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Strategies & Market Trends : Shorting stocks: Broken stocks - Analysis
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To: CMason who wrote (1242)6/23/1998 4:55:00 PM
From: drakes353  Read Replies (1) of 2506
 
C:

EQMDE closed at 2 3/4. I still haven't covered, and wondered whether you have any thoughts on how much more downside might be left.

Without a look at the current financials it's really tough to say.

Colkitt owns most of the shares, and I doubt he'll be selling; I also assume there never was much institutional ownership.

According to CDA/Spectrum around 4% was held by institutions. Don't know how many of those folks are left tho.

However, I suspect we may see some shareholder class-action lawsuits, and there may be some more liquidation by disgusted longs tomorrow when they see today's plunge in the newspapers (or call their brokers to find out why it wasn't in today's papers).

I'm under the impression that today's trading was on Instinet so most individuals probably did not have a chance to bail. Could be tomorrow if EQMDE goes BB.

Do you know of any other stocks whose history might predict where we go from here?

Hard to say. A couple of recent delistings were SWSH (currently around $2.375) and PAMC (actually closed higher today at $4.875) so we may poke around or even trade higher on short covering. The real wild card is the financials. If things are materially worse then this pup might just might go to zero.

drakes353
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