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Technology Stocks : PWAV- the hot new IPO

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To: Medisco who wrote (980)	3/10/1998 10:58:00 PM
From: Paul Haynes	Read Replies (1) of 1491

I think we saw some interesting trading today if you compare SPCT and PWAV. SPCT opened at 14 7/8 and closed at 16 (down 1/2 from Monday's close before the announcement) on double the average volume. I think SPCT is worth watching over the next few days to see it can hold 16 as a near-term support level. If it does this and PWAV continues to trade down from today's close of 13 7/8, then I'll be baffled - I guess it might be the uncertainty. I think the SPCT longs should be very happy given the revenue reductions announced yesterday. As a new PWAV long, I was encouraged by SPCT's move today from the open but was also disappointed with the trading of PWAV. $9 - $10 does appear to be where support will be tested but I'm hoping we will see $20 before $10. Options trading today did not provide a pleasing foreshadowing. March Calls $15 traded down 5/16 to 1/2. The March Puts $15 traded up 5/8 to 1 7/16. The option volume appeared to be light. Open interest on the March Calls $15 is about double the open interest on the March Puts $15. I obtain this information from: cboe.pcquote.com Good luck to the longs! Paul Haynes

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