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Pastimes : CNBC -- critique.
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To: Alice Scandura who wrote (1054)6/13/1998 11:43:00 PM
From: Sir Auric Goldfinger  Read Replies (2) of 17683
 
CNBC's biggest blunder was LOCK (formerly LOCKC). The day that Clinton reached an agreement with 6 of 8 gun domestic manufacturers agreeing to ship 7 sell their guns, CNBC flashed on the "only pure play" in that area. What they failed to disclose was that LOCK had no cash, 500,000 of inventory that was worth at most 50,000 as it's product was overpriced relative to the competing product provided by the likes of Master Lock et al. As well, they failed to disclose that LOCK was about to be delisted from the NASDAQ.

No matter,as the stock traded from 5/8 to 5 & 1/2 in two days. It has been able to, because of the publicity generated by CNBC, get financing in the form of a death spiral pfd and thus stay listed on Nasdaq. Last week, all hell broke lose as the president was fired, the Company reversed an announced deal with SLIC a bs laser company that was supposedly doing to make a gun lock that could detect the owners fingerprints. That "deal" took the stock to 5 & change again.

All the while there has been huge insider selling from the start. CNBC should have checked LOCK out before it publicized the company or at least provided both sides of the story. Retail investors have gotten clocked on this one. It closed at about $3 on Friday and is set for more of a decline. Some of the more shadowy figures on Wall Street are clearly under investigation and everyone is backpedaling like crazy.

CNBC owes it to its viewership to follow-up and come clean on this farce. Comments?
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