I have been buying for the past few weeks a thousand at a time, day
limit orders at the ask and only get filled half the time. Sometimes
it comes back and sometimes I have to step up. Yesterday, just for
grins, I threw in a market order when I was not getting filled at the
ask (3 bid, 1/4 ask) and got filled at 7/16s! It never moved down.
Today its a half with no volume. You simply cant buy this.
Fortunately, I got most of what I wanted in the low 2s grabbing all
the bits and pieces that were being dumped but even back in October
there was no opportunity to buy hunks only dribs and drabs. So if
tomorrow comes in on plan with a good CC there will be simply no way
to buy it but to pay up. They have a book somewhere around a buck
and change, good cash position, a recent acquisition that will be
accretive in 99 and possibly no writeoffs, a growing Internet
business, they were featured in the press releases from the Internet
Catalogue site, there are brokers who follow SKYM, I believe they
have a calendar of events coming up and they are somewhere around
50% privately held. But there is limited liquidity. You have to be
a stealth buyer and very quick on your feet on the sell side. But
with the Internet wild card this has the ability to rocket. One of
my associates spoke with the company a while back and suggested they
change their name to Skymall.Com and they just laughed. I kind of
like the name myself. |
