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Technology Stocks : Ampex Corporation (AEXCA)
AMPX 10.80+6.8%Nov 24 3:59 PM EST
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To: Ed Perry who wrote (11038)9/15/1999 12:32:00 AM
From: Carl R.  Read Replies (1) of 17679
 
Given that the stock seems to be saying that the internet initiative is a failure, let us look at management's actions to see if they are acting like there is something wrong. If the internet activities were not a success, what would management and others be doing? We might see:

1. No large sponsors for new channels. But wait a minute, fcc had Discover and CDW, a couple Fortune 1000 companies.
2. Insider stock sales. No action there.
3. Executives leaving. Other than the termination of Gardy, no action there. There were some rumors of layoffs at TV on the Web as well, but the big hitters are still on board.
4. Repricing of stock options. Strike price on options granted to Internet executives remains at 4.25 (stock was around there when they were issued).
5. Refusal to exercise options to buy stakes in new channels. Ampex is still aggressively pursuing new channels, up to and including today's purchase of a larger stake in TV1.
6. Celebrities backing out of deals. Again, nothing happening here.

Thus the stock is saying one thing, and management actions are saying something different. Zeev has always said that you should believe the tape rather than fundamentals when they diverge. In this case I am going to stick with fundamentals.

Carl
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