This is why I'm out of NTOY
This is why NTOY isn't firing.
Why is it that I had to bring the Samblis 'thing' to their attention last week after seeing that A@P had shorted the stock on SI. I don't believe Netoy knew of his troubles with the SEC until I e-mailed them (among others).
Here is the first hint of trouble with NTOY:
techstocks.com
As you can see I am not far behind:
techstocks.com
So what happens next? The WSJ ad and Samblis's company remains listed as the PR link. This ad goes all over Wall St and look what those folks saw. If Netoy couldn't have arranged for their second PR firm before Monday - then the ad should have been pulled - or at the very least the company itself given as the info link. IMO this is why NTOY was flat on Monday.
Then what. Samblis and Fortune Marketing are fired the next day and two PR's are released within minutes - with one correcting the other. At least I had the sense to copy the PR that had this as the caption:
Interestingly - this caption is not to be found on the current March 30 News and there is only one release for March 30 now - not the two that were provided. Why is that?
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Message 8611950
March 30, 1999 11:48
Netoy.com Corp. Corrects Release Issued Earlier Today; Corrected
Release Follows in its Entirety
Netoy.com Corp. corrects BW1230, (FL-NETOY.COM) Announces Termination of Relationship with Fortune Marketing and Capital Consultants Inc. The corrected release follows:
Netoy.com Corp. Adds Additional Public Relations Firm
LARGO, Fla.--(BUSINESS WIRE)--March 30, 1999--Netoy.com Corp. (OTC BB:NTOY) has retained a West Coast firm that specializes in technology stocks as an additional investment relations firm.
ITWA specializes in providing public and investor relations services to assist companies in establishing and maintaining good relationships with brokerage firms, and in communicating effectively with investors, shareholders, market makers, securities analysts and others in the investment community.
The company also clarified that it is an authorized retailer for all the products sold on its Web site. Netoy.com Corp. is also very proud of the many "collectible" items that it offers on its site.
CONTACT: INTERWEST ASSOCIATES, Los Angeles
Ajay Anand, 714/612-0821
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What else do we have. I have e-mailed a number of sites about the erroneous 52 week trading data that is given for NTOY on many sites - even my dufus broker has the wrong trading range.
Take a look for yourself. On Yahoo! Finance and many other sites it's given as $0.25-$468.75. The true 52 week range - as given on BigCharts and SI now is $4-$19.50. The data providers have carried forward BANH data - including it's reverses. I e-mailed Netoy last week with this concern - what happens - nothing. This erroneous data is still out there. Take another look at the NTOY data on the Yahoo! Finance site. The chart is correct - but the 52 week trading range is wrong. A 'C' to Yahoo for getting it half right.
Am I way out in left field here about this data thing? Am I the only one who is concerned?
Why has there no PR that explicitly states the 52 week trading range? A clarification of the trading range should have been placed with the ad. How many stocks do traders look at before they make a pick?
Picture this. You're sifting through potential picks - come across NTOY - looks OK on the surface - check out some TA - see the 52 week range is $0.25-$468.75 and now it's at $12!! This erroneous data is still available on many sites.
Q. What happened to this stock over the last year?
A. Nothing - the data is wrong - but how would I know that if I didn't already know the stock.
Lastly - I'm sorry, but the NTOY-MLRE similarities are just too similar for comfort. They both target upscale markets, both have about the same number of shares in the float and outstanding and Samblis has both recently been connected with both. Sorry that just doesn't cut it. When I look at the MLRE chart I feel that I'm now looking at the NTOY chart.
I am not a fan at all of the Stock Detective site. However, perception in the market counts for a lot.
The Samblis episode is a debacle. It should not have happened.
Netoy management should have been on the ball - they weren't. What a great week - the web site launch the Wall St Journal ad - your go-to PR guy given on the ad is fired the next day because of his pre-existing SEC troubles. A new PR firm then comes - a day after the launch - who knows nothing of NTOY. Isn't that just great.
This is why the stock isn't working.
It may later - but they have made it very hard for themselves.
I have every right to be angry with this stock - at least I got out with only very minimal pain.
Furthermore, I have every right to post why I'm out. There may be some lurkers who would also find my reasons for getting out interesting - and maybe even informative.
I feel as though I have wasted more than a week with NTOY - no I have wasted it.
That's enough about why I'm out - there's more, but there are other stocks out there for me to consider who are more deserving of my $$.
Best of luck to every remaining here on your trades.
David. |
