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Technology Stocks : Ultratech Stepper -- Ignore unavailable to you. Want to Upgrade?

To: donss who wrote (1952)	12/28/1997 10:18:00 AM
From: ccryder	Read Replies (1) \| Respond to of 3696

Could Mr Short be waiting until after Jan 1 to cover, for tax reasons? This could be a clue to timing the next cycle in this stock.

To: donss who wrote (1952)	12/28/1997 6:28:00 PM
From: bill	Respond to of 3696

<<I looked up the short interest for the last 6 months (WSJ -IE): 7/24/97: 1.27M 8/26/97: 1.11M 9/24/97: 1.55M 10/24/97: 1.68M 11/25/97: 3.44M 12/24/97: 4.31M>> Don, thanks for the research on the UTEK short interest for the past 6 months. I believe that 20% of total outstanding is a very high level. However, some tend to use a ratio based on "number of days to cover", measured as total short interest divided by average daily trading volume. In UTEK's case, that level would now stand at about 7 days, which is -- I believe -- high, but not at all extraordinary. (Note that when comparing this number to exchange-traded securities, you have to consider the tendency for NASDAQ daily trading volume to be effectively doubled due to the fact that most transactions take place through two market makers.) Nevertheless, I too am rather puzzled at these relatively high levels given that even a "dyed-in-the-wool semi bear" shouldn't see that much downside left in UTEK (remember the $8 per share in cash, etc.). Geez -- cover and take that profit! As for a ceiling on short interest -- don't forget that the purchasers of the shorted stock can also buy on margin, and why can't those shares be shorted again? I'm not an expert, but I'm not aware of a theoretical limit on short interest. Lookin' to make one more small UTEK purchase this week maybe. bill

To: donss who wrote (1952)	12/29/1997 4:12:00 PM
From: Jurgis Bekepuris	Read Replies (4) \| Respond to of 3696

Hi guys, > I don't understand why the SI is still so high, > do the shorts really expect more > downside beyond what we have experienced? I own UTEK puts as a hedge on my long semi-equip positions, so I will answer your question. I looked at the semi-equip universe for a stock that is expensive and would most likely fall because of earnings shortfall and other negative news. UTEK was the one that fit the bill: 1. PSR. UTEK has one of the highest PSRs in the industry. 2. Exposure to DD segment. After the closure of SEG's plant in Ireland, the near future of DD equipment sector is pretty cloudy. 3. Uncertain prospects of mix-and-match steppers during the SEA trouble. 4. Small drop of stock price from the summer highs. I also considered the following positives of the long position (negatives for short or put position): 1. Great company with outstanding management. 2. $8 cash per share. 3. Prospects of great Ultrabeam and P-GILD future. I expect to see UTEK at $14-$17 range in the next year. Disclaimer: All flames will be cheerfully ignored. My opinions and my portfolio have changed since posting of this message. :-) Have a happy Holidays and a great New Year Raimondas