Yeah, you were right on ADVC(E)....
by the way, Stonegate (was involved in issues like icom, or alyd/....) issues a buy reco for Finet, and some folks take it by words... sending the stock up over 1 in aftermarket casino.
>>>>>>>>>>
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Friday July 21, 3:45 pm Eastern Time
Company Press Release
SOURCE: Stonegate Securities, Inc.
Stonegate Securities, Inc. Initiates Coverage on Shares of FiNet.com, Inc. (FNCM-Nasdaq) With a 'Buy' Rating
DALLAS, July 21 /PRNewswire/ -- The following is being issued by Stonegate Securities, Inc., a member of the National Association of Securities Dealers, CRD number 6376.
Stonegate Securities, Inc. has initiated coverage on shares of FiNet.com, Inc. with a ``Buy'' rating. FiNet.com, Inc. (Nasdaq: FNCM - news), through its wholly owned subsidiaries (FiNet), is a provider of on-line technology and mortgage services to businesses and to consumers. The company's business-to-business (B2B) platform offers Internet functionality and competitive mortgage funding services to the nation's 36,000 mortgage brokers, enabling them to compete more effectively. Through FiNet's direct-to-consumer (B2C) platform, consumers can compare, apply for, and obtain loans directly over the Internet in all 50 states from the company's own full service mortgage bank, Monument Mortgage.
According to Stonegate's research report dated July 21, 2000, ``FiNet.com has shifted its focus from the brutally competitive B2C on-line mortgage market to a more lucrative B2B approach that empowers mortgage brokers with the company's state-of-the-art technology and essentially enlists these brokers as FiNet's marketing arm.''
``FiNet recently announced a significant strategic alliance with Calyx Software, the decisive leader in mortgage loan processing software, which should propel FiNet ahead of competitors by placing the company's loan origination technology and lender services on the desktops of over 20,000 mortgage broker offices across the U.S.''
``Several initiatives, such as the transition to higher margin loan products, a drastic cut in marketing costs (a decrease of over 78% from this time last year), and a reduction in personnel (25% reduction in staff in the most recent quarter), should offer longer-term earnings growth potential.''
Disclosure and Disclaimer
The information contained herein is based on sources which Stonegate believes to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. Because the objectives of individual clients may vary, it is not to be construed as an offer or the solicitation of an offer to sell or buy the securities herein mentioned. Stonegate and/or its employees and/or its individual shareholders and/or members of their families and/or its managed funds may have positions or warrants in the securities mentioned and, before or after your receipt of this report, may make or recommend purchases and/or sales for their own accounts or for the accounts of other customers of the firm from time to time in the open market or otherwise. Stonegate Securities, Inc. has been retained to perform investment banking services for FiNet.com, Inc., and has received remuneration for these services in the form of warrants. Additionally, Stonegate Securities may assist FiNet.com, Inc. in raising equity or debt capital, and would receive additional compensation in the form of fees and/or warrants if successful. Any research issued by Stonegate is the independent work of Stonegate Securities, Inc. and is not to be construed as having been issued by, or in any way endorsed or guaranteed by, any issuing companies of the securities mentioned herein. While Stonegate endeavors to update the information contained in its research on a reasonable basis, there may be regulatory, compliance, or other reasons that prevent them from doing so. Opinions expressed are Stonegate's present opinions only and are subject to change without notice. Additional information on any securities mentioned is available on request.
SOURCE: Stonegate Securities, Inc. |
