Midway Games - MWY Message Board

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Technology Stocks : Midway Games - MWY

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To: Trippi who wrote (144)	1/14/1999 5:44:00 PM
From: Michael Burry	Read Replies (1) of 278

MWY's a funny story. Spun off, with immense selling pressure knocking it down over 30% immediately thereafter. Parent company holders couldn't wait to unload it. Then a preannouncement and kaboom to 13, then another one and kaboom to 9. Still very profitable, but being treated like it's losing money. Then massive insider buying from the 13's on down, millions and millions. A big share buyback program to compete with the insider buying. Rumors that the insiders are covering their shorts - which of course is illegal. Redstone then moves in and acquires even more massive amounts of shares. MWY sits here as one of the least volatile stocks of the most volatile markets in history - and it's a tech stock for crying out loud. There's definitely strong support, and no upside to speak of for a while. Funny story. So I have a massive position myself, and I wait. I'm not sure what will happen, but I am fairly sure it won't be going South when it does. Mike

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