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Technology Stocks : Banyan (BNYN $8.75) as an internet play -- Ignore unavailable to you. Want to Upgrade?

To: SJS who wrote (741)	3/18/1999 4:27:00 PM
From: Millionairess	Read Replies (1) \| Respond to of 1006

from briefing today: 15:35 ET****** BANYAN SYSTEMS (BNYN) 12 3/16 - 5/16 Banyan Systems is trading strangely today. Banyan was the subject of an Internet Spin-Off Stock Brief in our Internet Spin-Off a week ago, and was added last week to The Internet Fund (www.theinternetfund.com) mutual fund's top 25 holdings. But, today's movement in the stock is something else. After rushing up at the close yesterday on strong volume to 12 1/2, up 2 3/8, Banyan opened this morning at 11 5/8, down 7/8. Overnight market orders to sell? Quite possibly. Almost immediately, however, the price jumped up to 13 7/16, nearly two points higher than the open. Banyan is not the type of stock favored by daytraders, as it has too large a float. But today's action looks more like the type of action seen in small cap, small float stocks, with large spreads. For example, look at the intraday chart. Aside from opening down, there are two items that appear odd. First is the total lack of trades between 9:40 and 9:55. Banyan didn't halt today, at least according to the trading records we have, so what was going on here? Did every market maker take a break? Or were there processing problems? Or were they just letting orders pile up? It isn't our charting data, as the Nasdaq records show the same stoppage. None of the market makers we called would take calls during market hours. Then take a look at the trade at around 1:45. Here is a trade executed at $13 1/4 when the trade immediately preceeding was for 12 1/2, and the trade immediately afterwards was for 12 3/8. As far as we can tell, this isn't an erroneous data point. You can't tell from the trade history records, but what do you bet that this was a market order to buy? If so, it surely didn't didn't get executed in an orderly market. Whatever is going on in Banyan stock, it sure looks strange. We liked Banyan as a possible internet spin-off play, which we wrote about in our Stock Brief of March 11. But we don't like this trading pattern. The only advice we can give you is this: don't place any market orders to buy or sell. Put limits on buys and sells, even if you set the limit in the money against the current spread. Intraday 1 minute Intervals Chart