a 'nervous' market is just doing its normal flight to quality thing: MSFT goes up, and rest of software industry gets pounded. Otherwise I'd just say Chairman Greenspan is getting his pound of flesh which combined with zippergate Part 2 makes for a lot of red figures on my screen. :( Mike Doyle
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