INSP to be "deleted" from Russell 3000 on July 1st?
Remember way back in late 1999 or early 2000, when it was being widely speculated that INSP might be considered as a candidate to be added to the NASDAQ 100?
Well, with regards to INSP becoming the "World's first trillion dollar company, bigger than MSFT, CISCO, and INTEL...COMBINED," it sure looks like that modestly flippant little prognostication by Jain may very soon become one hell of a lot tougher to achieve, as of July 1, 2002. And according to the article below, the Russell 3000 Index "accounts for about 98% of U.S. companies available to the investing public."
Not only that, but tomorrow will be the 30th. consecutive day that INSP has closed below $1 per share. So, perhaps sometime around July 1st. it could end up being a double-whammy of really bad news for the future "World's first trillion dollar company." INSP might very well not only be dumped from the Russell 3000 Index on that date, but also may be receiving a "Delisting Notice" from the Nasdaq around that time as well.
But as Jain said during the recent shareholders meeting last month, something to the effect, "We don't focus on the stock's price on a day-to-day basis. We focus our efforts on executing our business strategy, and making profits." Well, it sure seems like Wall Street has spoken loud and clear, regarding how they've been doing so far.
OT(?): Did you see the CNBC special this afternoon regarding "Illegal Insider Trading?" They said that if the FCC investigates a company's insider selling, prosecutes them, and wins the case in court...a guilty verdict can mean both a huge fine, as well up to 10 years behind bars in the "Big House," (perhaps with a sweet little roommate named "Bubba"<g>). The program also said these cases involving the massive defrauding of investors are often proved by the FCC largely on "circumstantial evidence" only.
seattletimes.nwsource.com
Stephen Dunphy / Times staff columnist
The Newsletter:
RUSSELL 3000 TO GET FACELIFT
Small companies are watching what's happening in the Russell indexes these days. Tacoma-based Frank Russell Co. is "reconstituting" the companies that make up the Russell 3000 index, adding companies (they're growing) and deleting others (they're shrinking).
The Russell 3000 captures the 3,000 largest companies by market capitalization. Russell says that accounts for about 98 percent of U.S. companies available to the investing public. Making the list is important for companies because membership in the Russell 3000 qualifies them for investment by many index funds. Index funds buy baskets of stocks based on indexes rather than individual companies.
Russell recently published a preliminary additions-and-deletions list. The official switchover is July 1. The list includes eight local companies to be added and nine to be deleted.
Companies likely to be added are Avenue A, Drugstore.com, Cray, Nastech Pharmaceutical, Penford, Spacelabs Medical, Sterling Financial and Zymogenetics.
Deletions include Bsquare, Consolidated Freight, Dendreon, Internap Network, Eden Bioscience, InfoSpace, Metawave Communication, Microvision and Targeted Genetics. |
