FYI(from Schwab):SAF-T-LOCK (LOCKC) 4 1/4 +1 1/4. Issue is starting to lose some of its luster after a regional brokerage firm went after
the company with guns blazing. Earlier today, Key West Securities reiterated its "sell" recommendation following a
phone interrogation, in which the company's president revealed only his name, rank, and serial number. Unfortunately, for
Saf-T-Lock shareholders, his talent for remaining quiet has gone over about as well in the stock market as it would in a
prisoner-of-war camp. According to Key West, the company's president, John L. Gardner, refused to comment as to how he
could market a lock for "loaded guns" when small children can open their lock within a couple of hours. Mr. Gardner also
refused to disclose or to comment on how many shares insiders have dumped over the past 24-hours. Along with the
Key West "sell" recommendation, the exodus of momentum players has driven the stock from its intraday high of $5.75
(approximately 1050% above the price the stock closed on Wednesday). As we stated yesterday, the company told Briefing
that it has not engaged in talks with any on the nation's gun manufacturers to license or sell its lock. And, while the
company still has that little Nasdaq delisting issue hanging over its head, it is impossible to deny that an investment in this shaky
Tequesta, Florida company has been worth the ride; at least for those who purchased shares below the morning's highs. An
investment at yesterday's closing price would have made you more than 40% today, and more than 85% if you had exited
somewhere near the intraday high; of course, that excludes transaction costs.
Any insider who did not dump his/her shares must have been comatose! |
