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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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To: Arcane Lore who wrote (7572)	8/27/1999 9:21:00 AM
From: Arcane Lore	Read Replies (1) of 12617

From today's NY Times: SEC Probes Short-Selling Abuses by Day Traders By GRETCHEN MORGENSON nytimes.com (Free registration required) Alternatively, the article can be found at #reply-11082990 Note that the final paragraph contains a substantive numeric error: One trader pointed to the recent trading in Grand Toys International, the Canadian distributor of the popular Pokemon and Furby toys, as an example. The company has a little more than 1.5 million shares available to public investors, but on Wednesday, almost 20 million shares, or 13.3 times the public float, changed hands. Even if only 1 percent of those trades were short sales, they would have exceeded the public float by half a million shares. By my calculations 1 percent of 20 million is 200,000. Thus the final sentence should have read Even if only 10 percent of those trades were short sales, they would have exceeded the public float by half a million shares. However, it not at all implausible that fewer than 10 percent of trades were short sales.

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