GMGC General Magic is in a "trough" right now. Zillions of preferred stock, convertibles etc.outstanding, one of my short darlings at $7. Printed recently (Mar 11th) under $3.
Enormous hype potential. Load up!
>>>>>>>>>>>>>>>>>>
General Magic Shares Fall On News Of Wider Loss, Lack Of Major Deals
Dow Jones Online News, Thursday, March 11, 1999 at 16:50
NEW YORK -(Dow Jones)- General Magic Inc. shares fell 20% and set a
new 52-week low Thursday after the company announced a wider
fourth-quarter loss and failed to deliver on investor expectations for
major service agreements with telecommunications companies.
Late Wednesday, General Magic reported a loss of 51 cents a share for
the period, compared with a year-ago loss of 34 cents a share.
General Magic (GMGC) said that a marketing trial with Quest
Communications International Inc. (QWST) is progressing according to
plan. The company expects to make an announcement at the end of its
second quarter in July, said company spokeswoman Judey Radlinsky. Also,
at the end of the second and third quarters it plans to announce the
results of internal trials with about a dozen companies.
"People were expecting them to say, 'Our numbers are crappy but look,
we have this (deal),'" said analyst Greg McClenon of Moors & Cabot
Dakin, referring to speculation of a deal with Qwest Communications.
In December, Qwest began a market trial of General Magic's Portico
product, which allows users to access e-mail, voice mail, stock quotes
and news, as well as schedule meetings, over a phone with voice
commands.
General Magic shares fell as low as $2.813 Thursday, past the
previous 52-week low of $3.625 set one year ago. The shares ended down
93.8 cents at $3.813 on volume of 2.4 million shares, compared with a
daily average volume of about 959,000.
- Zahida Hafeez; 201-938-5176
Copyright (c) 1999 Dow Jones & Company, Inc.
All Rights Reserved.
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