Zeev's Turnips Patch-No Politics (ZEEV)

[Joe Stocks]

MIR- Power and natural gas concern Mirant (NYSE: MIR) is seeing some volatile activity today after reporting that income between January 1999 and June 2002 was overstated to the tune of $41 million. MIR officials asserted that there was no accounting fraud to speak of and have submitted a new first-quarter filing to the SEC. The stock started off on the positive side of the fence this morning but is now trading nearly seven percent in the red. The equity is currently perched beneath its 20-week moving average, which it has not traded above since April 2002. Before that, it was May 2001 that the equity closed above both its 10-week and 20-week trendlines. There has been some bearish speculation on MIR of late, as its short-interest ratio totals more than seven times. This essentially means that, should the stock embark on a continued uptrend, it would take these speculators more than seven days to cover their shorted positions.