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Technology Stocks : ZENITH ELECTRONICS
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To: James B. Barnes who wrote (266)5/8/1996 4:48:00 PM
From: chester lee   of 578
 
<<My opinion is the 800,000 was a buy or else the stock would not have opened approximately $3.00 higher
than the previous close. Everybody else just piled on at 25.75 to take profits and the rest was history. I bet the
big boys that placed that order were shaking their heads later. Anybody else have an opinion?>>

I still think it was a sell because:
1. The 836,000 share block traded on a down tick. Volumn that large would move tick up or down, depending on weather you are buying or selling.

2. The Early price imbalance (which resulted in a delay in the opening...so as to match buyers and sellers at a agreed-upon price) resulted in a $3 price gap above prior days close. This, i believe is due to large # of small investors putting in buy orders after market closed.

3. The block traders (big boys...since 836K @ 25 is 20 million) don't out in trades in the middle of the night, becasue they have access to the trading floor or are on-line constantly with thier broker/market-maker/Specialist.

4. Look at an intraday graph, and you will see when the sell-off began (coincidently right after teh block trade)

I like ZE and still own ZE, but I do not believe there is manipulation (beyond normal). This is a NYSE stock (unlike OTC whose price varies from market maker to market maker.) The volumne and reporting delays I'm told was due to the heavy volumn. Quick and Reily has trouble getting reports back for confirmations. This sucks, but wha tcan I do??

hope this helps. Buy side or sell side, the Q is academic now, there appears to be some support at these levels. WSJ article for value between 20 and 25 helps. ZE closed up 1-1/4 to 18 and change.

chester
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