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The selling pressure seen by Arena Pharmaceuticals (ARNA -16.4%) remains intense, as shares give...
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Friday, June 22, 2012, 12:25 PM ETThe selling pressure seen by Arena Pharmaceuticals (ARNA -16.4%) remains intense, as shares give back a healthy chunk of their recent gains. Possibly hurting Arena's cause is an article from SA's Shane Blackmon, who notes Arena's rally has been fueled by short-covering (22% of the float was shorted as of May 31), and argues "a bear raid seems inevitable" ahead of the FDA's expected June 27 decision on the company's Locaserin weight-loss drug.
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This news story has 28 comments:
comments made at the same time were published to relieve
pressure on naked shorts
Here are my charts and so http://bit.ly/NfEJia
I blame this fall on the technicals but others are saying its a news leak
If so, they had better hire a broker to make decisions for them! Good Grief, can we stroke this any further?
Has no one seen a drop when profits are taken? Profits were taken it is obvious which caused a price drop, which caused stop losses to kick in, which caused panic! Now the savvier investor will buy Call Options instead of stock to lower risk pending the FDA decision Wednesday.
“There has been no bad news regarding the company or FDA”.
The only bad news is to the people that panicked and to those with stop losses set not able to get to a computer in those ten-minutes of chaos.
I believe "this will be approved Wednesday", and people will be scratching their backside wondering what happened!
However, that was not the cause for the panic today. I have been preaching to use caution with this one for some time now.
I think this morning’s profit taking found people looking for an immediate answer. Regrettably, they looked on Seeking Alpha and found this "pathetic article".
I do believe this author damaged a lot people’s way of thinking added to the chaos, and loss of money!
I'm saying this because obviously we're only a few days away from June 27th and if they were going to delay wouldn't they have done so already?
If the short exceeds the float - they are in deep do-do.
Draw out your stock in certificate form, tranfer all positions to cash accounts, tell your broker that your stock is not available to be margined out for short positions.
I wrote the sec about this moron and hope that something will happen,the naked short seeling was crazy ,
it looks like he was short god i hope the sec check this fall, I also called ameritrade to see if they could also call the sec and file the forms
Keeping my fingers crossed - hopefully June 27th is the day !
I increased my position by 5000 shares. Others have told me they also increased their shares drastically. Prior to this, I was not going to hold through the 27th, but now I will wait for the approval.