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Technology Stocks : Micron Only Forum

MU 265.92

+7.0%

Dec 19 9:30 AM EST

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To: John Graybill who wrote (35387)	6/20/1998 12:59:00 PM
From: John Graybill	Read Replies (1) of 53903

Well put me down as unimpressed by Friday's price action. A gap-up open, ok, but it closed below the open (slightly). Volume was 2X what we've seen lately, but definitely not a buying panic or a short squeeze. I agree with an earlier post -- if this is the reaction from the best news MU's had in a while and will have for the forseeable future, we should have seen a steady climb throughout the day. Ah, but it was option expiration. Big Money needed to keep the price in a certain range to burn some options. I see two possibilities: a) They were shorting today. Then we'd better get a quick cover/squeeze Monday morning. b) They were buying MU stock (and the party line) today while all the chumps were "selling on the news". Then we'd see Big Money selling on Monday as well. Quite frankly, I think Big Money has as much MU stock as they want. They had a great opportunity to buy a couple of days ago at 20, and they just didn't. Ah, but earnings and the TXN deal were still unknowns? Anybody think that S&P started from scratch and had their analysis of a 4:01pm deal on the net by 5:11pm? Yeah right! If Big Money wants more MU stock, there's another 28.9M shares that TXN should have available for sale. That's the only recently-acquired asset that they could conceivably sell in the near future without taking a substantial loss.

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