Go to Jeff Salisbury LWGate Home Page.From: "Katherine Malm" <kmalm@earthlink.net>
Subject: RE: [CANSLIM] VRNT and new offering
Date: Tue, 27 May 2003 07:44:29 -0500
Previous Article (by Date): RE: [CANSLIM] VRNT and new offering "Katherine Malm"
Top of Thread: RE: [CANSLIM] VRNT and new offering "Jerome Buckmelter"
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Thanks, Jerome.
I doubt that forward estimates make the assumption that the company will be
floating new shares, though when a company is fairly new or in acquisition mode,
those doing the the future earnings estimates may have some probabilities built
in for that in their model. I don't know that I'd get overly concerned about it
either way, as forward estimates are only one thing to consider in the overall
look at the preponderance of evidence. Another thing to consider is that if it
knocks back their forward growth from, say 30% to 26-27% in the near term,
that's *still* an acceptable CANSLIM growth rate. I see the numbers as less
important than the consistency and trend of growth over time. If a company can
sustain 25-35% over many years (without resorting to accounting fraud!), those
are some some kick-butt managers.
Katherine
-----Original Message-----
From: owner-canslim@lists.xmission.com
[mailto:owner-canslim@lists.xmission.com]On Behalf Of Jerome Buckmelter
Sent: Monday, May 26, 2003 10:24 PM
To: canslim@lists.xmission.com
Subject: RE: [CANSLIM] VRNT and new offering
Katherine,
Wow! What an education on outstanding shares and spin-offs. I'm awestruck!
Spencer makes a point that I never considered. Has the public offering been
factored into the future estimates? Should I do that as Spencer suggests or do
you think the analyst have already factored the public offering into the
estimates? Thanks again for the thorough response to my inquiry. It is really
appreciated.
Jerome
-----Original Message-----
From: owner-canslim@lists.xmission.com
[mailto:owner-canslim@lists.xmission.com] On Behalf Of Katherine Malm
Sent: Monday, May 26, 2003 7:11 PM
To: canslim@lists.xmission.com
Subject: RE: [CANSLIM] VRNT and new offering
Hi Jerome,
The parent, Comverse, owns 79% (about 18.5m shares) of the common. That is,
VRNT is a spinoff, though the parent retains controlling interest. This is the
same kind of situation you see when looking at APOL and their spinoff, UOPX, for
example. When you view managment ownership in this case, you have to know that
they own 700K shares of a very small pool available, as only 21% of the common
(about 4.9m shares) is actually available for general ownership. As a business
strategy, the reason a company is spun off in the first place is to allow it to
function as a stand alone business, separate from the less focused businesses in
which the parent is involved. That focus allows a the spinoff to concentrate on
their core competencies and develop their competitve advantage to the fullest so
as to compete more effectively. In other words, it wouldn't make sense to judge
VRNT's business based on whether or not the parent itself (CMVT), which is far
less focused and in other businesses all together, is itself a CANSLIM quality
business. That's essentially judging a business based on the quality of its
shareholders rather than on the merits of the business itself.
In a primary offering all the proceeds go to the company. Why would they sell
more shares? To raise capital for various business needs. (They could have also
issued debt to do the same thing but then they have the additional cash flow
requirements to service the debt.) As to the offering, the best way to figure
out why they're floating a primary is to read the S-3 statement itself. In this
case, they state the proceeds will be used as follows:
"We intend to use the net proceeds to finance the growth of our business and
for general corporate purposes. We may also use a portion of the proceeds for
acquisitions or other investments." Reference: (
http://ccbn.tenkwizard.com/filing.php?repo=tenk&ipage=2160683&doc=1&num=7&total=
106&count=1&pg=zc7Jz8nHzNHOz8rMxs3Kzc/P&TK=VRNT&CK=0001166388&FG=0&FC=000000&BK=
FFFFFF&SC=ON&TC1=FFFFFF&TC2=FFFFFF&LK=0000FF&AL=FF0000&VL=800080 )
The additional 5m shares will raise the total outstanding shares from 23.4 to
28.4m shares, so it's not quite as dramatic as it seems when you say they're
"doubling the float." While increasing the number of outstanding shares by 5m
will dilute the earnings, it is diluted across the total *outstanding* shares,
not just the float. In practicality, they must then invest the dollars raised
wisely to grow the business. If they do that, then they have *leveraged* the
additional capital to the betterment of the business, and that will translate
into accelerated growth, which is exactly what you want to see in a CANSLIM
quality stock. Given that common stock represents residual interest in the
business, this is the quintessential us of "other people's money." In the short
run, the additional shares in float can take a bit of time to absorb into the
market place, and you may see price fall back a bit. In the long run, however,
if the proceeds are used appropriately and investors see promise in the business
as a result, they will bid up the price of the shares, which is again exactly
what you would want to see in a CANSLIM quality stock.
