Kellygreen, join the club,pal. Most everyone,including myself, are underwater w/PSIX to some degree or another.
As far as catalysts, only ones I can think of are earnings(11/2) and any announcement regarding Inter.net(spinoff, sale,cash investment) which should be in the next 2-4 months,I would imagine.
Of course, if you've been around PSIX for any length of time, you should realize that Psinet very rarely moves on good news. And most of the catalysts that one thinks should move the stock up end up moving it down.
PSIX does and will move when this large fund(s) gets done dumping shares down our throat. This is the only thing I can come up with. Maybe it's early year end selling, maybe some institutions repositioning, who knows.
But Psinet will move and it will move quickly when whoever is sucking up these cheap shares begin to outnumber the sellers. It has done it many times before and no one can dispute that it is way oversold, that is beyond contention.
Post split at approx. $60 PSIX was worth just south of $10 billion, I believe. After MMWW acquistion we dropped 8-10 points but due to new shares we were still worth 5-7 billion.
Since then share price has dropped from $30's to $6 bucks.
All of us know Psinet is worth more than a billion dollars(roughly what it is trading at now). Do we even need to further discuss the value of the individual parts of Psinet?
Does anyone really think that Psinet will not get the cash they need?
Does anyone think they'll really file chap 11?
Does anyone think they'll really downsize data center buildout next year when webhosting is the one of the hottest sectors right now?
So, sit tight,friend. Hopefully we'll all be rewarded soon.
regards,
cg |
