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Technology Stocks : Stock Swap
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To: Jeffrey S. Mitchell who wrote (13531)5/4/1998 10:04:00 AM
From: Andrew Vance  Read Replies (3) of 17305
 
*AV*--Thanks for this message and the follow up information relative to ENMD. AS you are aware, we had come to the conclusion that 2 strategies were to be put in place.

1. Limit order for shares at $15 or lower at the open.
2. Short at the open if it opens up real high.

I never made $500,000 in a day, ever. I do not know if I will do it today but ENMD was shorted at the open at $83 and I am waiting to pull the pull. got a liitle scared when it ran to $85 but last tick was at $65. Even the $1M portfolio has shorted this stock. For those not fully in the loop as to why something like this was risked, here is a brief list of things Jeff and I discussed.

1. DH Blair 13G filing with over 1.0M shares a few weeks ago.
2. IPO last year at $18 it seems was a prelude to a steep decline into the single digits and then recovery to $12.
3. J Morton Davis of DH blair to have sole control over these shares.
4. Additional shares pledged to DH Blair totalling close to 1M shares.
5. Absolutely not news on these financial sites since March 31st.
6. Disbelief that a cure for all cancers (Cancer is a generic term for mutated growths) could be developed by one set of circumstances.
7. Herd Mentality on the heels of the Viagra success.
8. Affiliation with Bristol Meyers Squibb which owns a huge block of stock.
9. News described by the Internet (Times and CNN) was from a researcher whom ENMD has rights to that research. Therefore this is secondhand stuff removed from the company.
10. Mentality of original stockholders from IPO never seeing their investment do as expected for more than a year.
11. Feeling that a pump and dump could be conceivable given the information, the people, and the herd mentality desire.

Jeff, you deserve the Stock Swap Oscar for this year as it pans out. By the way, I have a $70 stop out of my short to bring the short to a guaranteed $13 profit. Stock has already exceeded its all time trading volume (with maybe the exception of its IPO day).

Andrew

Correction/Update: Last tick was at $47 and stop has been lowered to $48 to guarantee a $35 profit for the day. We already passed the $350K mark for the day just for me. I wanted to guarantee profits for my "client" so he is out at $48 for a $35 profit per share or exactly a $350K profit. I wonder what the margin interest on this is going to be (1 hours worth of margin<GGG>.
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