National Media knows no reason for stock activity
Bruce Boyle, director of investor relations for National Media Corp. said today that he knows of no reason for the activity in its stock.
Shares of National Media finished the day up 1 3/8 to 8 1/4 on volume of 946,000 shares.
"Obviously someone is accumulating a lot of stock," he said, "There is no news ... and no news pending that would be responsible for this kind of activity."
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I counted several large blocks on the buy side today, including a 50,000 share block, 2 blocks of 30,000 shares, and several others between 10,000 and 15,000. SEC's edgar reports filings withing 24 hrs. after the actual filing with the SEC. So it's possible the file will be visible to us tomorrow or the next day, and the party which is accumulating shares is trying to buy as much as possible, before their intentions are known to the public.
Besides, when a company says it knows of no news explaining the stock's move, it means news that has been or will be issued by the company that will cause the stock to move. It doesn't mean that the company isn't aware of the reason for the activity.
NM closed above key resistance points today (at 8). I think we're finally ready to rock and roll.
TDW |
