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Technology Stocks : Cymer (CYMI)
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To: TI2, TechInvestorToo who wrote (25815)7/23/2003 10:27:32 PM
From: VIXandMore  Read Replies (1) of 25960
 
Short squeeze?

Like you, I was stunned by the reaction in the market today. I listened to the conf call in real time and expected a pullback or slow downdrift today. I certainly did not see any significant move to the upside coming and was stunned when we took out the 52 week high, then came back and raised that high two more times.

The only thing that makes sense to me is a short squeeze. The short interest is about 7.5 million shares as of 6/30 (perhaps more with some of the hedge funds betting on disappointing earnings?), not outrageously high, but enough to put them in the top 20 days to cover as of 5/31.

I loaded up on Aug 40 puts today; time will tell whether this jump has staying power.
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