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Technology Stocks : General Magic
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To: hcirteg who wrote (7383)12/1/1999 11:13:00 PM
From: Kurthend  Read Replies (1) of 10081
 
hcirteg,

>>There are over 42,000 open FEB 5 call options...that represents 42 MILLION shares..2/3 the float....>>

I think that is 4.2 million shares and not 42 mil. Options are sold in blocks of 100 and not 1,000.

IMVHO one of the main reasons for the rise over the last 5-6 weeks is that the preferreds want out. Just look at the graph from mid-October to the present time. Remember that they had their latest recent reset period right before the upward trend in the stock price. Also, on Oct 29, GMGC filed to register 25 million shares that were "owed" to the preferreds. They were registered IMO to let the preferreds sell quickly.

It would not surprise me if the preferreds sold at least some of the shares to a third party (one who may need GMGC's tech or believes in the technology of GMGC). So I don't think there will be a great dilutive effect by the preferreds selling.

I have said this on another thread, but the upward trend in the stock price seems to be a mirror image of the downward trend in the stock price. At least before today, the stock looked as though it was being manipulated in an "upward" fashion. Look at the graph when the preferreds first came and dealt with GMGC in late June 1998. Now that they have a reset price in the $1.35 and $1.65 range (Ds and Fs) and they have filed for registration, the stock has consistently gone up although there have been a few down days.

I will stop rambling. What tomorrow will bring is anybody's guess. It could go up or down:)

Take care,
Kurt
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