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Technology Stocks : Novellus
NVLS 2.400+2.1%Jul 24 5:00 PM EST
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To: Zeev Hed who wrote (3260)7/21/2001 1:00:20 PM
From: BWAC  Read Replies (1) of 3813
 
<Who are the fools that are buying this instrument, and why, is beyond my comprehension. >

There is some sort of Put language in the convertible?

And maybe whoever is buying has some sort of visibility? It certainly sounds like a terrible deal for the convert buyer on the surface. But somebody has $800 cash they'd like to invest in semi-equip land, at zero interest, for future 30 year stock appreciation potential. (Or they intend to short NVLS into the ground for 30 years).

One thing this deal does possibly point out. There is money wanting to invest in tech. But somehow it is being diverted from a direct investment in the stock on the open market to a behind the scenes nonpublic institutional financing vehicle. Makes one wonder about all the fear we hear in the media, and from the pros, when these type convertible deals get done. Especially ones well above market price and zero interest.
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