MH (8426)
I have been receiving research from and dealing with Pacific Crest Securities for a couple of years. Although a very small firm (hq-Port-
land, Ore.) their clients include most of the biggest institutional account in the country. They have limited their research to just a few groups - internet, software, retail, banks.
Their price targets on the internet's was aggressive, but in the case of GNET, their initial target was blown away by a substantial amount. If you remember they initiated coverage in early January, and the stock sky-rocketed immediately thereafter. I do believe Steve Harmon's listing of GNET as his number 1 pick for 1999 came out slightly earlier. GNET today is still Pac. Crest's Number one internet pick.
As far as other stocks and their price objectives, they like all other firms that initiated coverage near the top of the recent move, didn't fare so well if investors acted at that time.
As much as I consider GNET my No. 1 pick in the Internet field, unfortunately, with all the junk coming to market, and the pipeline of upcoming internet IPO's overflowing, all internet stocks, even the great ones like GNET, will be subject to extreme volatility, including short sellers who will make money. As per my previous posts, you can help by transferring your shares to a cash account or to the cash portion of a margin account, thus not allowing your broker to lend your GNET to a short seller. In addition, at certain times, either on extreme strength (wouldn't we all have liked to lighten at 199 and buy back later) or the beginning of a downtrend, it seems to me to be prudent to lighten a position or at least hedge by buying a put or selling a call.
NN(8434)
Talking about getting additional coverage resulting from future PA
or Vulcan underwriting activity, I hope they are more successful than they recently were, namely PA/VV paid Montgomery Securities a ridiculous large fee to provide the "useless" fairness opinion on the PA/GNET transaction. If he couldn't twist their arm to get coverage for GNET, maybe we post-ers should retain the services of Jesse "the brain". He looks like he could still mangle an arm or two.
As to the Company you described, let me guess - GNET
Thanks
MarX
PS: on preview/edit of these posts, why does internet always come up red as a misspelled word?
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