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Technology Stocks : VALENCE TECHNOLOGY (VLNC) -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (9432)	3/15/1999 10:27:00 PM
From: Larry Brubaker	Read Replies (1) \| Respond to of 27311

Very Minor Changes in the Amended S-3A. Zeev, your theory about lawyers booking billable hours looks true to me. I just read today's amended S-3 side by side with the previous version. Essentially, nothing has changed. I did not see any statement that they are now shipping samples, as claimed by add. I did see the old statement about "we have not shipped any commercial samples to any customers." The only changes I could find was a change in the date, a change in the current market price of the stock, a reorganization of the sections on the status of safety testing (without changing a word of the text), and an elaboration of the discussion of the three lawsuits VLNC is currently involved in (but the elaboration did not provide any new information). Therefore, from my reading, today's filing was a complete non-event.

To: Zeev Hed who wrote (9432)	3/15/1999 10:33:00 PM
From: golden_tee	Respond to of 27311

I studied the last options expiration move of VLNC in detail. It did not follow the "least pain" theory, but rather the "nearest strike" theory. However, VLNC longs buying kept them from hitting the strike on the nose in the final 10 minutes. The Monday after, it bounced back to the Thursday close price.

To: Zeev Hed who wrote (9432)	3/15/1999 10:47:00 PM
From: Rich Wolf	Respond to of 27311

VERY 'short'-term opportunity, agreed. LOL!

To: Zeev Hed who wrote (9432)	3/15/1999 10:52:00 PM
From: I. N. Vester	Respond to of 27311

My experience in exercising several hundred contracts right around the money at 5 last year: actually i did this twice, with maybe 300 contracts. I exercised a bit early expecting somebody to have to buy to cover the contracts but saw zero pressure or increased volume. I think the options MM was just holding the shares. The other time I exercised on the friday - i thought the MM was keeping the price down right around 5. I exercised anyway, expecting a bounce back on Monday. Actually Monday the price moved further down into the 4's! I kinda shot my own foot. Didn't see any extra buying to sell me my shares, either. It's hard to tell, but in the scheme of things the open interest does not appear big enough to make a significant difference. You wouldn't be thinking of opening a long position, would you cousin Zeev? Maybe getting tired of that ULBI you bought?