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To: Raj Ramaswamy who wrote (82976)	7/9/1999 2:23:00 PM
From: VeloSpeed	Read Replies (2) \| Respond to of 119973

USABanc.com up on online interest Short covering also cited in 37% gain By Brenon Daly, CBS MarketWatch Last Update: 1:53 PM ET Jul 9, 1999 Software Report Message Center PHILADELPHIA (CBS.MW) -- Shares of USABanc.com surged 37 percent to a new all-time high on heavy volume Friday, as investors anticipated the upcoming launch of its online operations, the company said. But the message boards offered another reason: a short squeeze of USABanc.com (USAB: news, msgs). The stock jumped 3 1/2 12 15/16, on trading that was more than 10 times heavier than average. "It's renewed interest as we get closer to the launch date for online (trading) and online banking," said Shawn Sweeney, president of the online trading subsidiary of USABanc.com. "People are starting to get back into the stock." The Philadelphia-based bank -- which bills itself as "the first Federal Reserve Bank Holding Company to undergo a ''dot com'' name change -- announced in April plans to add online operations. See Screamers. Sweeney said USABanc.com is on track to offering online trading by August 1. The bank plans to offer all banking operations -- such as bill payment, CD purchases, in addition to stock trading -- through its Web site. The message boards were humming with investors long the stock celebrating in the face of those shorting the stock. (Shorting involves borrowing shares, selling them and hoping to buy them back at a lower price.) When the stock starts to rise, the short positions are squeezed out, which is called a short squeeze. The Nasdaq publishes the number of shares short just once a month. According to the most-recent figures (June), there were 3,914 USABanc.com shares short. That's one-tenth the level in March and April. The July figures, which reflect June 15 to July 15, will be published before the end of the month, according to a Nasdaq spokesman.