Item #1: This thread has far more posts than the other IMON thread so hopefully this will be the "one" so it's easier to track conversation.
Item #2: What I like about IMON so far...
1.) Company is into web browser/products. Hot sector or what? <g> If their WebZinger is a hit we don't have to worry about whether or not they make any money or what their P/E is (hard to believe I wrote that, but based on other Internet stocks it's justifiable). Investors are giving a lot of leeway to these web companies so if current revenue is weak, it will be highly tolerated by the market, IMO.
2.) Yahoo quotes says Henry Fong is the Chairman/CEO of IMON. Apparently this is the same Henry Fong who is the CEO of EQTX, a NASDAQ stock that has gone up over 700% this year (with no "spikes," just a nice upward slope). I'll assume it's the same Henry Fong and make this statement: He obviously knows how to run a business. (Note: The guy is loaded, too. According to insider trading records, he bought 50,000 shares of EQTX on 11/28/87 at $6.81/share--His current EQTX holdings are 694,984 shares!)
3.) From 1/7/99 IMON conference call notes:
Sun convinced Imaginon to switch from C++ language to Java Script to allow cross platform usage. (I.E usable on all computers).
Also this statement:
Intel has placed ImaginOn representatives within their booths at Trade Exhibitions.
What the heck?? If there's any truth to the conference call notes (originally posted on Raging Bull) then this is huge. How does a seemingly unknown startup get to rub shoulders with two monster players like Intel and Sun Microsystems? We're either dealing with a masterfully well-done sham here or this is for real (I'm inclined, so far, to believe the latter).
Item #3: What I do not like about IMON so far...
1.) We don't really know anything about this company. How many outstanding shares? What is the float? So far, a lot of hype, and hype often means that what goes up can come down very fast. (Note: I find Yahoo's figures of 5.34M Outstanding shares and 2.1M float very hard to believe. I think that represents the former company).
2.) Rumor that stock stalled around 1 9/16 because of an inside seller dumping over 100,000 shares. Eh??? Just an unsubstantiated rumor I hope, but it doesn't make sense to me that someone would dump so much of a "great" company's stock (ergo, maybe the company isn't so great).
3.) IMON President Dave Schwartz posts on Yahoo thread as IMON_2nd. Eh??? Some will view this as a positive, but it seems to me that any corporate President who has so much time on his hands that he can make such posts has probably not got a lot going on.
4.) Reviews of WebZinger (free download from webzinger.com) have been mixed on SI and Yahoo threads. Some posts say it's fine/great, others that it is lousy. General consensus, I think, still to be determined.
That's all the 2-cents I got so far.
It's hard for me to imagine that the price won't go up tomorrow based on all the hype and general sentiment that this company is for real.
Will be very interesting to watch...
Chris |
