This article from NYTimes.com has been sent to you by psa188@xxxxxxxxx /-------------------- advertisement -----------------------\ THE DREAMERS - NOW PLAYING Set against the turbulent political backdrop of 1968 France when the voice of youth was reverberating around Europe, THE DREAMERS is a story of self-discovery as three students test each other to see just how far they will go. THE DREAMERS is released uncut with an NC-17 rating. Watch The Dreamers trailer at: http://www.thedreamers.com \----------------------------------------------------------/ An Unexpected Bump for UAL Shares March 2, 2004 By THE NEW YORK TIMES UAL says its stock is likely to be worthless when it emerges from bankruptcy protection, but the shares are trading as if investors do not believe the company. Shares of UAL, traded in the over-the-counter market, leaped 24 percent yesterday, to $3.53, trading as high as $3.70, and has doubled over the last two weeks. Volume came to 15.6 million shares. The stock is now at its highest level since November 2002, soon before the company filed for bankruptcy protection. Uninformed speculation is not uncommon when companies near an end to the bankruptcy process as some investors confuse optimistic forecasts about the company's postbankruptcy prospects with a forecast that the current stock will do well. UAL expects the current stock to be canceled, with creditors being given new shares in exchange for canceling all or part of their debts. In addition, it is possible that there is a short squeeze, in which speculators borrow shares to sell them, betting the price will decline, but then are required to repay the loan and have to scramble to purchase shares, temporarily driving up the price. In any case, the speculation does not appear to have extended either to the company's unsecured bonds or to its preferred stock, both of which rank higher than the common stock but whose prices are not rising. In yesterday's trading, the price of the company's 12.25 percent preferred stock, which is supposed to pay an annual dividend of $3.06, declined 10 cents, to 75 cents, on volume of just 400 shares. http://www.nytimes.com/2004/03/02/business/02united.html?ex=1079237821&ei=1&en=6eec212d5fbba9f8 --------------------------------- Get Home Delivery of The New York Times Newspaper. Imagine reading The New York Times any time & anywhere you like! Leisurely catch up on events & expand your horizons. Enjoy now for 50% off Home Delivery! Click here: http://www.nytimes.com/ads/nytcirc/index.html HOW TO ADVERTISE --------------------------------- For information on advertising in e-mail newsletters or other creative advertising opportunities with The New York Times on the Web, please contact onlinesales@xxxxxxxxxxx or visit our online media kit at http://www.nytimes.com/adinfo For general information about NYTimes.com, write to help@xxxxxxxxxxxx Copyright 2004 The New York Times Company