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Technology Stocks : Cybex (CBXC) Anyone watching?
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To: Tony Taccone who wrote (9)5/5/1997 3:17:00 PM
From: John Howell   of 57
 
Tony,

I have been following this one since I shorted it at its IPO for a quick pop. I think that part of CBXC's problem (if you want to call it that) is the way the IPO was handled.

Cybex is in my backyard (literally, I can see their ofices from my window), so I was very interested in the IPO. J.C. Bradford (Memphis) was one of the underwriters of the issue. I called one of their brokers who I knew to ask him if I could get shares. The answer was no because the issue was oversubscribed. The broker told me that this was because Cybex "was one of the hottest Internet plays of the 90's". I asked him to send me their prospectus and it became apparent to me that Bradford either knew very little about their business or was capitalizing on the Internet mania at the time. Since I was familiar with Cybex's business (I know some employees) I thought that a short opportunity might exist, as was the case.

Since then I've watched the company go unnoticed by the street, in part because so many people were burned the first time. The company is a solid business with an undervalued stock. They don't do a very good job of getting their story out, which is O.K. by me since I am accumulating.

This is a great long term stock for an IRA or just to hold. I'll post in the future if I hear anything of "local" interest.
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