Copied from Stock Forum Depot: comments from Grant Robertson (from BLSH):
Mike Allison on 10/13/98 6:53 PM said:
>>To Grant Robertson,>>
>> Did you notice that over 65,000 TCT shares were bought today by Mcdermid. Can you shed any light on that? Is this institutional buying, and if so what does it indicate about TCT?>>
>>>>
>>
Sure did! Once again, the selling came from our friends at Wood Gundy (all 90,000+shares today). Recent major purchases by McDermid, including today's, is suggestive of institutional buying. The rumours of intitutinal purchasing surfaced several weeks ago when McDermid and Brink began bidding for large blocks of shares. Unfortunately, Wood Gundy has been more than happy to fill these orders. There is no confirmation of exactly who the buyer is from McDermid, but it certain appears likely that it is an institution. This might not mean a whole lot for TCT in the short term so long as Wood Gundy keeps dumping stock. However, institutional support is clearly of value in the long-term as shareholders with deep pockets and a strong believe in a company can provide stock price support during periods of weakness. The involvement of an institution is, of course, also a solid endoresement of the company, its management, and its business plan.
Hope this helps,
Grant
P.S. The stock should find some support at the $0.80 level. |
