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Non-Tech : Littlefield Corporation (LTFD)
LTFD 0.1700.0%Sep 29 11:29 AM EST
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To: SE who wrote (5744)12/19/1997 2:40:00 PM
From: Robert L. Akers  Read Replies (1) of 10368
 
<< My thought is that normally individuals do not buy stocks when they
<< are hammered. So therefore, individuals, for the most part are not
<< creating this volume we see.

Not that it matters, but I disagree. Given a person's 1997 capital gains
situation, it might make a whole lot more sense to buy common and sell
warrants rather than converting, thereby generating a capital loss to
offset other gains. It would be easy for this advantage to more than
offset the 1/8 point loss on spread. Particularly since we are at the
end of the year, and everyone's CG picture should be pretty clear.

As for today's action being panic selling (I don't recall who made
that claim), I doubt that, either. It's just the warrant crunch
playing out its last bloody hours in a timeframe where a lot of
warrant holders no longer have the time their brokers require to
convert. Salvage selling, perhaps, which will surely suppress the
price, but not panic.

Larry
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