Midway Games - MWY Message Board

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Technology Stocks : Midway Games - MWY

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To: Richard Spitzer who wrote (195)	2/11/1999 8:11:00 PM
From: Don Westermeyer	Read Replies (2) of 278

'The Clueless Insiders' ... smartmoney.com <snip> Then there's Midway Games (MWY), a manufacturer of arcade games and software. There's been insider buying here as well but it has mostly been one person, Sumner Redstone, chairman and CEO of Viacom (VIA). Redstone made four purchases between Sept. 1 and Dec. 17, scooping up 940,800 shares between the prices of 9 1/4 and 12. He now owns approximately 25% of Midway. But if you thought it made sense to buy Midway because of Redstone, you'd be dead wrong. Why? Redstone's affinity for the company can't mask the fact that Midway expects earnings and revenue for the second half of this fiscal year (ending June) to be below the figures for last year. So Redstone may be slowly accumulating a controlling interest on the cheap. But that doesn't seem to be doing existing shareholders any good.

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