In the DGO/IBD figures, they state the management ownership as a % of
*outstanding* shares, and both bank and mutual fund ownership as a % of the
*float.* You'd have to show a specific example where fund ownership was >100% so
that we could look at it.
Katherine
-----Original Message-----
From: owner-canslim@lists.xmission.com
[mailto:owner-canslim@lists.xmission.com]On Behalf Of Jerome Buckmelter
Sent: Monday, May 26, 2003 12:48 PM
To: 'CANSLIM LIST'
Subject: [CANSLIM] VRNT and new offering
I've noticed that VRNT has recently registered a public offering for
5,000,000 common shares. They currently have 3.98 million shares in the float
and 23.4 shares outstanding. Management owns only 3% (i.e., 700, 000 shares).
What would be the status of the remaining shares? Could they all be registered
as stock options? Why would the company want to double the float? Wouldn't
doubling the float significantly diminish the price per share? Should this
action be considered negative for the stock?
Also, Verint is owned as a subsidiary of Comverse Technologies which isn't
doing well in terms of CANSLIM criteria. What possible impact could this have
on the stock?
Lastly, a general question: once in a while I notice that IBD indicates
that fund ownership may exceed 100% for a given stock. How is that possible?
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<DIV><SPAN class=3D867203712-27052003>Thanks, Jerome.</SPAN></DIV>
<DIV><SPAN class=3D867203712-27052003></SPAN> </DIV>
<DIV><SPAN class=3D867203712-27052003>I doubt that forward estimates =
make the=20
assumption that the company will be floating new shares, though when a =
company=20
is fairly new or in acquisition mode, those doing the the future =
earnings=20
estimates may have some probabilities built in for that in their model. =
I don't=20
know that I'd get overly concerned about it either way, as forward =
estimates are=20
only one thing to consider in the overall look at the preponderance of =
evidence.=20
Another thing to consider is that if it knocks back their forward growth =
from,=20
say 30% to 26-27% in the near term, that's *still* an acceptable CANSLIM =
growth=20
rate. I see the numbers as less important than the consistency and trend =
of=20
growth over time. If a company can sustain 25-35% over many years =
(without=20
resorting to accounting fraud!), those are some some kick-butt=20
managers.</SPAN></DIV>
<DIV><SPAN class=3D867203712-27052003></SPAN> </DIV>
<DIV><SPAN class=3D867203712-27052003>Katherine</SPAN></DIV>
<BLOCKQUOTE dir=3Dltr style=3D"MARGIN-RIGHT: 0px">
<DIV class=3DOutlookMessageHeader dir=3Dltr align=3Dleft><FONT =
face=3DTahoma=20
size=3D2>-----Original Message-----<BR><B>From:</B>=20
owner-canslim@lists.xmission.com=20
[mailto:owner-canslim@lists.xmission.com]<B>On Behalf Of </B>Jerome=20
Buckmelter<BR><B>Sent:</B> Monday, May 26, 2003 10:24 PM<BR><B>To:</B> =
canslim@lists.xmission.com<BR><B>Subject:</B> RE: [CANSLIM] VRNT and =
new=20
offering<BR><BR></FONT></DIV>
<DIV class=3DSection1>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial">Katherine,<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">Wow! <SPAN=20
style=3D"mso-spacerun: yes"> </SPAN>What an education on =
outstanding shares=20
and spin-offs. <SPAN style=3D"mso-spacerun: =
yes"> </SPAN>I’m=20
awestruck!<SPAN style=3D"mso-spacerun: yes"> </SPAN>Spencer =
makes a point=20
that I never considered. <SPAN style=3D"mso-spacerun: =
yes"> </SPAN>Has the=20
public offering been factored into the future estimates? <SPAN=20
style=3D"mso-spacerun: yes"> </SPAN>Should I do that as Spencer =
suggests or=20
do you think the analyst have already factored the public offering =
into the=20
estimates? <SPAN style=3D"mso-spacerun: yes"> </SPAN>Thanks again =
for the=20
thorough response to my inquiry.<SPAN style=3D"mso-spacerun: =
yes"> =20
</SPAN>It is really appreciated.<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial">Jerome<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3DTahoma =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Tahoma">-----Original=20
Message-----<BR><B><SPAN style=3D"FONT-WEIGHT: bold">From:</SPAN></B>=20
owner-canslim@lists.xmission.com =
[mailto:owner-canslim@lists.xmission.com]=20
<B><SPAN style=3D"FONT-WEIGHT: bold">On Behalf Of </SPAN></B>Katherine =
Malm<BR><B><SPAN style=3D"FONT-WEIGHT: bold">Sent:</SPAN></B>=20
