How about 17 open tomorrow ,,
R O F L M A O ,, !!!!
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CREAF
14 15/16
+1 33/64
delayed 20 mins - disclaimer
Thursday October 29, 9:54 pm Eastern Time
Creative surges on short-covering
SINGAPORE, Oct 30 (Reuters) - Shares in Creative Technology Ltd surged again on Friday to hit Singapore $25, a 33 percent jump in three days, dealers said.
''There were a lot of investors out there who had expected Creative's results to be poor. These people shorted in the U.S. and now need to cover in Singapore because trading volume in the U.S. is narrower,'' said a dealer with a European house.
At 0245 GMT, Creative was trading around S$24.70, up about nine percent, or S$2.10, with more than 258,000 shares traded.
The shares ended at US$14.15 (S$22.92) on NASDAQ (Nasdaq:CREAF - news).
Creative got a boost from buy calls by research houses despite its unexciting first quarter results on Tuesday.
The group reported a 58.3 percent drop in net profit to US$21.5 million for the quarter ended September 30, 1998 while sales dipped 3.1 percent to US$279 million.
The buy calls were made on the view that sales would improve with the launch of new products ahead of the traditionally peak demand Christmas season.
In a conference call with analysts after the announcement of its results, Creative executives said they were expecting a 10 percent year-on-year increase in revenue for the second quarter.
-- Angela Tan (65) 8703038; fax 7768112
-- E-mail: singapore.newsroom@reuters.com
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