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Technology Stocks : Apple Inc.

AAPL 277.96

-0.3%

3:59 PM EST

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To: Sam Scrutchins who wrote (6019)	11/7/1997 10:40:00 PM
From: soup	of 213173

I have a simpler explanation for the AAPL selling. The most reasonable assumption is that the persons selling all those shares in the past few days are those that already owned it. As anyone on this thread can verify, buying AAPL stock in the face of massive analyst derision is not a casual purchase. For better or worse, AAPL buyers, more than most, know what they're getting themselves into. Why then would these knowing investors choose to sell at this most propitious juncture? My guess is that a portion of "smart money" AAPL owners are exchanging equity for short-term options. A rough count of Nov '97 call options shows a total open interest of about 30-35,000 contracts or 3-3.5 million shares with the majority of that volume coming in the last few days. 206.7.107.50 If so, they are creating another two days worth of trading volume that will have to be bought at some point -- in addition to the 11.7 days short interest volume. viwes.com soup

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