</SPAN></FONT><st1:date Year=3D"2003" Day=3D"26" Month=3D"5"><FONT =
face=3DTahoma=20
size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Tahoma">Monday, =
May 26,=20
2003</SPAN></FONT></st1:date><FONT face=3DTahoma size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Tahoma"> =
</SPAN></FONT><st1:time=20
Minute=3D"11" Hour=3D"19"><FONT face=3DTahoma size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Tahoma">7:11=20
PM</SPAN></FONT></st1:time><FONT face=3DTahoma size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Tahoma"><BR><B><SPAN=20
style=3D"FONT-WEIGHT: bold">To:</SPAN></B>=20
canslim@lists.xmission.com<BR><B><SPAN=20
style=3D"FONT-WEIGHT: bold">Subject:</SPAN></B> RE: [CANSLIM] VRNT and =
new=20
offering</SPAN></FONT></P>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"><o:p> </o:p></SPAN></FONT></P>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: 12pt">Hi=20
Jerome,<o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: 12pt">The parent, Comverse, owns =
79% (about=20
18.5m shares) of the common. That is, VRNT is a spinoff, though =
the=20
parent retains controlling interest. This is the same kind of =
situation you=20
see when looking at APOL and their spinoff, UOPX, for example. When =
you view=20
managment ownership in this case, you have to know that they own 700K =
shares=20
of a very small pool available, as only 21% of the common (about 4.9m=20
shares) is actually available for general ownership. As a =
business=20
strategy, the reason a company is spun off in the first place is to =
allow it=20
to function as a stand alone business, separate from the less focused=20
businesses in which the parent is involved. That focus allows a the =
spinoff to=20
concentrate on their core competencies and develop their competitve =
advantage=20
to the fullest so as to compete more effectively. In other words, it =
wouldn't=20
make sense to judge VRNT's business based on whether or not the parent =
itself=20
(CMVT), which is far less focused and in other businesses all =
together, is=20
itself a CANSLIM quality business. That's essentially judging a =
business based=20
on the quality of its shareholders rather than on the merits of the =
business=20
itself.<o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: 12pt">In a primary offering all the =
proceeds go=20
to the company. Why would they sell more shares? To raise capital for =
various=20
business needs. (They could have also issued debt to do the same thing =
but=20
then they have the additional cash flow requirements to service the =
debt.) As=20
to the offering, the best way to figure out why they're floating a =
primary is=20
to read the S-3 statement itself. In this case, they state the =
proceeds will=20
be used as follows:<o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: 12pt">"We intend to use the net =
proceeds to=20
finance the growth of our business and for general corporate purposes. =
We may=20
also use a portion of the proceeds for acquisitions or other =
investments."=20
Reference: ( <A=20
=
href=3D"http://ccbn.tenkwizard.com/filing.php?repo=3Dtenk&ipage=3D216=
0683&doc=3D1&num=3D7&total=3D106&count=3D1&pg=3Dzc7Jz=
8nHzNHOz8rMxs3Kzc/P&TK=3DVRNT&CK=3D0001166388&FG=3D0&FC=3D=
000000&BK=3DFFFFFF&SC=3DON&TC1=3DFFFFFF&TC2=3DFFFFFF&=
LK=3D0000FF&AL=3DFF0000&VL=3D800080">http://ccbn.tenkwizard.com/f=
iling.php?repo=3Dtenk&ipage=3D2160683&doc=3D1&num=3D7&tot=
al=3D106&count=3D1&pg=3Dzc7Jz8nHzNHOz8rMxs3Kzc/P&TK=3DVRNT&am=
p;CK=3D0001166388&FG=3D0&FC=3D000000&BK=3DFFFFFF&SC=3DON&=
amp;TC1=3DFFFFFF&TC2=3DFFFFFF&LK=3D0000FF&AL=3DFF0000&VL=3D=
800080</A> )<o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: 12pt">The additional 5m shares will =
raise the=20
total outstanding shares from 23.4 to 28.4m shares, so it's not quite =
as=20
dramatic as it seems when you say they're "doubling the float." While=20
increasing the number of outstanding shares by 5m will dilute the =
earnings, it=20
is diluted across the total *outstanding* shares, not just the float. =
In=20
practicality, they must then invest the dollars raised wisely to grow =
the=20
business. If they do that, then they have *leveraged* the additional =
capital=20
to the betterment of the business, and that will translate into =
accelerated=20
growth, which is exactly what you want to see in a CANSLIM quality =
stock.=20
Given that common stock represents residual interest in the business, =
