You appear to have left some of the quoted paragraph. Bold face marks the deleted sections:
The danger to buyers in companies with thin floats is that the high prices may prompt selling by insiders. For eBay, restrictions on insider sales end in March. For the time being, however, the combination of thin float and heavy involvement by short-sellers in the Internet stocks could prove a big boost because the continued rally in the stocks is likely forcing the short-sellers to buy back their shares and get out. Their buying just sends the share prices higher. As the table shows, shortsellers account for big chunks of the float in Amazon, eBay and CNet.
AFAIK no publicly available Internet source provides short interest in any OTCBB company.
A few of the final paragraphs may also be of interest:
Even Meeker says she is somewhat concerned about the high prices being paid for Internet stocks. "When there's so much euphoria among retail buyers, often it can be symbolic of an impending reversal," she says. Meeker mentions, for example, a Manhattan hairdresser who is buying a second apartment with profits from Amazon.
Meeker concedes that the Internet stocks could experience a letdown in early 1999 if first-quarter sales fall well short of those that will be reported for the fourth quarter, which will include heavy holiday spending. Says Meeker, "I'd love nothing more than for the stocks to trade down 25%-50% to make them more reasonable to buy, but that doesn't seem to be in the cards."
Not in 1998, anyway.
interactive.wsj.com
|
