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Non-Tech : Loehmanns (LOEH)
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To: lonny who wrote (12)3/12/1998 11:25:00 AM
From: Steve Hudson   of 69
 
Several points:

1. The quick sell-off to 4 was caused by speculators who wanted out quick when nothing exciting was announced.

2. Strong hands started buying at 4 and at 4 1/4. Who are these buyers? I don't know. There are several possibilities. For example, Goldman Sachs Small Cap Value Fund has been accumulating a position, as has Welleington management. Such buyers are fundamental value players. Other buyers might be players who participated in the recent run-up. There is an information limbo, though, and speculative arbs who bought in the fall will be very hesitant because they got burned then. Therefore even IF there is a takeover rumor with some substance, the usual street players are going to be hesitant to chase this one. Finally, there is now the possibility that the whole run-up was caused by a leak about better sales in February, which was indicated in the press release.

Regards,

Steve
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