For any interested in internet stocks ready to make a move look at OTEXF. Company has contracts with Ford and Nissan, was just recommended in Barrons on Feb 21. Been following for a couple months, they just announced closing yesterday of 1.75 M warrants at 20.85 placed with institutional investors. Many think proceeds to be used for aquisition in piece that follows. Have a great website at opentext.com......here's a recent article on company. I think ready fpr a 2-3 pt move now. Trading at 19 5/8 x 3/4 now
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Open Text Shares Up On Acquisition Rumors, Momentum
TORONTO --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.
Analysts also say the Waterloo, Ont. company gained a lot of attention when it was mentioned as a cheap Internet stock in a Feb. 21 Barron's article. The stock was trading at about $14 at the time. Investors like the idea that the company has finally become profitable and is set for strong growth this year and next, analysts added.
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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