Greve na Menzies causa atrasos e 20 voos cancelados em Lisboa

[homemdoswarrants]

Nao entendo muito de lingua inglesa, mas perece-me que isto vem dar REDEA LARGA AOS URSOS.
Que esperar do mercado?
Quando se torna mais facil apostar num sentido, normalmente o mercado segue o oposto afim de por muitos a CHIAR.
Será isso?

[Bowie]

SEC Approves Plan to Ease
Short-Selling Curbs for a Year

By DEBORAH SOLOMON
Staff Reporter of THE WALL STREET JOURNAL
June 23, 2004; Page C3

WASHINGTON -- The Securities and Exchange Commission approved a pilot program today that will lift short-selling restrictions on about 1,000 actively traded stocks for a one-year period, allowing investors to more easily bet against some large stocks.

But the agency is abandoning, at least for now, an earlier plan that would have allowed short-sales only at prices at least one cent above the best national bid. It now plans to expand the pilot to 1,000 companies from the 300 it proposed in October and shorten the time period to one year instead of two.

The SEC also lifted restrictions for a year on some after-hours short-sales, allowing unrestricted short-selling from about 6:30 p.m. Eastern time until about 8 a.m.

Current rules prohibit investors from short-selling a stock whose price is falling. Known as the "uptick" rule, it restricts an investor from selling a stock short unless the last trade was equal to or higher than the prior trade. The provision was adopted after the 1929 stock-market crash to combat panicked selling. It is supposed to discourage investors from driving down a stock's price by preventing a short sale executed at a lower price than the previously traded price.

A short sale is the sale of a security that the seller doesn't own. Typically, the seller borrows the security and sells it in the hopes that the price will fall before it must be repurchased to repay the loan. Many companies oppose short-selling because they believe it can be used to manipulate and artificially depress stock prices.

Annette Nazareth, the SEC's director of market regulation, said the lifting of restrictions in a pilot program will allow the SEC to better understand how short-selling affects the market and whether the rules need to be permanently altered. She said the SEC will move to tighten restrictions on abusive short-selling practices known as "naked" short sales, in which the seller doesn't intend to cover his or her position. Ms. Nazareth said the SEC proposal will eliminate this problem by requiring that broker-dealers locate securities available for borrowing before they engage in any short-selling.

Today's plan differs from the agency's proposal in October, when it suggested eliminating the uptick rule and instead establishing a "uniform bid test" allowing short sales at prices at least one cent better than the national best-bid price. Ms. Nazareth said "overwhelming comment" came from the industry to suspend the uniform-bid test and instead expand the pilot program. "The industry ... believed that the results of a pilot would cause us to reduce the scope of the short-sale rule."

fonte: www.wsj.com