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Technology Stocks : Intek (IDCC)`
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To: Rex F. Jones who wrote (30)1/31/1997 1:38:00 AM
From: WMG   of 120
 
With regards to your assumption that todays price action was being driven by forced liquidation due to maintance calls, I can confirm that about 75,000 shares of the volume today was in fact just that.

I also know from talking with an OTC trader from one of the major wire houses that Lehman Brothers was a buyer today and was supporting the bid at $4.00 going into todays close.

Also, Hough has supposedly called a special board meeting for tomorrow to address INTEK's sliding share price.

I would be remiss if I did'nt comment on the technical trading pattern of the stock today. This looks like a classical "V" bottom in the making, created by forced liquidation and reminiscent of the commodities markets and thinly traded speculative stocks. A new intra-day 52 week low on high volume, reversing and finishing up and on the high trade of the day. This is a text book "candlestick" reversal, if todays action is followed by a narrow trading range tomorrow that stays away from todays low.

A year from now we will look back in amazement on why we did'nt recognise the value that this stock represents today. After all, the business model and finance plan are on track, just a little late because of the delay in getting the proxy through the SEC.

This is a fine company with strong experienced management, I just hope Simmonds doesn't make any more stupid moves like he did last month.
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