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Technology Stocks : American Power Conversion
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To: Joseph Francis Torti who wrote (1518)6/30/1997 9:09:00 PM
From: stephen silk   of 2574
 
just one mans opinion, really just one man guess.
the stock was down most of the day but was holding pretty well around 20 most of the day. After 3:00 morgan stanley started selling this stock hard. every time the bid moved down, morgan lowered the offer.
the price melted, no intermediate rally of any kind. my guess at this point was morgan had an institution selling at any price, just get out by the end of the quarter. at 4:00 the volume was still below 1 million shares. there was a trade of 298,000 at 18 7/8 at 4:01 bringing the volume up to 1.3 million. when i looked again tonight the final volume was 1.9 million. i bought the july 20 calls at the close for 5/8 hoping a snap back based on the selling pressure being off a little. with out any news, that is the best idea i could rationalize for such a violent selloff.
guess we'll find out tommorow. a rally back to the m/a is around 21 3/4.
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