Did you see this, Jer?
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UPI Chicago, 7/16/99
After the bell today Waste Management Inc. (WMI) announced their long awaited Internet strategy. Speculation began earlier this week on the popular CNBC morning business show, Squawk Box, that WMI was working on such a strategy. The company which specializes in solid waste removal and processing and has been struggling of late due to accounting irregularities, is down approximate 40% from its 52 week high of 60 but closed up 3/16 at 36-1/4 today.
An unnamed company spokesperson announced that WMI has reached a definitive agreement with both America On Line (AOL) and Yahoo to dispose of the waste created each time a computer user empties the
Windows recycle bin. Using a proprietary Internet connection, the waste will be transported to one of six yet to be constructed processing facility, where it will be recycled in new bits and bites, which will then be sold to consumers. The new service which will be called WMI.com will allow Internet consumers to be able to purchase recycled bits and bites on line for less than the cost of new ones from your local computer store. The spokesperson went on to say that recycled bits are every bit as good as new ones.
Some Government regulators have, in the past, expressed concerns about privacy issues, however the WMI spokesperson assured reporters that the waste files would be thoroughly shredded prior to recycling and that no unauthorized WMI employees would have access to any data that they may contain.
In a related story the Federal Bureau of Investigation (FBI) has
expressed concerns that criminals and subversives would be able to
destroy evidence of their crimes by using the new service. Siting
national security, the FBI has asked the House Judiciary Committee to begin hearings towards developing legislation which would allow law
enforcement agencies access to critical data prior to shredding.
On Wall Street, one Internet analyst predicted this announcement would "revolutionize Internet waste removal" and raised his 3 day target for the stock to 135-3/16. Upon further questioning, the analyst however admitted his firm held more than 10,000 Aug 60 calls, symbol WMIHL.
Shares in WMI where halted prior to the announcement, however, an SEC spokesperson has assured potential investors that the stock will be open for trading as usual Monday. |
