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Technology Stocks : S3 (Multimedia semi's place 2be)
SIII 0.00010000.0%May 12 5:00 PM EST
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To: ted quinn who wrote (8452)3/25/1997 10:38:00 PM
From: Ricardo Villa   of 9477
 
RE: Insider Sales

You can imagine any possible scenario for insider sales
but the real facts are the following:

1. 90% of insider sales in high tech companies are due
to option exercising alone.
2. options have expiration dates
3. if options are not exercised they expire worthless
4. hundreds of thousands of options expire every quarter
5. hundreds of thousands of options will be exercised every quarter and will show up as Insider Sales - if the stock is going up, nobody
pays attention, but if the stock is going down foolish investors
panic.
6. it wouldn't matter if S3 stock was at $5 or $50, it would
still show thousands of option exercises this quarter as some of
those options have been granted for as low as $.04 !!!

Some Facts About Options at S3

balance at start of 1995
/ number of shares / option price per share
options granted / 2,970,550 / 7.63 to 20.44
options exercised / 2,330,911 / .06 to 13.44
options cancelled / 463,454 / .12 to 20.44

you can find this info on any annual report and I don't feel
it is necessary for me to post the data for every year since
the above year alone proves my point.

250,000 shares sold in feb as you say is plain and simply the
average of the last couple of years at S3. The range is between
2 and 3 million shares every year.

SO STOP SPREADING FALSE INFORMATION ABOUT
THERE BEING SOME BAD NEWS OR MARGIN PRESSURES
AND STICK TO THE FACTS

Ricardo Villa
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