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Technology Stocks : Cymer (CYMI) -- Ignore unavailable to you. Want to Upgrade?

To: Yakov Lurye who wrote (10569)	11/26/1997 12:02:00 PM
From: IMPRISTlNE	Read Replies (1) \| Respond to of 25960

RE: "Nov.15 short interest 4.5m " Yakov.....Do you have an URL to verify this? TIA. IMO, shorting against debentures would still be inclined to cover if stock breaks out ....or at least own calls at this level to lock in profits. For brain candy,,,,was sitting here calculating .....at present anemic volume.......the number of days it would take the shorts to cover.....LOL..... If market rally's....HOLD ON TO YOUR HAT.......JMHO......

To: Yakov Lurye who wrote (10569)	11/27/1997 1:25:00 AM
From: Mr. Aloha	Read Replies (1) \| Respond to of 25960

I'm surprised the CYMER short is so large. I was looking for something in the 2 million range. I agree, a larger short interest is positive. They will cover eventually and I'm not concerned about information they may know etc.. that we don't. I think CYMER is playing straight. If I could buy more at $15 if it ever reached it, I'd love the opportunity. Aloha

To: Yakov Lurye who wrote (10569)	11/27/1997 2:33:00 AM
From: Asymmetric	Read Replies (5) \| Respond to of 25960

Math Doesn't Add up On Short Interest Am trying to work out the math on the Nov short interest and wanted to check with you on some points: In one of your posts you stated: <<The 4.5M number is definitely inflated, because it includes bondholders that shorted CYMI stock against debentures. That's why I'd guesstimated the "naked" short interest at 1.1m shares. This is still a high number, but comparable with 900,000 (I am quoting from memory) reported before the debenture issue. Of course, price levels are different, but so is the market sentiment.>> Now the convertible debenture holders are holding bonds with a stock conversion feature, so if they were to arbitrage, or short, against their position, they would still have to procure shares on the open market in order to go short, wouldn't they? So if that were true, that would mean that Cymer, with a listed float of 6.6 million shares, has 67% of it's total available shares for trading, shorted. However this then still doesn't make sense because that leaves 2.13 million shares not shorted available for trading (6.6 mil float - 4.47 mil shares short), and Cymer averages a daily trading volume of around 1.45 million shares...ie 68% of float not shorted trade daily. The math doesn't make sense. What am I missing here? Where are the convertible bond holders getting their shares to arbitrage their position? Peter.