Zanett, Inc. Rocketing Higher; Noted Short-Seller Says Time To Sell It
March 08, 2010 1:33 PM
Zanett, Inc. (Nasdaq: ZANE) is up approximately 65% after Zanett announced it won a couple of contracts and a press release from Beacon Equity's StockPreacher.
Stockpreacher saide Zanett has won over $12 million in contracts in January and February. StockPreacher often promotes speculative companies that can move violently so investors must be extremely cautious when looking at these companies.
Noted shortseller, Timothy Sykes, sent an alert to his TimAlerts.com subscribers that he reshorted 5000 ZANE at 3.30. Sykes said he might be a bit early but he will add to this position later. Sykes believes the move is just a short squeeze and ZANE has proven to be choppy and his goal is to cover under $3.
To see where Tim got his borrow for the stock, click here.
UPDATE: Tim has covered his ZANE short around $3.10. His chatroom is discussing further trades on this stock.
