Accumulating? Peter - the master of understatement.
Well, last time it moved like this -up on heavy volume with no news- ITC was selling into it. Of course, someone was hungry for the stock or it wouldn't have held up in the face of all the supply from ITC. Who? Lots of speculation that it was a potential acquiror, but it could have just as well been funds. This time, we do have a little news to drive demand - recent earnings report, tech conference presentation today, AT&T price hike on high speed access. But why so heavy today? No idea. Some on the Yahoo board think it has something to do with Sprint selling, but I'm not sure the registration of their stock is even effective yet and I don't take the registration as an indication of a current desire to sell. Besides, if they were selling heavily, we wouldn't have gotten to 14, especially with heavier volume on the way up than on the little bit of retracement we had this afternoon. My theories? 1) Upgrades imminent from major houses - best institutional clients getting the heads up to buy; 2) More buyout talk or other significant pending news (firm date for launch over AOL cable or talk of an AOL price hike, for example); 3) ELNK is simply back in favor and someone buying heavily this morning started a buying panic among those not expecting to have to move so quickly (plus technical buying once through 12 1/2 as well as short covering). You got any others?
Bob |
