Cymer (CYMI) Message Board

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Technology Stocks : Cymer (CYMI)

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To: Gemini who wrote (8457)	11/6/1997 4:27:00 AM
From: Mr. Aloha	Read Replies (1) of 25960

Regarding Note holders shorting shares... There is no direct benefit of the note holders to create a short position anymore than other investors, other than option of the note holders to limit losses with the right to cover a short moving above the short price with the $47 stock option. (i.e. They short at $40 to protect the $47 conversion right and the stock takes off to $50 instead of moving down as expected. They can cover the short with the $47 stock (NOT UNTIL 11/5/97) instead of going to the market and buying $50 stock. The short figures for the month of August and September are not very large. Given the dramatic news, rumors and high price multiples in August and September, one would imagine significantly more shares short than actually occured. Approx. 1 million shares short with all the volume and 3+ million shares in notes is really nothing. It's easy to look back and create what-if scenerios based on what we know and see now, but I doubt many were predicting the price would fall from $49 to $25. I personally see no connection in the Notes and current price. I think we're bouncing off the bottom right now. host.telescan.com Aloha

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