Some exceprts from todays news:
Open Text Shares Up On Acquisition Rumors, Momentum
By Scott Adams
TORONTO (Dow Jones)--Open Text Corp. (OTEXF) have risen 13.3% on heavy volume on Nasdaq, as analysts say there are rumors the company is close to making an acquisition.
"I have heard that they are looking at making an acquisition and, if it's the right kind of acquisition, it could make the company significantly more valuable," said Duncan Stewart, partner with Tera Capital Corp. in Toronto.
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The stock also appears to be moving on pure momentum. "The stock is on a roll," said Mark Pavan, analyst with Yorkton Securities Inc. in Toronto. "People are starting to look a little harder at them and all of a sudden everyone wants to own it," he said.
Open Text shares are up 2 3/8 to 20 1/4 on volume of more than 800,000 shares.
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Open Text Higher -2: Internet Document Mgmt Sector Hot
Mark Pavan, analyst with Yorkton Securities Inc., said the Internet-based document management company stocks are hot at the moment. He mentioned JetForm Corp. (FORMF) as another. "Open Text is just leading the charge," Pavan said.
Pavan had a $20 price target on Open Text and is considering whether to raise it or not. ............................................
Greg Vogel, analyst with NationsBanc Montgomery Securities Inc., sees Open Text earning 7 cents a diluted share in the third quarter, 49 cents a share in calendar 1998 and $1-$1.10 a share in calendar 1999. "This is significant growth," Vogel said. "We're pretty bullish on the stock.".................................................. |
