6:26AM Corvis highlighted in WSJ (CORV) 2.81: The Wall Street Journals column Tracking the Numbers highlights Corvis Corp, whose shares have soared 65% this year. According to article, the drumbeat began at 11:30 Saturday morning, Jan. 3, on the Fox News Channel show "Cashin' In." Asked for his stock of the year for 2004, Charles Payne of Wall Street Strategies named Corvis, saying the stock could triple this year. Never mind that a fellow panelist called Corvis a "lottery ticket," the tout got picked up by the chat boards. Also timing was right, because telecom sector has recently been popular. The company hasn't done or said anything to explain the big short-term jump. "There wasn't any major news on the company at all," says Andy Backman, Corvis's VP for investor and public relations. Finally, professional money managers, who had held off buying the stock at the end of 2003 for fear they would look dumb for owning a name like Corvis, put in buy orders when they returned from holiday. At the start of the year, money managers are more willing to take a chance on the stock, because they have the rest of the year to quietly unload the shares if things go wrong.
dave |
