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Non-Tech : Any info about Iomega (IOM)? -- Ignore unavailable to you. Want to Upgrade?

To: Triluminary who wrote (33476)	10/27/1997 9:12:00 AM
From: Gary Wisdom	Respond to of 58324

OT: Today's tip for the day Short Oxford Health (last Friday) Whoops. Too late. Hope no one here owns it.

To: Triluminary who wrote (33476)	10/27/1997 9:15:00 AM
From: D.J.Smyth	Respond to of 58324

Here's the Hong Kong store on DJ: Note that Hong Kong interest rates are nearly twice that of the U.S. There is little comparison between them and us. Fear is winning this battle. HONG KONG -(Dow Jones)- Hong Kong stocks closed sharply lower Monday, on the back of a drop on Wall Street Friday, and amid rising concerns that persistently high interest rates will take a heavy toll on the local economy, traders said. The blue-chip Hang Seng Index plunged 646.14 points, or 5.8%, to close at 10498.20. On the broader market, the All Ordinaries Index finished down 248.72 points at 5322.00. The Hong Kong stock market had rebounded nearly 7% Friday, as concerns about soaring interest rates and local currency stability abated temporarily after Thursday's 10% sell-off. The Hang Seng rose 718.04 points, or 6.9%, to 11144.34 Friday. But in New York on Friday, the Dow Jones Industrial Average closed down 132.36 points at 7715.41, as investors there remained wary about recoveries in other global markets. The Hong Kong Monetary Authority on Saturday raised its liquidity adjustment fund rate - the rate it charges on loans to banks and other financial institutions - by an effective 0.75 percentage point. Vincent Kwan, head of research at Seapower Securities Ltd., said the move, coupled with decisions by several major banks to hike their prime lending rates by 75 basis points to 9.5% last Thursday, led many investors to believe that local interest rates will stay high for "quite some time." Kwan also noted that a more than 100-point fall on Wall Street Friday further undermined investors' confidence. Banking and property stocks led the decline Monday. British bank HSBC Holdings PLC was the most actively traded stock, losing HK$14.00, or 7.0%, to close at HK$185.00 in trade valued at HK$3.39 billion. The property sub-index fell 1149.30 points, or 6.7%, to close at 15896.12. Giant property developer Cheung Kong (Holdings) Ltd. was down HK$3.00, or 5.5%, at HK$52.00. Kwan at Seapower said investors continue to dump shares in these two sectors, as they believe that the current high interest rates will further squeeze profit margins at the territory's banks. Copyright (c) 1997 Dow Jones & Company, Inc. All Rights Reserved. 10/27 2:48a CSTEOF

To: Triluminary who wrote (33476)	10/27/1997 10:39:00 AM
From: slipnsip	Respond to of 58324

<Short sale completed. For purposes of the wash sale rules, a short sale is considered complete on the date the short sale is entered into, if: 1. On that date, you own stock or securities identical to those sold short (or by that date you enter into a contract or option to acquire that stock or securities), and 2. You later deliver the stock or securities to close the short sale. Otherwise, a short sale is not considered complete until the property is delivered to close the sale. If a company goes bankrupt you would not replace shares you shorted. Hence, there is no completion of a short sale. Ergo -- no taxes are due. > The fatal flaw, is that the information you presented refers to WASH SALES! I agree with all of the above. Now when you read your last statement, "If a company goes bankrupt you would not replace shares you shorted. Hence there is no completion of a short sale." Again I agree, but if you do not complete the sale, you do not realize any profits. Thus you have nothing to pay capital gains taxes on. You must eventually close the short transaction in some form. As I eluded to earlier, I imagine most brokerage firms offer this to their clients by allowing them to buy back at a penny a share or something as they do with long postions that go bankrupt.