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Technology Stocks : CMGI What is the latest news on this stock?
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To: jtechkid who wrote (507)5/26/1998 4:15:00 AM
From: ajunkh  Read Replies (2) of 19700
 
Gotta take issue with you here, techkid.

1) Even if you are a real Internet skeptic, CMG's assets give it an intrinsic value of more than $10 a share! Thestreet.com put forth an analysis that gave the company a value closer to 1.4b a while back. However, if you don't buy the idea that any of today's strongest Internet stocks will ever make good money, then shorting CMG is certainly a good way to short the entire industry at once! Call me crazy, but I'm holding simply because I want to have a stake in new Internet companies at venture capital valuations. They are using their cash to invest in new companies, by the way.

2) The people who own CMG are not all momentum people. Among individuals, many of us on this thread bought below $30 and don't plan to sell any time soon. I don't consider myself a momentum player. More significantly, perhaps, is the fact that a lot of institutional money went in after a big conference they held in New York for portfolio managers in April. (http://archive.thestreet.com/980413/companies/topstories/27525_4131998.html)
My guess is that most of these managers knew the chart and knew the company a bit before attending the conference. They bought in big numbers after the conference. It seems reasonable to assume, therefore, that they bought at least partly on the basis of what they heard and not solely on the basis of price momentum. I don't consider such investors momentum players either.

Good luck to 'ya.
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