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To: Zirdu who wrote (2246)	1/28/1998 11:23:00 AM
From: mod	Respond to of 7111

Since short interest is suddenly a big interest to us, I thought the following explanation of how it is calculated, from NASDAQ, might be of interest. ---------------------------- How is short interest in Nasdaq stocks calculated? Short selling is the selling of a security that the seller does not own, or any sale that is completed by the delivery of a security borrowed by the seller. Short selling is a legitimate trading strategy. Short sellers assume the risk that they will be able to buy the stock at a more favorable price than the price at which they sold short. The Nasdaq Short Sale Rule prohibits NASD members from selling a Nasdaq National Market stock at or below the inside best bid when that price is lower than the previous inside best bid in that stock. To calculate short interest in Nasdaq stocks, NASD member firms are instructed to report to the NASDR TS-Customer Advocacy & Quality Management Department, on a monthly basis, their short positions, for all accounts, in shares, warrants, units, ADRs, and convertible preferreds resulting from short sales. Once the short position reports are received by the Product Deployment and Support Department, the short interest is then compiled for each Nasdaq security. Firms are required to report their short positions as of settlement on the 15th of each month, or the preceding business day if the 15th is not a business day. The reports must be filed by the second business day after the reporting settlement date. The Product Deployment and Support area compiles the short interest data and provides it for publication on the 8th business day after the reporting settlement date. Publication Schedule for 1998 Trade Settlement Dissemination Publication Date Date Date Date January 01/12/98 01/15/98 01/27/98 01/28/98 February 02/10/98 02/13/98 02/25/98 02/26/98 March 03/10/98 03/13/98 03/24/98 03/25/98 April 04/09/98 04/15/98 04/24/98 04/27/98 May 05/12/98 05/15/98 05/27/98 05/28/98 June 06/10/98 06/15/98 06/24/98 06/25/98 July 07/10/98 07/15/98 07/24/98 07/27/98 August 08/11/98 08/14/98 08/25/98 08/26/98 September 09/10/98 09/15/98 09/24/98 09/25/98 October 10/09/98 10/15/98 10/26/98 10/27/98 November 11/09/98 11/13/98 11/24/98 11/25/98 December 12/10/98 12/15/98 12/24/98 12/28/98 Trade Date: Date market makers report the number of shares they sold short Dissemination Date: Date information is sent to wire services. Data may be available to view on Tandem after 4:00 p.m. Publication Date: Issues' short positions printed in newspapers