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Technology Stocks : Diamond Multimedia
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To: Jonathan Quick who wrote (3723)10/12/1998 12:43:00 PM
From: AmericanDane  Read Replies (2) of 4679
 
Well the day before earnings I bought some DIMD at 3 9/16 on the theory we'd bounce with the price protection and earnings news behind us.

Then we got hit with the bombshell.

Now on Monday, we are back at 3.5. This is pretty good behavior for the severity of bad news we ended up getting. It suggests there was a lot of bad news already in the price, that the market makers bought a lot of cheap stock at 3ish and already are booking 20% profits on those buys.

I think this bodes well for the stock, and also suggests that between the cash in the bank, the strong distribution position of the company, and the strong retailing season in which we find ourselves, there is good support here with good upside potential. Remember the stock is selling at just 13% of the price it was selling earlier this year.

I'm still long, and hoping DIMD management gets it right this qtr. Sometimes the best time to buy is when things look the most bleak.
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