That's not an "investigation". Simply a letter from Fred. The number of sharse short as a % of the float can be meaningless. The number can be infinite as the same shares can be lent over and over. At the end of the day, Mr Market will price CALM exactly where it ought to be and no amount of bashing or hyping or crying over the short interest will change that.
This is getting interesting. 16 days to cover on 15th up from 12 on April 30, expecting 19 by May 31st. And stock is showing support at 30.00. What gives ?
Settlement Date Short Interest Avg Daily Share Volume Days To Cover
5/15/2008 14,535,638 910,379 15.966579
4/30/2008 13,217,092 1,083,748 12.195724
Great post, very interesting reading. Cramer once admitted on his show he participated in bear raids and how he threatened to turn the instigators over to the SEC. Of coarse we all know that was just window dressing. He knew what he was doing with BSC.
The complaint talks about Float # being around 12 M. However Yahoo and other sites show the float as > 14.23 M, in which case naked short selling is not as bad as it seems. Whats the real number of float ?
Average Volume (3 month)3: 952,908
Average Volume (10 day)3: 722,111
Shares Outstanding5: 23.71M
% Held by Insiders1: 45.25%
% Held by Institutions1: 87.20%
Shares Short (as of 25-Apr-08)3: 13.22M
Short Ratio (as of 25-Apr-08)3: 12.3
Short % of Float (as of 25-Apr-08)3: 79.80%
Shares Short (prior month)3: 13.08M
It is not unusual or wrong for short interest to be above the float - it just means that the privately-held shares are in the stock lending pool - IE FRED ADAMS most likely is loaning out his shares to improve his returns! Dont get me wrong, I like (and am long) CALM and the management, but we small shareholders need to pressure CALM management to take their shares out of the lending program!