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Technology Stocks : BAY Ntwks (under House)
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To: Dennis Kern who wrote (3092)12/11/1997 8:46:00 PM
From: WBendus  Read Replies (1) of 6980
 
Dennis, Darn-it-all, stop buying up the shares! I want bay at $22 by December 20 so I can unwind my hedge and effectively own the shares their in stead of at 29 where I originally bought. Two days ago I sensed that bay might be in a little near term trouble, with the Dow making new highs and bonds selling off, something had to give and it did. I bought Dec 27 1/2 puts as a hedge, actually bought twice as many as I had shares. Sold half of the put position and covered all of my cost for the puts but still have an effective hedge. I also sold some January 30's late last week against my shares for 2 1/8. All in all I have been very LUCKY during the past two weeks. Just wish the stock would go a little lower so that I can reduce my cost basis even more.

Wayde.
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