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Technology Stocks : Avant (AVNT)

AVNT 31.36

+0.2%

1:40 PM EST

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To: Paul M. who wrote (273)	8/15/1997 8:05:00 PM
From: Bill Wexler	of 3441

A very interesting thing happened today. I am currently short several tech stocks, and the Avant! story intrigued me so much that I started following the stock closely over the past two months, and I began shorting it a few days ago. Scams like Avant! tend to be heavily manipulated. It is difficult to detect the manipulation in many BB (pink sheet) stocks because many of these issues only have one or two market makers, tiny floats, and no underlying options activity. The same games are played on NASDAQ, but there are usually some red flags that pop up before a short-squeeze or conversely - a distribution. The "red flag" today was the unusual pricing of the underlying September puts. I shorted my first batch of AVNT at 30 1/16 (on Tuesday) and the Sep. 25 put (NVQUE) was bidding 1 1/8 - with an open interest of only 5 contracts. I shorted some more today at 29 1/2 and re-checked the Sep. 25s. I nearly fell out of my chair when I noticed the bid had risen nearly 100% to 2 1/8 on only 20 contracts!!! Gosh...I wonder if someone knows something we don't? Look out below!!

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