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Strategies & Market Trends : Shorting stocks: Broken stocks - Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Q. who wrote (859)	1/28/1998 11:35:00 PM
From: drakes353	Read Replies (1) \| Respond to of 2506

John: Too funny. In late August when the stock dropped something like 20% in a day (on convert related selling) Bloomberg put out a story that the company "knew of no reason" for the price decline. Once the laughing fit subsided I called the reporter that wrote the story and told her the stock was down because of conversion activity (there was a big increase in the discount the day before). She tells me, "Well, the company said they don't know why the stock is down." I told her to call KKRO and specifically ask them about the convert deal. Don't think she ever followed up on it though. drakes353 PS - I covered at KKRO @ $4.50, darn it. You want another "darn it", check out this link: quote.yahoo.com The latest dump appears to be related to the November convert deal they did. Wasn't a discounted deal but I think the convert price was a function of the lowest three closing bids for the 22 trading days ahead of conversion. Guess the convert holders could have done a little sloppy selling to get the price down. Just don't know how they plan on getting the price back up so they can convert at a profit.