More on SCI price plunge.
Finally, a comment from "the authorities". Briefing.com yeterday blamed it all on the sector:
CEM's finally breaking down as well... In this case, weakness due more to profit-taking after group zoomed well past its fundamentals
in October-Jan rally... Would steer clear yet, as additional losses likely over near-term... Monday's big losers included Jabil (JBL 70 1/16 -3 1/16), Solectron (SLR 84 3/16 -3 7/16) and SCI Systems (SCI 49 1/2 -5 1/2).
Comment: What a lot of hooey.
SCI fell worse than any other OEM/CEM, of significance, and some firms in the sector have actually gone up. If you have access to the Telescan sector analyses, you will see that Hadco, for example, went up 12.3% this past week (cf. SCI down by 10.3%. Hadco is down 5% for the most recent six-week period (compared to SCI down by 14.9%). Even more painful (for me), is the fact that Plexus (stock in which I sold a year ago) is up 18.9% for the past 6-week period, and was down only by 1% during this past week. And so forth and so on.
Some comments from the Yahoo Board:
The registering of 2 million shares at $56 13/16 equal a maximum proposed aggregate offering price of $113,625,000 and not
the $1,113,625,000 (billion) as indicated in the filing. $1,113,625,000 represented about a 1/3 of the market cap going into today. Did the market over react to an obvious error?
Comment: How could anyone make such a stupid error in the first place??!!
R will tell you that the company's management wasn't involved in those events. That well may be true, but someone in management told somebody something, it's that simple and clear. I'm most upset with the company's failure to release Q2 earnings results as of yet. The damn 10-Q is due by Feb 15 or it's late.
I'm filing a complaint with the SEC tomorrow, sec.gov citing what transpired on Friday, 1/29/99. If you decide to do
the same, select Investor Assistance & Complaints and then go to "How to Reach Us" from the site above. Click here.
tradepbs.com
=Fractions+&Action=Options&Symbol=SCI , to view those transactions I posted about earlier.
Comment: 1) Who/what is "R"? 2) Poster (Long and Longer) never made it clear WHAT he posted about. 3) But nice to know you can complain to SEC!!
Anybody able to check (1) and (2) out? I can't post to Yahoo -- they have completely screwed up my ID & password, and there is no way to set it straight. (God, how can these high-flying companies manage to be so inefficient??!!)
jbe
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