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Technology Stocks : KOSS CORP (KOSS) Sweet Music to My Ears
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To: Cary C who wrote (42)8/14/1997 12:45:00 PM
From: Rick Shaum, Jr.   of 105
 
I haven't received your questions, Cary. You can e-mail them directly to me at rickshaum@aol.com or, if you don't tell anybody you did it, you can fax them to me at (719) 488-8681. I'm having the same problems keeping up with technology as you describe.

Regarding your question about the buyback, it's usually SOP to buy on the "open market." Usually the press release from the company announcing the buyback states that they will buy back shares "on the open market from time to time." I tried to see if Koss's press release stated that but I couldn't come up with it right away.

Based on the time & sales window I look at for KOSS, it appears that when the buyback was announced, the market makers began accumulating shares between 8 3/4 and 9 1/2. Then, beginning last Friday, they began selling blocks of KOSS at 10+. Today, the bid was moved up to 9 1/2 and the buying is being done at 9 3/4.

My assessment is that KOSS has been a buyer in the 10+ range and the market makers have run out of inventory that they can get between 8 3/4 and 9 1/2. As soon as they run out at 9 3/4, they'll raise the bid higher.

KOSS has $5m to buy stock, so their purse is still pretty deep. The next interesting step will be the raising of the ask above 10 1/4. It should happen soon but it will depend on how much urgency KOSS places on buying shares or how quickly other buyers show up.
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