pardon my laziness re. short interest but
CSK research report dated 2/2/98 identifies 29.6 mil. shares as of
12/31/97 with 31% in float.
There were obvious many thousands of shares registered as a result of
last fall's $10mil financing with GEM Advisors which was evidently converted at prices much lower than the $5/share that the stock was trading at in September.
Longtermers will remember the seemingly insufferable slide to below 2.5 early in the year.
I don't believe anyone has divulged the specifics of the financing. Were there also warrants involved? What considerations were made for placing the offering?
TMALSS ...a long story short, there are probably over 35 million shares outstanding now and possibly low teens millions shares in the float now.
IMO a couple of days of short position to cover when you consider
the weekly volume below is not that significant
02/06/98 888,900 3 2 13/16 2 15/16
02/13/98 1,138,700 3 1/4 2 11/16 2 11/16
02/20/98 1,451,000 2 15/16 2 2 13/16
02/27/98 1,396,700 2 7/8 2 1/4 2 9/16
03/06/98 1,062,800 2 5/8 2 3/16 2 5/16
03/13/98 2,060,900 2 7/16 2 1/16 2 7/16
03/20/98 7,462,000 3 1/8 2 1/4 2 3/4
03/27/98 7,190,100 4 11/16 2 13/16 4 5/16
04/03/98 2,378,200 4 1/2 3 15/16 4 1/16
04/09/98 1,743,600 4 3/4 3 3/4 4 11/16
04/17/98 4,575,500 6 4 5/8 5 13/16
04/24/98 14,498,400 10 13/16 7 3/8 9 3/16
05/01/98 9,988,300 10 7/16 7 3/4 8 1/8
05/08/98 2,880,600 9 1/4 8 1/8 8 7/8
05/15/98 2,308,500 9 1/16 8 1/2 8 11/16
05/22/98 4,259,200 10 1/2 9 10 1/16
Does anyone know at what % of the float does a short position become
significant? Because short squeezes like KTEL or PRST require much more massive short positions IMO.
anyway...i'm thinking about the fall...next spring.
if the market pressures share value back to the low 8s i will add to my position. there is so much disquiet in the larger indices that some
will sell to lock in their gains.
good luck to all..
Mike |
