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Technology Stocks : Ascend Communications (ASND)
ASND 202.23-4.2%Dec 2 3:59 PM EST
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To: jeff wheatley who wrote (28150)12/17/1997 5:47:00 PM
From: jach  Read Replies (2) of 61433
 
<How was it manipulated?>

there are no specifics as to the manipulations done by mkt makers,
as nasdaq stocks typically have many mkt makers (most of them are
large brokerage houses which normally own the stocks also) that
trade on-line using computer networks with different
levels of asks/bids. Although there are no specifics as to being
so called manipulated, it's not uncommon to see options-heavy nasdaq
stocks closing at or very close to the strike price with the best
possible returns for the option writers where the majority portion of it from the
brokerage houses. The retail buyers typically are
individual investors where the majority is speculators that do not
want to trade or can afford a large nunber of actual shares.
if asnd close at 25 on this Friday there are somewhere in the range
of 80000 to 90000 contracts (calls+puts) that would go worth less.
assuming average between 1 to 2 dollars per contract, that's a lot of $$.
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