To: Steve Fancy who wrote (769 ) 7/2/1998 6:25:00 PM From: Peter Singleton Read Replies (1) | Respond to of 1510
Folks, good info on market manipulation. no question NASDAQ is dirty. it's an outrage. However, AHM made a compelling point, and one folks on this thread should be listening to, IMO. Here's my take. Just a guess, of course. The Remune news was a non-event. Carlo's comments + Johnson's comments + the message in the AGPH deal were all factored into the share price, expectations were built above what the data could justify (in the current biotech cap mkt environment), then the stock sold off, all before the news came out. Two cases where this could be wrong. One, if Valentine has something significant to say he chose not to say today ... I don't know why he would hold off, the symposium today was very high profile, and he is discussing the same data at the late-breaker session tomorrow. But I suppose it's possible. Second, if the popular press picks up the story and presents it with an optimistic spin (e.g., a NYT, WSJ featured article). What we heard today was not "investment grade" or "shocking" data, to use two terms that have been bandied about on the Yahoo board. IMO, it's promising, important data ... with big implications for HIV therapies, and Remune in particular. But it's not the blockbuster "buzz of the conference" data that many of us expected ... I also think a lot of the $ that went into the stock in anticipation of the news were in the hopes of trading profits based on the "shocking" news to be announced in Geneva ... would love to be wrong on this, but gotta call it as I see it until something changes. Peter p.s., there's a big anomaly here, though. Options continue to trade at high premiums, and today and yesterday there's been lots of calls purchased ... at the same time that there's been selling pressure. Looks like a divided opinion here. Either there's news coming quickly that hasn't been factored into the price of the stock, or there's a fair amount of folks who are hanging on to that expectation who are betting $ that that's the case. And on the other hand, while there's clear manipulation going on, there's also selling pressure, pure and simple.