Joe, whence you come down from "IFLYing" in orbit, here's one to seriously consider for tomorrow...
EVOL (NASDAQ)
Went down 39% today on investors' panic... After the closing bell it was upgraded by Goldman Sachs, as well as others:
biz.yahoo.com
From CBS MarketWatch:
>>"The shortfall is obviously a shock to everyone," said UBS Securities analyst Michael Agarwala.
Evolving Systems sells a product that lets the customers of phone companies keep their phone number when switching service providers. The feature, called Local Number Portability (LNP), will eventually have to be implemented at every telecommunications company that offers local phone service, according to government mandates.
A new customer base
Most of the big telephone companies, such as WorldCom (WCOM) and Sprint (FON), have already implemented the feature on their networks, so the next wave of customers was expected to be the competitive local exchange carriers and the wireless telecom providers which have sprung up since the Telecommunications Act of 1996 was signed. Unfortunately, Evolving had more trouble than expected nailing down many of these customer wins.
"We have recently learned that certain of these prospective contracts which we had expected to close ... will not be signed and implemented in June," said Evolving CEO J. Richard Abramson in a statement announcing the earnings disappointment. "We are confident, however, that a number of these contracts will be signed and installed in the third quarter.''
Agarwala said the smaller phone companies Evolving must now target aren't committing as many resources to implementing number portability features as their bigger brethren. "A lot of these companies may have one or two people looking at LNP among a lot of other things, so depending on what fire is being fought, it's often put on the back burner."<<
Great buying op <imo>
:-)
Z
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