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Technology Stocks : Summit Design (SMMT)-Another EPIC?
SMMT 17.47-0.2%3:16 PM EST
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To: Claude Edelson who wrote (53)3/26/1998 1:19:00 PM
From: Andrew Furst  Read Replies (3) of 100
 
Claude, I agree - the "insider" shares may be pressuring the stock downward. Hopefully once this is over, SMMT will resume its advance. As SMMT is still small and not well known, almost any selling could take it down in the short term. Perhaps that is why they did this in the manner of a secondary. But as there was no broker to generate some excitement for these "insider" shares, no "road show", etc - we are not likely to see buying match the selling.

The S-3 is somewhat confusing: sec.gov in that there are about 20 "selling" insiders identified. I believe this means the have now the option to sell, not necessarily the intention. I can't believe all of them intend to sell their maximum allowed shares. The stock was at least $12 within the first week of the IPO (1996), and now they'll sell at $13+? I doubt it, especially when the future looks so strong for SMMT (to an outsider like myself). I think if all those insiders really wanted to sell, we would have seen heavier volume recently. But this action did increase the "float", so we'll see what happens.

I still believe SMMT will do extremely well in the future. To me, the 1999 eps estimates of $.80/share are far too low. From what I can tell, SMMT's tools are very highly regarded and dominate their "niche".
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