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Biotech / Medical : PLC Systems -- Ignore unavailable to you. Want to Upgrade?

To: James A. Winters who wrote (652)	4/23/1998 10:10:00 PM
From: pwrmstr	Read Replies (1) \| Respond to of 1202

The selloff of the past two days has a logical explanation and may be a blessing in disguise. Given what happened the last time PLC went before the FDA, it is not surprising that many large investors have sold out and protected their profits. We shouldn't forget that lots of people have made a lot of money on PLC since the beginning of the year. In addition, the conventional wisdom is that you buy the rumor and sell the news. If we had seen a big run up prior to the FDA meeting, I would put good odds on a dramatic drop if approval occurs. As it turns out, lots of people have been selling before the meeting (many shorts) which suggests that if approval occurs, there will be a major move to the upside, if for no other reason than major short covering.