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Strategies & Market Trends : The Amateur Traders Corner

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To: Paul A who wrote (14430)	10/2/2001 9:51:14 AM
From: Brad Davies	Read Replies (1) of 19633

Paul, I look forward to your joining me on PRBZ. A word of caution, though, it is very thinly traded, and moves a lot on small volumes (usually up at the close, I am sure that is a surprise). I have been building my short by sitting on an offer and waiting for the MM to come through me to paint the tape. Also, note that the conference calls indicate that they have hedged themselves against interest rate risk for some time. Their 10Q is incredibly confusing in how they describe this. Any hedge has a time limit, though, and they will face the music this quarter or next. Also note that Delta is one of their customers (they have a couple of other airlines as well). Delta announced 13k in layoffs alone, and they are going to get hurt. Note as well, Paul, they unlike some of the others on this board, I take long term short positions and wait them out. I could be short this one for a year. I just wanted to give you the benefit of my thoughts before you leap in. Best of Luck Brad

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