RE: IDCC's Monthly Short Interest Report
Short Interest in IDCC has more than doubled since the start of the year, but Average Daily Share Volume has nearly tripled during that same time period resulting in a decline of Days to Cover from 6.44x to 4.45x. In particular, the decline in Days to Cover from 10.2x to 4.45x during the period when the HRS vs ERICY decision came out appears to be the primary catalyst for the ongoing reevaluation of IDCC's prospects. I've seen this pattern before in stocks staging confirmed technical breakouts ($16.25) where the catalysts are deeply rooted in a significant change in the fundamental story.
In this case, the catalysts appear to be the willful infringement decision in HRS vs ERICY, the impending binding arbitration ruling in Samsung vs IDCC, the firm court date of IDCC vs ERICY, Nokia Phase 2, etc....
Settlement Short Ave. Daily Days to
Date Interest Share Volume Cover
Nov. 15, 2002 3,030,596 681,314 4.45
Oct. 15, 2002 2,935,758 287,729 10.20
Sep. 13, 2002 2,666,079 210,278 12.68
Aug. 15, 2002 2,322,606 277,592 8.37
Jul. 15, 2002 2,079,436 287,599 7.23
Jun. 14, 2002 1,890,379 263,225 7.18
May 15, 2002 1,800,129 366,323 4.91
Apr. 15, 2002 1,665,664 236,753 7.04
Mar. 15, 2002 1,366,906 189,882 7.20
Feb. 15, 2002 1,143,689 439,520 2.60
Jan. 15, 2002 1,365,073 212,090 6.44
Dec. 14, 2001 1,492,056 248,594 6.00
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