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Strategies & Market Trends : Shorting stocks: Broken stocks - Analysis

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To: Q. who wrote (1619)	8/7/1998 6:59:00 PM
From: Troy Shaw	Read Replies (2) of 2506

John G., I believe you followed SyQuest in the past, have you looked at it at all recently? It hit $0.50 today on news of a layoff of 43% (950 employees), with an estimate of a loss for June 30 quarter to be slightly larger than March 31 quarter with revenues slightly down. March 31 quarter was $29.9M loss on $47M revenue. Also, it was mentioned that the Sept. 31 quarter will be about the same. According to their latest S-3/A filing (if I'm reading it right) which is from July 30th, SyQuest still has $108M dollars worth of previous financing in the form of preferred stock still waiting to convert to common. With a market cap of around $53M now, looks like trouble to me. I don't see how they can pull out of this. They are going to need additional financing, but where can it come from now. Just thought you might find it interesting.

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