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Technology Stocks : Paxson Communications (PAX)
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To: Dave Sullivan who wrote (58)1/1/1998 8:03:00 PM
From: webpilot  Read Replies (1) of 154
 
Yesterday saw positive action in the stock. Prolonged period of tax selling is finally over and may now clear the way for an upward move. Saw a block of 199,800 about 2:30 pm. Mr. Paxson's purchase of 72,000 shares around 10 shows that the stock is undervalued. I don't think that he would buy at 10 in anticipation of a move to 12-14, quite the contrary, I would like to think that he is getting at least a 50% discount. Recent downgrades by certain brokerages are also positive in my view. By downgrading they are better able to see the true bottom of the stock price, or at least a clearer picture. I see real support around 7.375. I am a firm believer in going against their recommendations. Just as you or I would do if we were out buying a car or a piece of art. We are not going to bad mouth anyting that we are not interested in, but rather only the one we really want. We want to drive the price down. Usually after the stock doubles or triples, the house will issue a buy recommendation inorder to create a market for their sales. Smart business. 10 days ago they were downgrading the airline sector. Even though you can not get a seat, and oil prices keep dropping, they downgrade because they said that they cannot sustain their present rate of business. After the prices of the stocks dropped, just this week they issue upgrades. What happened? Up we go again. They sell and make great short term profits. Anyway, just the fact that they follow PAX is a very good sign. Another good thing happened for PAX this week. The Sienfeld show will sign off. That massive audience is now up for grabs.
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