John: As of 6-30-96, Oppenheimer owned 54,200 shares of NTK, so I
imagine they would be bullish on it. Seriously, I would like to see
NTK punch through 16 1/8 here pretty soon (the all time high for the
last 10 years) and get rolling toward 20. Today, it declined on light
volume down to 15 3/8 and then it was purchased on larger blocks (one
at about 8,000 shares) back up to 15 3/4 at the close. Thus, the
company was buying today or some other people. I don't know the rules
about a company buying its own shares, whether they have to buy on
down or flat ticks, or whether they can buy aggresively on up ticks?
I have seen NTK as high as 24 before, but that was about 15 years ago
or so. By the way, earlier this year, Mario Gabelli was calling for
a target price of 24, but since he owns 2.1 millions shares, he probably
is not unbiased.
I don't know how close the company is to completing buying their
500,000 shares that they mentioned on OCT 28, 1997, and what will
happen then.
The funds seem to chasing many of the same stocks today as they did
before Alan Greenspan's speech. If the DOW continues to run this hot
up to Dec 17, I'm afraid Alan might raise interest rates 0.25% to
back up his speech. I hope not.
Harlan |
