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Technology Stocks : The New QLogic (ANCR)
QLGC 16.070.0%Aug 24 5:00 PM EST
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To: Mr. Twister who wrote (20339)1/22/1999 4:37:00 PM
From: Greg Hull  Read Replies (1) of 29386
 
Andrew,

<<I am going to guess that our short interest increased over the past month, especially in the last 4 trading days.>>

Do you expect the Jan short position when it is announced next week to be greater than the Dec position of 1.06M shares? The shorting that you are observing should be unrelated to the preferred stock conversion process, I assume. Many people expect the short position of the preferred shareholders to drop significantly since there are so few preferred shares left to convert. Is it your expectation that the "normal" short selling you have seen lately will more than offset any short covering by the preferred shareholders?

If these sales represent a naked short position, these shares will have to be repurchased on the open market. Wouldn't these sales represent at least short term bearishness? How likely is it that these short sales are mere hedging of an existing long position?

Thank you for your observations,
Greg
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