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Biotech / Medical : ATIS is on the move! -- Ignore unavailable to you. Want to Upgrade?

To: Marshall Teitelbaum who wrote (1375)	1/31/1998 11:00:00 AM
From: John M. McCann	Read Replies (2) \| Respond to of 2205

Marshall and all: I agree that there has been more helpful information posted on this board than any other I check. And the opinion both in favor and against are almost always worth consideration and generally without excessive hype. Thank you all for that! ORG up % wise more than ATIS? ORG has 7.4 million shares short which is a huge % more than ATIS. Both stocks had a lot of covering early. (The first electronic trades at 7:30 A.M. were at 16 1/2 for ATIS by the way). ORG should have the better short-term movement so I'm not too surprised. ATIS's close is a point lower than I expected. Too much made of the "flawed trials" that were settled here many weeks ago. I did think the panel would have each known that before the meeting but those attending said they acted as if it was the first time they ever heard that the FDA actually encouraged them to present it that way. Oh well! The pros beat the ametuers again in the option pits as they always do. When truly significant news is forthcoming, and it is 50/50 or so which impact it may have, a good strategy is to buy an equal amount of short term puts and calls at the nearest strike price. In the case of ATIS the put/call combo for Feb 12 1/2,s was 4 1/2 at one point. Then hope for a move up or down of 4 points or more to break even. (That should have told us the pros were looking for 3 points and they booked both sides of the action making $1 on $4.5 invested)_ As a result, both the put and call declined and the $4 1/2 combo was closed at around $2! I think the ORG players did better but i'm not sure.