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Technology Stocks : Tekelec
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To: stock bull who wrote (1344)2/3/2000 1:08:00 PM
From: WTSherman  Read Replies (1) of 1648
 
Bull, of course no way to know who held those contracts. When I first saw that position a few months ago it told me that somebody knew something and I started accumulating options, too. What was really interesting is that in early Dec. the Feb 17.5's had an open position of 8,000+, while the Jan 17.5's had an open position of about 500. It seemed to me that this position was directly linked to the earnings report that would come out after the Jan strike date and before the Feb strike date. My guess is that at least 7,000 of those contracts were held by one organization or individual(unlikely an individual). Its also possible that they were related to a very complex arbitrage scheme related to the convertible debentures where they shorted the stock, and bought the options with the premium difference.

At any rate, for an investment of $1.5M or so, they produced a profit(at this moment) of nearly $7M, all in three months or so.
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