+60% after bankrupcy filing

lojze · Jul 22, 2002

This is the case with WCOME. Is this normal?

Was the same with Global Crossing? And Kmart? And other recently?

Lojze

DisciplinedHedg · Jul 22, 2002

Originally posted by lojze
This is the case with WCOME. Is this normal?

Was the same with Global Crossing? And Kmart? And other recently?

Lojze

Its probably due to covering of position on news. In this case, shorts are covering.

Makes no sense that there are true buyers. In a bancruptcy, shareholders get shmeissed. Especially in this case, where there will be lawsuit after lawsuit. Sure it shields them for creditors, but thats no reason to buy the stock.

sammybea · Jul 22, 2002

yes it is normal... They are buying on the news. Yes there is some short covering.. but for the most part, they are daytraders trying to make a very impressive return. When was the last time CSCO or MSFT moved that much? Its gambling.. its exciting.. and it doesn't always make a lot of sense.

dotslashfuture · Jul 22, 2002

it doesn't make any sense at all, and yes it is pure gambling.

lojze · Jul 22, 2002

Where can I see about the percentage of short covering for certain stock?

Any web site covering this?

BR

Alojz

stock777 · Jul 22, 2002

Yes, I had to cover my 20 million share short today, so I was forced to pay up a bit.

As soon as my pension check comes in, I'll be able to put the position on again.

Pabst · Jul 22, 2002

When a stock is pivoting around a dime a share IMO percentage moves don't mean much.

sunnyskies · Jul 23, 2002

Hmm, so anyone know why??? It was not a "fake" move since the volume and liquidity are still there.

DaqTrader · Jul 23, 2002

Originally posted by Pabst
When a stock is pivoting around a dime a share IMO percentage moves don't mean much.

60% on $100,000 trade is the same in a .10c stock or a $40.00 stock...so in this case percent move does matter