Joel, Yes as Vibaby noted, profit taking:
BMCS -- Applicatn Sftwr -- Technology
03-Jun-99 14:41:33 Shares of BMCS are experiencing some profit-taking
following 4 consecutive sessions of gains that saw the price jump 12.5% from
$44 15/16 to $50 9/16 at yesterday's close. The stock has backed down to $47
11/16, with a loss of $2 7/8. Today's trading is mainly attributable to profit taking
by institutional investors, as well as some speculative trading from short-term
oriented investors, including market makers and retail day traders.
Approximately, 36% of today's volume is related to block trading. Post-trade
data, per AutEx, shows involvement from multiple market makers in today's
session - Merrill Lynch is the largest reporting broker claiming about 700,000
shares in trades while Salomon Smith Barney is the second most active at
300,000 shares.
Also FYI , another software stock that took a nosedive a la BMCS, ORCL, and RMDY did over the last eight weeks but looks like a decent value may be CSGS- I bought a few shares today hoping that it would recover similarly as its software compatriots.... |
