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Technology Stocks : Intersolv News
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To: charger who wrote (908)6/18/1998 3:33:00 PM
From: Arrow Hd.  Read Replies (2) of 1069
 
I think a number of things are happening. First, there is a bad
pattern with these takeovers where the acquiring company sells off
big time. I had this with Greentree and recently with BAY. Also,
there are institutions that have restrictions with regards to owning
foreign companies or their ADRs. So they sell along with those who
saw it open and not move up. Also, the arbitrage crowd shorts MIFGY
goes long ISLI after it drops and locks in the delta off the
conversion. In addition, MIFGY gapped down and broke below a support
level and will now test this 32/33 level. Anyway, once this became
apparent this morning we took some money off the table too and will
look to get back in after the dust settles. If MIFGY holds here at
around 33 and volume settles down then I think we could see a bias to
the upside. But MIFGY was selling at a higher multiple so it remains
to be seen whether the market will revalue it back up there or stay
more in line with ISLI and the other domestic Y2K stocks.
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