Mark, I saw UBNT get hit with a stream of unusual buying volume just before the close. Then in calling it up, noticed that it only goes back to July 26. Thought it might have been a recent IPO? There have been so many it is impossible to keep track. I was curious as to whether it might have been one of the IPOs that were released on bad days.
But after further research, it turns out the company had a name change. It traded as IJNT. Now IJNT only goes back to about April, where it appears to have been an IPO at around $12 bucks.
So I would have concluded as you that it was probably some short-covering. Except when I scanned the news. . .look at what was released all about the same time. Talk about strange . . . . "Sells Man Rabbit House" !!???!?? What on earth could that mean?
Here were news headlines on UBNT for today:
UBNT 13:23 DJ Universal Broadband/Refocus -2:May Close Ops Sept 1
UBNT 12:35 *DJ Universal Broadband To Close Or Sell Satelllite Ops
UBNT 12:35 *DJ Universal Broadband To Close Or Sell Satelllite Ops
UBNT 12:36 *DJ Universal Broadband In Talks With Buyers For Satellite Ops
UBNT 12:36 *DJ Universal Broadband To Focus On Core Business
UBNT 12:36 *DJ Universal Broadband To Close Or Sell Man Rabbit House
UBNT 12:35 *DJ Universal Broadband To Close Or Sell Satelllite Ops
Here is some info on the company from one of there press releases:
UBNetworks provides integrated broadband communications as a facilities-based competitive local exchange carrier, offering 21st century communications products and services with emphasis on VoDSL technology. The company's high-speed integrated services network will offer world-class performance from a flexible line of products and services to fit any broadband or voice need.
The company provides wired and wireless broadband communications over Digital Subscriber Line and other "last-mile" technologies, offering performance many
times faster than common dial-up modems, through the company's direct response, direct sales and value-added reseller channels. The company's customer base is
expected to grow rapidly as the network is expanded multi-regionally. The company's growth has resulted from aggressive marketing and sales, internal development, acquisitions, and strategic alliances.
Probably nothing, but it jumped up on my radar screen just before the bell. . .so I felt it was worth some looking into. . .
[EDIT:] Oh. . .here it is. . . .
IRVINE, Calif. (Dow Jones)--Universal Broadband Networks Inc. (UBNT) said it
will focus on its core business of offering wireline-based voice and data
services for small and medium-sized businesses.
In a press release Thursday, the company said it will close or sell its
satellite operations and Man Rabbit House operations, which were largely
terminated as of Aug. 1 following the breakdown of negotiations for the sale of
the business.
Universal Broadband also said it's in talks with several parties about
purchasing operations in one or more of the company's satellite offices and
wireless and Internet service provider operations.
The company said it will close the businesses Sept. 1 if it's unable to sell
them.
Universal Broadband is an integrated communications provider. The company's
shares recently traded at 3, up 3/16 or 6.7%, on Nasdaq volume of 94,600
shares. Average daily volume is 166,480 shares.
Rande Is |
