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Technology Stocks : Western Digital (WDC) -- Ignore unavailable to you. Want to Upgrade?

To: Alastair McIntosh who wrote (10711)	8/25/2003 8:00:59 PM
From: Sarmad Y. Hermiz	Respond to of 11057

>> I don't think that an event causing an 8 cent hit to past earnings with no effect on future earnings explains a loss of $1.00/share in value. Alastair, Well, then I really am at loss to explain how making an investment of $100m, that is likely to save $50m/year had dropped the market cap by a $1,000 million. So I have to fall back on explaining it by saying that apparently there are motivated sellers who keep offering shares at lower and lower prices. In the June quarter, 29 funds completely sold out their positions. Fortunately, there were 43 funds that established new positions. However, it seems in the past month funds are only selling. And hardly anyone is buying. Except shorts that is. Shorts bought to cover a net 5 m shares in the past month. The short position dropped from 18m to 13m shares. The longs are selling, and the shorts are buying. That is the new logic thses days. Sarmad