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Technology Stocks : Nortel Networks (NT)
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To: James Chan who wrote (93)6/15/1997 9:36:00 AM
From: Winston A. Chin   of 14638
 
Hi James,
As an exercise last week I asked my broker to get me the graph of trades ever 5 minutes for the last 1/2 hr of trading every other Friday to check an interesting assumption. There seems to be an organization that buys stock 5 minutes before closing every other week ( Thursday or Friday maybe) at any price. The only entity that I can think of is Bankers Trust, the organization that controls the employees ( in the US anyway) 401K plan. A rough estimate indicates that between 6,000 and 10,000 shares are absorbed ( removed from the market) by the US employees of NT every 2nd Thursday/Friday. A further analysis by my broker and me of the number of available shares is that it is thin for a company with sales of 13 B. BCE locks away approx 135 million, Institutions hold 65 million leaving 70 million to be traded by the likes of you and I ( indeed the company announced in the recent past that it went to the Canadian market and bought up at least 2 million maybe 4 million shares recently for some employee plan). The missing link in all of this is how many are locked away in 401K, and RRSP accounts or whatever retirement plans the particular country allows by the company employees?
Care to guess, realizing that the 401K 'buyback' has been going on every 2nd week for more that 10 years now (for me anyway) and the company has over 60,000 employees worldwide at the present time?

Winston.
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