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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Rick Nazaruk who wrote (7087)	12/11/1997 8:42:00 PM
From: kenneth w. calligar	Read Replies (2) of 20681

To All: Regarding today's trading- there was a pre-open bid of $9 with at least one MM. Then at the open I saw 15,000 shares offered at $9 on Instinet- a fairly unusual size. Simultaneously there seem to have been a couple like-sized offers shown to dealers. This probably served to halt the stock's momentum even before it began. When offers began to show under the $9 they were quickly taken but that 15,000 kept showing on instinet. Maybe someone was trying to keep a cap on the stock in order to buy? IMO this is a crazy price for this stock given the added assurance provided by this report. The reward/risk ratio has clearly been skewed upward by this development. Along this line, has anyone seen a new report from David Snow? I was told that he had issued a new report today that repriced his target from $ 17,500 to $75,000 per share. I swear this is what I was told by a usually reliable person. Thanks in advance for any response, I've got to run. P.S. bought today at $8.625. KWC

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