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Technology Stocks : CDRD (CD Radio)
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To: BARRY ALLEN who wrote (460)12/4/1997 8:55:00 AM
From: Dale Baker  Read Replies (2) of 904
 
Just a guess - CDRD ran up from 17 to 24 during that period and managed to reshuffle its financing. A lot of amateur shorts - like me and many on SI - either covered or gave it serious thought (I didn't, BTW; I shorted more around 23). So those who were burned pulled out.

Expect to see higher short interest figures for December as the secondary offering shares became available for borrowing and the price began to tank. Most of the new shares were probably bought on margin or are still sitting in ML/Lehman/Unterberg's inventories.

The diminished short interest is good news for the remaining shorts is it becomes that much harder to engineer a squeeze. And for those who want to short CDRD from here.
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