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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 683.21

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To: Johnny Canuck who wrote (40834)	3/12/2004 11:14:07 AM
From: Johnny Canuck	Read Replies (1) of 69380

9:23AM UTStarcom to buy back up to 5M shares (UTSI) by Michael Baron NEW YORK (CBS.MW) -- UTStarcom (UTSI) said its board has approved the repurchase of up to 5 million shares of its outstanding stock. The company also said it has bought back 1,623,000 shares in a privately negotiated transaction with an institution. As of Feb. 29, the company had 117.1 million outstanding shares. "We believe that UTStarcom's stock is undervalued in the marketplace and as such represents a sound investment for the Company," said Mike Sophie, the company's chief financial officer, in a press release. The shares closed Thursday at $30.26, up 2 percent.

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