Vanni wrote >> This stock sucks << Novell intends to sell one million of its Corel shares
By JILL VARDY
Technology Reporter The Financial Post
OTTAWA -- Novell Inc. plans to sell up to one million shares in Corel Corp., documents filed with the U.S. Securities & Exchange Commission show. The notice, filed Friday, "communicates our intent to sell up to one million shares in the next 90 days," said Jonathan Cohen, a Novell spokesman. "Apart from that, I can't comment on any intentions or individual transactions." Novell owns 10 million Corel shares, about 17% of the company, as a result of Corel's purchase of the WordPerfect line of software from Novell in March 1996. Cohen said he is not aware of Novell filing its intention to sell any other Corel shares in recent months.
Corel stock (COS/TSE) closed up 40› at $4.90 yesterday. The stock price has tanked in recent weeks after Corel said it lost US$32 million in its third quarter because of poor sales of WordPerfect and other software. A smaller loss is expected in the fourth quarter
ending Nov. 30. Corel executives have promised the software company will be profitable again in 1998 due to a restructuring of its sales department and new product lines the company says will boostrevenue.
canoe.ca
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Love,
Joe...<believe me Vanni, I know how you feel...<s>>
From the "other" stock NOVL that sucks even worse...
PS: I know this was posted upthread, but I just couldn't help it <grin>. I hate both of these companies... |