this is=20
the quintessential us of "other people's money." In the short run, the =
additional shares in float can take a bit of time to absorb into the =
market=20
place, and you may see price fall back a bit. In the long run, =
however, if the=20
proceeds are used appropriately and investors see promise in the =
business as a=20
result, they will bid up the price of the shares, which is again =
exactly what=20
you would want to see in a CANSLIM quality=20
stock.<o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: 12pt">In the DGO/IBD figures, they =
state the=20
management ownership as a % of *outstanding* shares, and both bank and =
mutual=20
fund ownership as a % of the *float.* You'd have to show a specific =
example=20
where fund ownership was >100% so that we could look at=20
it.<o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt">Katherine<o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal=20
style=3D"MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; MARGIN-RIGHT: 0in; =
mso-margin-top-alt: 0in"><FONT=20
face=3D"Times New Roman" size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt"> </SPAN></FONT><FONT face=3DTahoma =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Tahoma">-----Original=20
Message-----<BR><B><SPAN style=3D"FONT-WEIGHT: bold">From:</SPAN></B>=20
owner-canslim@lists.xmission.com=20
[mailto:owner-canslim@lists.xmission.com]<B><SPAN =
style=3D"FONT-WEIGHT: bold">On=20
Behalf Of </SPAN></B>Jerome Buckmelter<BR><B><SPAN=20
style=3D"FONT-WEIGHT: bold">Sent:</SPAN></B> </SPAN></FONT><st1:date =
Year=3D"2003"=20
Day=3D"26" Month=3D"5"><FONT face=3DTahoma size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Tahoma">Monday, May 26,=20
2003</SPAN></FONT></st1:date><FONT face=3DTahoma size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Tahoma"> =
</SPAN></FONT><st1:time=20
Minute=3D"48" Hour=3D"12"><FONT face=3DTahoma size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Tahoma">12:48=20
PM</SPAN></FONT></st1:time><FONT face=3DTahoma size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Tahoma"><BR><B><SPAN=20
style=3D"FONT-WEIGHT: bold">To:</SPAN></B> 'CANSLIM LIST'<BR><B><SPAN=20
style=3D"FONT-WEIGHT: bold">Subject:</SPAN></B> [CANSLIM] VRNT and new =
offering<o:p></o:p></SPAN></FONT></P></DIV>
<BLOCKQUOTE style=3D"MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; =
MARGIN-RIGHT: 0in">
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3DArial =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">I‘ve noticed =
that VRNT has=20
recently registered a public offering for 5,000,000 common =
shares.<SPAN=20
style=3D"mso-spacerun: yes"> </SPAN>They currently have 3.98 =
million=20
shares in the float and 23.4 shares outstanding.<SPAN=20
style=3D"mso-spacerun: yes"> </SPAN>Management owns only 3% =
(i.e., 700,=20
000 shares).<SPAN style=3D"mso-spacerun: yes"> </SPAN>What =
would be the=20
status of the remaining shares?<SPAN style=3D"mso-spacerun: =
yes"> =20
</SPAN>Could they all be registered as stock options?<SPAN=20
style=3D"mso-spacerun: yes"> </SPAN>Why would the company want =
to double=20
the float?<SPAN style=3D"mso-spacerun: yes"> =
</SPAN>Wouldn’t doubling=20
the float significantly diminish the price per share?<SPAN=20
style=3D"mso-spacerun: yes"> </SPAN>Should this action be =
considered=20
negative for the stock? <o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3DArial =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3DArial =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">Also, Verint is owned =
as a=20
subsidiary of Comverse Technologies which isn’t doing well in =
terms of=20
CANSLIM criteria.<SPAN style=3D"mso-spacerun: yes"> =
</SPAN>What=20
possible impact could this have on the =
stock?<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3DArial =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3DArial =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">Lastly, a general =
question:<SPAN=20
style=3D"mso-spacerun: yes"> </SPAN>once in a while I notice =
that IBD=20
indicates that fund ownership may exceed 100% for a given =
stock.<SPAN=20
style=3D"mso-spacerun: yes"> </SPAN>How is that possible?<SPAN =
style=3D"mso-spacerun: yes"> =20
=
</SPAN><o:p></o:p></SPAN></FONT></P></BLOCKQUOTE></DIV></BLOCKQUOTE></BOD=
Y></HTML>
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