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Technology Stocks : Cymer (CYMI)
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To: andrew who wrote (5551)10/21/1997 1:27:00 PM
From: Narotham Reddy  Read Replies (1) of 25960
 
Is this true (found in misc.invest.stocks)

Cymer Investors: move your shares from margin to cash account on 10/22/97

In 9/26/97, the total volume of Cymer shares traded were 8,280,100,
way above the number of shares existed in the market (Cymer floats =
6.6 millions) at that time. This may mean a lot of "phantom" shares
were traded - perhaps by short sellers. In addition, the 50% decline
in Cymer shares lately may be partially contributed by short selling.

If many Cymer shareholders all move their shares from margin to cash
account, this may create a short squeeze - shares available for short
sellers to borrow from margin accounts are no longer available any more,
as the brokerage firms were not able to find shares from other margin
accounts to lend. This means short sellers will have to buy the shares
back at the open market, at whatever the price the market dictates.
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