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Technology Stocks : Emulex, What Prospects?
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To: Surfer who wrote (562)8/26/2000 1:57:39 AM
From: Mama Bear  Read Replies (4) of 788
 
Surfer, the halt was probably requested by the company, and is appropriate when disseminating significant material news. It is done to give everyone an equal chance to make an informed trading decision. It was one reason why the original story was so suspect, because the stock should have been halted for that news. The gap up was caused because many sold short assuming the fraudulent PR was true and had to cover their trade. After the fraud was exposed there were no natural sellers, so the price had to rise to entice them. The only reason that EMLX was selling at 45 was because it would have been devastating news had it been true. It could not have opened where it did if that was not the level where buyers and sellers met. The MM's do not control the price on an NMS stock since the advent of ECN's and the Manning rules.

Regards,

Barb
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