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Technology Stocks : Globalstar Memorial Day Massacre
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To: FJB who wrote (312)6/26/2000 6:06:00 PM
From: Souze  Read Replies (1) of 543
 
First, I trust your number. It's due out on the nasdaq site tomorrow, but it's not there yet.

Second, I speculate that the short interest has dropped a bit since the June 15 collection. It looks to me like shorts have been quietly covering since the IFN announcement, by shorting more to drive the price down a notch and buying more again to cover. The short-then-buy is not so much to make money in itself, but to keep the price from taking off into the stratosphere. At 30.48 milion shares short, more than half the float is sold short. That's tinder waiting for a flame. IMHO, the shorts are trying to lessen the danger to themselves.
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