I agree that SYQT has more room to go. The vast majority of those 26 Million shares traded yesterday were bought above $5 a share. The Comdex Show could prove to be an all-out war between Iomega and Syquest. Should make for an interesting convention.
Seems the old, fat, cigar-chomping guard at Syquest is gone, and a new, lean, mean team is on board. Kind of reminds one of an insignificant Bornoulli drive maker at the end of 1994. This is a prime motivation for all of these new investors piling into SYQT. The dream of getting into the basement of an elevator rocketing up is every investor's fantasy.
I just called CompUSA on 5th Ave, and J&R Music/Computer down by the Brooklyn Bridge, and both places are completely sold out of Syjets. There is a genuine anti-Iomega sentiment out there who feel burned by a disastorous rebate program, faulty drives and cartidges, and non-existent customer service. Several months ago, I posted on the Iomega Thread that a couple of friends of mine, who run a multimedia studio, had problems with their Jaz drives and cartidge failures. I was attacked with derision by daring to question the sanctity of IOM. I was accused of merely trying to poison the love-in over there. Lo and Behold, it turns out that Iomega then issues a recall on some Jaz discs, and Roland Corp. drops Jaz as an option due to numerous customer complaints about drive failure. Then there are the numerous Usenet complaints about Zip's "clicking death syndrome."
Everything is not so rosy in Iomegaland these days.
Syquest is already known and accepted to be a sick company- but a sick company with a bright future. This is enough to draw risk-taking investors in, and drive the price up and up. |
