Roger's 1998 Short Picks Message Board

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Strategies & Market Trends : Roger's 1998 Short Picks

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To: Pancho Villa who wrote (9514)	6/4/1998 5:54:00 PM
From: Richie3	Read Replies (1) of 18691

Hi everybody, I am following LHSG. A recent article in Barrons highlighted the following interesting points: the company has a thin float 26.5 million shares outstanding, of which some 64% were owned by insiders. 1st quarter revenues did gain 59% year over year but they came just 2.5% above the prior's quarter (PE is about 200) The company saw its receivables soar by USD 9.5 million or 25% in the January-March period (reminds me of the creative accounting done by AOL). Some USD 3.6 million of that increase -or more than four times its sequential increase in revenues- was in the UNBILLED RECEIVABLES category. At 60 the stock market valuation is 50% bigger than most estimates of the size of the entire market where it competes. Company's insiders (in quantities qualifying as big blocks) and management were selling stock aggressively when the shares were almost 50% below current levels. Technically the uptrend has stopped, support is at 54.6, bollinger is narrowing. Is anyone thinking of shorting it? Feedback appreciated, Regards, Richie3

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