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Non-Tech : BBY -Best Buy

BBY 81.50

-0.8%

Nov 3 3:59 PM EST

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To: BUE, R.C. who wrote (51)	12/4/1996 11:15:00 AM
From: DanZ	of 980

Bob, I'm still holding my puts. But I must admit that the action on Monday has me a little confused. The only plausible explanation that I can come up with is that the rally was short covering. I find it hard to imagine that institutions would establish new large long positions in BBY given the previous two bad reports and the uncertainty about tomorrow's report. The stock is trading in a very narrow range this morning...probably on hold until the sales report comes out tomorrow. I definitely would not want to be long this stock right now unless hedged because if the report is bad, the stock will likely sink to 11 or 12 very quickly. We might get a clue a little later today. If the stock rallies near the close...report could be okay. If the stock sells off near the close, report will probably be bad. If the stock does nothing today...well we don't get a clue. Dan

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