|
I believe we have made a bottom on Loral and the shorts are now covering. Approximately 15M shares have traded over the last 5 sessions and almost all of it was institutional buying. Except for a market correction, I believe we could see $20 after a successful Orion 3 and Globalstar launch this month.
The following is today's commentary from Tompson I-Watch regarding Loral:
LOR -- Wireless Comm -- Technology
07-Apr-99 14:40:07 Loral Space & Communications is seeing a significant amount of block trading today. DLJ crossed three large blocks on behalf of an institutional client today: two blocks of 1 million shares were crossed, one at $15 3/8 at 12:09 and one at $15 5/8 at 2:32 while a
block of 500,000 shares was crossed at $15 3/8 at 9:53 this morning. Recently, another institutional broker entered two separate sell orders, one for 1 million shares and one for 500,000 shares. A quick review of Loral Space's institutional shareholder list showed that as of the most
recent filing date (12/31/98), there were about 14 institutional investors with over 2.5 million shares held, including several big name mutual funds and hedge fund mangers. This is an interesting one to watch. Some of the more interesting names on the firm's top shareholder list are Alliance, Capital Guardian, Fidelity, Soros Fund Management, Loomis Sayles, and Iridian Asset Mgt.
|
