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Technology Stocks : Southwall Technologies
SWTX 46.990.0%Jul 1 5:00 PM EST
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To: Skeeter Bug who wrote (1093)8/12/2002 10:07:10 AM
From: Czecho  Read Replies (1) of 1143
 
If this were a normal company, I would agree that the news wasn't devastating. However SWTX and its management is anything but normal, IMO. They just completed a secondary offering. I have spoken to someone who went to one of the dog and pony shows that were used to entice investors into buying into the secondary. Not a word was said about problems on the horizon, according to this source. Then a month later, they announce layoffs and possible losing qtrs. How is that supposed to create trust with the street? Never mind the fact the stock took a 2/3 haircut in price from where it was when the secondary was announced to where it settled. And now it's down another 47% from the secondary price, and the vol has been heavy.
And let's not forget the accounting debacle that took place under the leadership watch of Herr Hood, who has steered the company onto another reef.
There is a stink that surrounds this company now, and the street has an acute sense of smell. They have been burned twice. IMO, that will make it tough to support any type of price north of $5 for the forseeable future.
Is it worth a trade down here?
Perhaps, but do not trust the people who are associated with the running of the company, and their investment bankers.
JMO.

Good luck in your trading.

RK
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