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Strategies & Market Trends : Roger's 1997 Short Picks
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To: Carl H. Gotsch who wrote (5532)9/24/1997 2:46:00 PM
From: Bill Wexler   of 9285
 
Don't be fooled by the price activity today. Avant IS headed for the single digits. I have a strong suspicion that some traders and hedge funds are unwinding positions today and some short sellers are simply taking intermediate profits.

I'm sure you'll see plenty of true believers/buyers on the way down. There were also buyers of Bre-x minutes before it was delisted. They are gambling on the vain hope that Avant will somehow shake off its legal problems and emerge a solid growth company...reputation intact. What they don't understand is that even without the current civil and criminal trials looming, Avant would still be very expensive considering that it is not really making a dent in Cadence's business (shrill press releases claiming otherwise notwithstanding). Cadence is actually growing faster than Avant.
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