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Strategies & Market Trends : Roger's 1998 Short Picks
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To: Timoteo who wrote (163)1/5/1998 4:29:00 PM
From: Bill Wexler  Read Replies (1) of 18691
 
I shorted more AVNT at 17 1/2.

Hsu is playing the press release game again. he did the exact same thing last year by announcing a $50 mil. contract with an "undisclosed company" under "undisclosed terms".

I am quite sure that this is simply an attempt to goose the stock price so that the TMAI merger goes through. If you look at the deal carefully, it is clear that this merger is simply an attempt to launder AVNT stock. Both companies are in bad financial shape.

If it weren't for the fortuitously timed press release, the stock would've closed below 15 today. My guess is that selling pressure will continue tomorrow. I believe that AVNT will soon trade in the single digits and it may very well cease to exist as a company altogether.
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