PROGRAMMER'S PARADISE (PROG) Message Board

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Technology Stocks : PROGRAMMER'S PARADISE (PROG)

PROG 0.146

+6.5%

Jun 13 5:00 PM EST

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To: Arktic who wrote (48)	1/10/1999 9:44:00 AM
From: Zeev Hed	Read Replies (1) of 2383

Paul, in the NAZ market, the counting of shares is often doubled, the MM sells you some stock and then he buys it from someone else, so only 1,000,000 shares actually changed hands in the public. I am estimating that only half if not less of these shares went into accounts of new owners or to increase ownership by existing stockholders (such as I). I know of at least one holder that sold at $13.5 just to buy it back at $15, when it was retreating from the day's high. I am sure many more sold short (including some heavy short selling between $15 and $16.5 by the MM themselves. It will be very interesting to see the short position in this stock as of the middle of the month. My conclusion is that the float has been further reduced here and thus a positive opening on Monday (if we indeed get one) should accentuate the ascent due to shortage of shares. If there was no underlying value in the stock, future developments could differ, but this company is valued only at $75 MM with yearly sales of $230 MM last year and quite possibly, $300 MM in the current year. Zeev

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