Und man soll den Tag ja auch nie vor dem abend loben:
habe Vertex Pharmaceuticals und folgenden Boardbeitrag dazu.
Wenn das der Grund und kein Pech ist:
Why VRTX sold off this week
by: TraderJim (282/M/Portola Valley, CA) 3/9/00 12:11 pm
Msg: 823 of 824 Folks, the reason for the steep decline was the convertible subordinated bond placement. Here's why:
When convertibles are sold, they get placed almost entirely with large institutional money managers and funds, who are generally managing bond funds of one kind or another. These people do not generally want to hold stock - they are bond fund managers.
When an oportunity to sell the underlying stock at a price higher than the convertible price occurs (a little over 80 in this case), these people sell the underlying stock short in an amount equal to the size of the convertible position they have in the bonds. Later, when they can convert them, they do the conversion, and apply the stock that is issued against the previously held short, closing the position.
This procedure "locks in" a guaranteed profit on the conversion, ahead of time, and that is why it is done. The underlying stock will show a very large short position due to these activities, and it will have this short position until the conversion date of the bonds. I have seen this occur on many tech stocks over the last few years - generally a very large percentage of the underlying stock that will be issued at conversion time is sold short at or near the time the convertible is sold.
Early this week, the fund managers got wind of the conversion price point (well below the price of the stock at that time), and had an immediate opportunity to sell VRTX short against the bonds they were buying, at a profit. I believe a massive amount of VRTX was sold short.
The good news is that if you understand this process, you can see the selloff was not based on any problem with the company, its products, or the fundamentals - it is a technical factor. Therefore, the selling has created a buy opportunity.