Forget all of the talk of TV adds not being posted yet, still awaiting audited financials and no concrete numbers. Why is no one talking about the short position in this stock!?!?! I brought this up a while ago. Of all the stocks I get quotes on with baisidirect.com (my online broker) only one has ever had: "restricted short sale" appear next to the ticker/quote. Other stocks that are known to be shorted heavily and appear on the SHO list still don't display this. I've been experimenting for while with stocks that are reported to have large short positions yet CKYS is the ONLY ONE THAT THIS APPEARS. When I click the link I get this message:
"Pursuant to the Uniform Practice Code (UPC) 11830, this security is difficult to borrow or unavailable to borrow. The NASD compiles a list of short sale restricted securities on a daily basis. For more information and a list of restricted securities, please see the NASD regulatory web site."
I have a feeling that the shorties are shorting simply by going off the chart and saying this thing has got to fall sooner or later, very similar to the DOW's short position. Everyone is just betting against it. However, I think they've failed to reconize that this company is cash-flow positive with prospects of being great in emerging markets. This is obviously just my opinion. I'm really interested in what others have to say. Someone from the board (sorry forgot which poster) mentioned they had sent this on to Jim Plant and the gang at CKYS and I was wondering if they ever heard back.
I've looked further into the SEC 11830 rule and I've found this thus far:
What are NASDAQ Restricted Companies (UPC 11830)?
NASDAQ Restricted Companies (UPC 11830)-The NASDAQ Stock Market, in cooperation with the National Securities Clearing Corporation, publishes a daily list of securities restricted under Uniform Practice Code 11830. Under SEC rules, NASD members may be required to close out short sales in NASDAQ securities that meet a certain clearing short position threshold. StockHouse displays a special "R" restricted indicator next to the Latest Price on all real-time quotation displays for individual NASDAQ National Market or NASDAQ Small Cap Market issues.What are NASDAQ Restricted Companies (UPC 11830)?
source: stockhouse.com
....but more interestingly I found this:
UPC 11830:
Uniform Performance Code 11830 is an SEC regulation requiring Nasdaq , short sales to be delivered no later that the tenth business day following the , settlement date of the trade. If delivery is not made, the NASD member or customer must close out the sale (cover the short) for cash or guaranteed delivery. A security becomes restricted under this regulation when the total short position in the stock reaches 10,000 shares or more and equals or exceeds one half of one percent of the total shares outstanding. The NASD identifies these stocks on a daily basis. For more see www.nasdaqtrader.com.
source: businessweekly.com
Could someone please lend me a hand here and correct me if I'm wrong but this doesn't neccesarily mean that there are a huge number of shares shorted, but it does mean someone is going to have to cover soon. However it doesn't mean that half the float, hell, the entire float couldn't possibly be shorted against. I think we have a HUGE SHORTY on our hands. Jim Plant knows best of all of us and he's claimed he has a plan. I'm betting on a big move to correct this here shortly. I have a feeling the shorties are brining this badboy down. It's my gut talking. Any other thoughts on this would be greatly appreciated. I'm just trying to overturn some stones here on why this stock came down so hard in the last couple days....
best regards and GLTA,
-KicN
AI
