The Amazing saga of PCLN continues...there is alot of short interest in PCLN. Yesterday there were certian MM's who were Putting in fake bids for 6000-10000 shares then pulling out last second. It was designed to drive shorts into buying frenzy...all this while NASDQ was rising. So now PCLN is worth 25 Billion dollars, As much as the 3 largest US airlines-Wow ! Now Morgan Stanley Dean Witter want's out, will begin selling 3/4 of a million shares starting friday. This is an early Lock-up release for IPO shareholders(See YAHOO Finance News details) Thats 8% addion to the float. I clicked off a short at 144 today, looking to cover at 135 tomorrow...But thats reason PCLN has jumped up, Short Covering & MM's pumping the stock up.... This news should have effect on tomorrows price and don't be fooled.
There are over 2.5 million shorts on this stock and they just opened up their own auction site. They are also a possible takeover canidate by either FOX or YAHOO. This stock is a bargain for an internet stock.
I want to hear what Henry Blodgett (or whatever the hell his name is) give an opinion on this company at today's stock price. He may have been in love with it initially but at this price it is the fattest porcine I have ever in my life seen. If Henry still thinks this is a good buy he is the biggest fraud in the investment community. What is it Hank? Accumulate, Long-term market perform? Just what the hell is it? When, Hank, will they be profitable? And how profitable? A penny a share? Two maybe?
Would love to short it but some fools continue to buy into this BS.
The way i understand this is that Morgan Stanley, through the early release of the lock-up restrictions, is effectively telling their clients to bail out while they can. I agree with Exstockanalyst that this is equivalent to dilution and should have at least an 8% negative price impact. Note however, that insiders still cannot sell early (I am sure they would love to).
And keep in mind, this is only the first tranche of the lock-up restrictions being lifted. With 132 million shares still being locked up, the market will be flooded with PCLN shares soon.
Anyone seen Jimmy the Geek lately??? The guy always comments negatively when PCLN get hit but is nowhere to be found when the boy pops! Either way, be a man and take it. I am long and did lock some profit at 135 from 75! If I lose so be it, but if I win, hehehe!