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Biotech / Medical : The Stock for 1999(Polymedica)PLMD(Medical Supply Co.)
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To: Sam who wrote (3167)11/20/2000 6:47:27 PM
From: Apakhabar  Read Replies (1) of 3414
 
Sam,

I think it's much more likely that Barron's has dug up something improper that involves PLMD. Like Kernan said, it's difficult for a neutral observer to believe the magazine just made this up.

What remains to be seen is to what extent (if any) the officers at PLMD are involved. Lee and the top officers may truly be in the dark. I'm going to read the Barron's article tonight.

Being a full-time trader I was amazed at how the Kernan remarks just tanked the stock a second time. After the halt and the PLMD rebuttal, short covering took it up to 39 and then quickly back below 36. At that point, it looked like traders were actually starting to buy the stock as if it were all some sort of mistake. The stock slowly swelled up to 37-38 before Kernan spoke.

I think Kernan awakened everybody to the reality that MOST of the time a news article alleging criminal behavior will be based on cruel facts. The standard has to be very high because the magazine doesn't want to be sued.

I've traded this company steadily (always intra-day) for over a year... literally several hundreds of day-trades. During that post-CNBC drop from 37 to 28 neither of PLMD's two main MMs (ADAM and CIBC) were buying at all. They simply didn't want to make a market in the 30s after that, and I don't blame them.

Anyway, I certainly wouldn't recommend taking a long position (an investment, not a quick trade) until this is resolved or just buried. Remember Cendant? That was a fraud story. Got cut in half from 40 to 20, rallied a little to 25, fell back to 15, seemed to collapse to 11, rallied to 17, then fell like a rock to 6 during the October 98 lows. Buying it in the single digits was one of those blood in the street moments. PLMD is a long way from that, so I would be very cautious if I were a potential investor.
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