I have been following this stock since 1995 when its trouble started - Zip by IOM of course. Since then, I have been in/out this stock several times. I think I probably had my money trippled on this baby. The only time I almost kiss the death was that I bought it at 12 3/6 (because I like EZ135; I have three of them and still using them everyday). I watched it dived all the way to 4 7/8 on 5/8/1996, and guess what? I sold that block at 12 7/8 on 5/21/96, right after EZ Flyer announced.
I follow this thread (not as often as PAIR). All of us are trying to find the reason for this time run up, but I yet to see this reason:
back order, SyJet supply problem
On their last quarter report they already stated that problem. It should not be a problem now since we give them at least three months to fix this problem. Why?
1. SyJet and EZ Flyer are priced right?
2. Mass advertisement on major Sunday newspaper?
3. Got decent reviews from several magazines?
IMO, without the Syquest management awaring this 'problem', we won't have insider buying news came out - not just once but twice.
Sold my previous holding on 9/22/97 after it broke 3 (50 cent profit per share). Why I bought it back on 9/23?
1. 9/14/97. The NEC hard drive (NT server installed and boot) on my desktop died. Own it 16 months, store refuse to take it back, NEC dosen't deal with end users. Mad, really mad, what should I do? Ok, will buy 2 IDE SyJets (C: and D:), buy a sector copying software call DriveCopy, I can back up at low level, and I can do mirror if I want to. Come on NEC, SEG, WDC, QNTM, or JTS, make my day.
2. 9/15/97. Send in Syquest 'Trade-up' program fax form.
3. 9/18/97. Syquest minor break out closed at 3.156 10,422,000 shares
4. 9/22/97. Sold SYQT at 3 1/32. Trust me, it's going to dip again, I am so experienced on SYQT, will buy back when dip below 2 1/2.
5. 9/23/97. Call Syquest about the fax I sent in.
"Our representative will be with you shortly" music ...
5 minutes later "My name is ... Can I help you?"
"Call to check the fax I sent a week ago? Am I qualified or not?"
"SyJet is in backorder, please check back in two weeks."
"Just want to make sure you got my fax!"
"We will try our best but just can't handle the amount of order at this point..."
6. 9/23/97. Bought back all the shares I sold yesterday IN A PANIC MODE. This is the first time I use market order on SYQT. Got it at 2 15/16.
Something is going on, since 9/18, volume always over one million EVERYDAY - NO NEWS. This period is longer than EZ Flyer announcement period; longer than SyJet announcement period; longer than previous quarter positive announcement period.
Now, how much do you want to pay for this stock if they can breakeven this quarter?
WDC, SEG, and QNTM sectors is in shit now, if they want to get into removable business, can they afford SYQT? Oh no they are diluted into an unbelievable level, even IBM can't afford it!!
What we really need immediately is good short position, without the squeeze, this baby won't fly to the next stop - 5 3/8 set on 12/3/1996. |
