Any info about Iomega (IOM)? Message Board

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Non-Tech : Any info about Iomega (IOM)?

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From: olduser	5/20/1996 1:43:00 PM
	of 58324

Shares of Iomega Corp Climbing In Short Covering NEW YORK, May 20 (Reuter) - Shares of Iomega Corp climbed over 10 percent in short covering and on positive sentiment ahead of its two-for-one stock split, as investors hoped the shares would rise after the split is effective Tuesdsay. "I would suspect there are a lot of people who want to buy ahead of the split," said Cliff Josephy of HD Brous & Co. He also said a lot of investors shorted the stock on Friday ahead of its May options expiration and now there was a great deal of short covering in Iomega shares. Iomega, which makes external disk drives for personal computers, announced a two-for-one stock split last month. The stock split will be distributed at the close of trading on May 20. Iomega's shares are also heavily traded by short sellers, who bet on a stock's decline. Iomega jumped 8-3/4 to 78 in very heavy volume. Josephy said investors are likely hoping more will jump into Iomega when it begins trading at its post-split levels. He also said the company is doing a great job and there are "solid fundamentals" that have investors excited about the stock, apart from the stock split. The company is aiming to create a new standard in storage backup.

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