Astonishingly bad timing, indeed, and not the first time. A little rummaging through the back issues of SI stacked in the attic gives us news of jumbo Simplot sells on 7/14/96, 7/19/96, and 7/26/96, within two points of the very bottom (16 5/8 on 7/24/96). (Volume on 7/11/96 was 14.7M and volume on 7/12/96 was 10.8M.)
Also, not for the first time, Merrill was on hand to issue an upgrade soon after. Good old Kurlak did the deed on August 7, and the stock gapped up from 22 1/4 to 24 3/8 and did 18.5M shares that day -- still in the top 5 volume days.
(Need I mention that other typical postings in the MU thread of July 1996 include frequent posting of the falling DRAM prices, news that Micron was filing charges against the Asians for dumping, predictions of the imminent (further) collapse of all stocks in the tech sector, and the discovery that "big-firm" analyst reports should be, shall we say, taken with a grain of salt? Nah, didn't think so.) |
