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Strategies & Market Trends : USWB-U S Web

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To: M Murphey who wrote (1)	8/3/1998 11:37:00 PM
From: Rick	of 2

Seth - There were 9 filings to be exact. As I had suspected, the supply of shares available for sale from insiders and non-144 insiders does not appear to be slowing. About the only trigger that could turn this around is much better than expected margins and/or profits in this quarter, but my guess is that even with the languishing stock price, expectations are too high. I would bet that a downside surprise is more likely than an upside. Don't bet against insiders - there are too many good stocks out there to take a risk on a company that files a secondary within months of the IPO to unload insider shares and then continues to supply shares en masse every month. I would also bet that the continued insider selling is a good indicator of more unregistered shares from the acquiree's hitting the market over the next couple of months. I think the Prisoner's Dilemma we discussed months ago has it's answer: there is no cooperation. Rick.

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