In trading yesterday, Lotus shares closed at $35.375, down $1.50; Borland rose $1.75, to $70.25.

In over-the-counter trading today, Lotus shares slipped 25 cents, to $16, while Microsoft lost $1.375, to $73.50.

At least three big stockholders, the ones that sold Lotus shares, presumably did not see the bid coming.

The second-biggest seller of Lotus shares, State Street, seemed especially divided about the stock.

Lotus shares closed the week at $44.75, preserving the gains made on Wednesday.

"Everybody and their mother" among arbitragers has been buying Lotus shares, he added.

Lotus shares plunged $8.875 in after-hours trading.

Lotus shares also rose, although by a smaller percentage, to close at $44.50, up $2.50.

Lotus shares rose $1 today, to $19.25, in over-the-counter trading.

Lotus shares rose $1.375, to $17, in over-the-counter trading.