Yesterday my broker told me about a Dow Jones report on Mytec, based on an interview given by Grecco. I should be getting a copy in the mail, but if anyone has it, they should post it.
Apparently, he said that when the stock went up last year, that it was over valued. (Brilliant move Grecco!)
He also said that the market was much smaller than previously stated, since it doesn't make sense to spend $900 for a Touchstone unit when you can buy a whole computer for the same price. Does this sound like a guy who has 600,000 options?
It sure can't help his claim that Mytec will sell 1,000 Touchstones this year. (At the halfway point in the year, they've sold less than 50. What are the odds?)
He goes on to say that the company won't make money for 2 years. Some time in the future Mytec will have a $150 product, but he won't give any sales projections. (So much for believing the story.)
So, if I'm an investor, what am I supposed to do with information like that. I'm certainly not going to go out and buy more shares. If anything, I'm going to think about selling a few thousand.
It seems that if Grecco's not reading a prepared speech (like at the shareholder's meeting) he doesn't know what the hell he should be saying. This story keeps getting scarier and scarier. At least his predecessors could lie convincingly. This man should be barred from talking to the press. He's a dangerous liability. |
