Brian,
Agreed! I love the response from NIKE's lawyer saying it was not in response to Oakley's suit. Yeah, right! The whole think is nonsense and simply lines the pockets of more lawyer's. If anything, this will increase the awareness of Oakley's threat to Nike (half kidding). On the negative side, if Jordan is not going to be teamed up with Oakley anymore, the stock will plummet to less than $4 a share. Hopefully, you understand my humor. As Brian and I have discussed before, Jordan has a negligable effect on the price of the stock. Today, OO closed right in it's support area, but more pressure still remains. It could retest 12 if the selling gets heavier. I still am seeing several large block buys, in the last 25 minutes of trading, there were two 20,000 ; one 18,000 ; and one 15,000 block buys at 12 1/2. The ask raised to 12 5/8, but there were no takers. The ask size was 400. The bid size was only 50, so it was taken out fairly quick with all the eager sellers (funny how they didn't want to sell it at 13+ last week, but now they do!!!!!!). Several trades went off at 12 7/16, with the closing trades being 5,000; 7500; and 2700 share buys at 12 1/2. Expect more pressure tomorrow, but don't fold. Buyers are out there. Do you want them to have YOUR shares?
Regards,
Jeff........ |
