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Technology Stocks : Redback Networks, Inc. (RBAK)
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To: Wizard who wrote (1285)11/9/1999 9:31:00 PM
From: Winston Lee   of 1956
 
Thanks for that analysis ... I generally agree with your views.

However, the biggest reason that I didn't consider investing in RBAK in the past was because they kept releasing shares - 3 times prior to lockup expiration. This was troubling because 1) maybe top engineers were selling out and quitting the company, 2) 3 secondaries prior to lockup expiration were unprecedented. At that point, I began to question the motives of MSDW and RBAK management ... do they not have long-term faith in the company? Why would the underwriters agree to early lockup - once or twice, probably okay, but 3 times?

I'm watching the trading on RBAK very closely - sometimes, how a stock trades is much more telling about a company than anything else ... the stock's come down a bit, and it is significantly undervalued compared to its peers. This is a definite dark horse - a potential huge moneymaker.
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