Glenn, speaking of the acquisitions, thanks for the heads up on the 8-K and S-8 filings. Funny that they would disclose financials on Junglee (the 8/27 8-K), but not on PlanetAll. Even at today's price, it's a $60 million deal - surely they aren't suggesting that it is immaterial. Interesting to note, since I missed it before, that they are treating PlanetAll as a pooling, resulting in no goodwill (just add the balance sheets together -oops, we don't have one) and, if it looks anything like Junglee, adding little in the way of assets or revenues (but plenty of losses?).
Anyway, I bet those Junglee and PlanetAll shareholders are getting antsy waiting for their 2.4 million shares (plus option shares) to be registered. Think they're buying puts?
Oh, another interesting thing from the filings (which I think you noted this morning) is the 6.9 or so million option shares that were exerciseable. That was at 12/31 wasn't it? It didn't appear to be split adjusted, so wouldn't it be 13.8 million? I'd better go back and check, but either way, I recall a S-3 filing last fall that registered ALL of the shares in the option plans. This would allow the holders of these options to exercise and sell immediately without a 144 filing. Officers and directors would still have to do insider filings, but that happens well after the actual sale. Non-"Insider" employees would file nothing.
Anyway, looks like the trend is being our friend, for once. Another closing low, nice reversal of the opening gap up, and volume was picking up as the decline started this PM. Isn't this a pretty chart? tscn.com
Looking at the daily chart, that was a nice pennant we broke from last week. tscn.com
I think the fall would be faster if the market wasn't rallying (which, BTW, I think is over for now) and YHOO and AOL weren't supporting the sector. It'll be interesting to see how AMZN does if the market's rally really is over - whether we bounce at $65 again or just blow right through it on the way to $40.
Regards,
Bob
PS: Did ya'll see the news today that the YHOO/MCI ISP deal is dead? MCI pulled out due to the sale of their ISP biz to Cable & Wireless. C&W gets the subscribers, too.
PPS: Re the general market, a short-term sell signal today on the "five day trin". A five day total on the NYSE trin of <=4.0 is considered a sell signal (>=6.0 is a buy) and it looks like we got to 3.97 today. |
