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Technology Stocks : Zitel-ZITL What's Happening
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To: corey haber who wrote (17375)11/5/1998 11:53:00 PM
From: Marconi  Read Replies (2) of 18263
 
Hello Dr. Haber and all:
ZITL down 1/8 today to 4-1/32 close. At a decline of 1/8 per trading day, in 6 weeks for options expiry December 18th, ZITL would be fairly valued IMO--at cash and approximately zero.
I also am getting the impression the hapless MM's are learning to stay out of the way of the genuine market for ZITL shares. The paired block trades at the same price to fluff apparent volume aren't occurring as they were in previous weeks. Retail buying seems to be drying up. Apparently no MM's are willing to risk transferring their megabucks to pent up short seller hopes to catch them. And end of year tax loss issues will loom for many as they realize how best to manage their accounts for 1998. The preponderance of ZITL trade in that regard should be tax loss realization to offset gains, because I doubt if there are many holding long ZITL that have a basis of less than 2-4 that did not find a better time to sell at a gain in the last year. ZITL seems to be losing its y2k related cachet. I think it reasonable to expect the putridification of being a major destroyer of equity with a cash leash running short toward the end of the year to become the final basis for pricing ZITL fairly.
Best regards,
m
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