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Biotech / Medical : QDEL - Quidel more quick diagnosis

QDEL 21.36

-3.7%

Nov 14 9:30 AM EST

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To: Ambrym Man who wrote (1098)	9/9/1997 11:47:00 PM
From: Randy Atkins	of 1693

++OFF TOPIC++ A.M., My biggest holding is APM, which is the most heavily shorted stock on the NYSE (48%). I've been in and out since February. I had the pleasure to enjoy a nice run-up recently from 22 to 37. We hoped and prayed for months that we would get that wonderful short squeeze. Many were calling for their shares from their brokers. However, the squeeze never happened, even after a 60% run-up. The short interest has consistently stayed at close to 50%. What we learned was that a very significant component of the short interest is composed of "shorting against the box". The shorts were held by longs, as it were. As the positions unwound, the action tended to cancel out the squeeze. I understand this practice is becoming more and more common, primarily for tax purposes. --Randy

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