Larry,
Well we got the 10 million shares as I was looking for. Only 14 trading days had higher volume in the last 52 weeks. A short term bottom was probably put in, and we could see a rebound (more than the 2 point bounce you capitalized on). The pricing situation is getting uglier, however, and more shorting pressure could confound the technical scenario!
I'm still looking for mid/low 20's before this is through. Interesting that MU's heavy production ramp was the major source of this supply problem according to the Japanese. Tough competitors, those boys at MU, now that $1 billion is in the coffers to hopefully weather the storm. Maximize production to become the lowest cost producer, and hope you make some $ while driving others out of the biz, and into other IC markets.
When they eventually spin the rest of MUEI off, things are gonna' get real interesting, that's for sure.
Cheers,
Peter Shaw |
