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Technology Stocks : Intel Corporation (INTC)
INTC 36.66+1.3%Dec 29 3:59 PM EST
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To: Jay who wrote (38921)11/4/1997 11:15:00 PM
From: Rational  Read Replies (1) of 186894
 
Jay:

I was also worried about fundamentals, like the sub-$1000 PC. But, that has already been priced long ago. No new information was released today. The only relevant new information as of 8:35 a.m. was INTC was feeling that SE-Asian economy might impact them. But, the open was 78 5/8 and the price rose to 79 1/2 just before noon. Today's new information should not have thus affected the price.
Around the time the price reached 79 1/2, there were many RAPID sell orders for 1000 shares each (which I guess wass the handi-work of short-sellers). This made the price move southward and jitters to set in. Then there were more sales, which declined the price further, depening the fear... Today's trades were not like the pre-earnings huge block sales. Indeed, at yesterday's close there was a large block purchase that lifted the price up quite a bit.

One can argue that the knowledge of fundamentals is having a delayed effect on the price. This argument does not make sense to me because the price rose to $85 following the market crash and the fundamentals were known soon after earnings. Given that investors are shaken these days, short-sellers are likely to succeed if they can make the price move south a little bit. But, given the large block buys, I feel that fundamentals have been priced soon after the earnings announcements.

Sankar
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