''The price has gotten ridiculous,'' Schwartz said. ''It was an offer I couldn't resist.''
Bloomberg. Globalstar Rises After CEO's Stock Purchase Disclosed (via g* yahoo thread
(Update1) (Adds comment from Schwartz in 6th paragraph. Updates shares.)
New York, April 9 (Bloomberg) -- Globalstar Telecommunications Ltd. shares rose 12 percent as investors followed the lead of Chairman
and Chief Executive Bernard Schwartz, who bought 100,000 shares of the satellite-operator for at least $1.29 million on March 31.
Globalstar rose 2 to 19. Schwartz's purchase came a day after the company's shares were at their lowest price since the start of the year. The
shares have rallied about 37 percent since then.
Schwartz, 73, is known for being a timely investor who made millions of dollars in 1996 from the sale of Loral's defense and electronics to
Lockheed Martin Corp. for about $9 billion. Schwartz's purchase demonstrates to investors his confidence in the company's plans to start a
satellite-based telephone system by September, analysts said. ''It sends a signal that he's putting his own money at risk,'' said John Bensche,
an analyst at Lehman Brothers Inc., who rates the shares ''buy.'' He forecasts that the shares will rise to $27 a share by year end.
Schwartz, also chairman of Loral Space & Communications Ltd., bought the shares at prices ranging from $12.88 to $14.44 each, according
to a report from the Washington Service, which tracks buying and selling of a company's shares. The purchase boosts his stake in the
company to 897,604 shares, giving him ownership of 1.1 percent of the shares outstanding. ''The price has gotten ridiculous,Globalstar Rises
After CEO's Stock Purchase Disclosed (Update1)
Globalstar Rises After CEO's Stock Purchase Disclosed (Update1) (Adds comment from Schwartz in 6th paragraph. Updates shares.)
New York, April 9 (Bloomberg) -- Globalstar Telecommunications Ltd. shares rose 12 percent as investors followed the lead of Chairman
and Chief Executive Bernard Schwartz, who bought 100,000 shares of the satellite-operator for at least $1.29 million on March 31.
Globalstar rose 2 to 19. Schwartz's purchase came a day after the company's shares were at their lowest price since the start of the year. The
shares have rallied about 37 percent since then.
Schwartz, 73, is known for being a timely investor who made millions of dollars in 1996 from the sale of Loral's defense and electronics to
Lockheed Martin Corp. for about $9 billion. Schwartz's purchase demonstrates to investors his confidence in the company's plans to start a
satellite-based telephone system by September, analysts said. ''It sends a signal that he's putting his own money at risk,'' said John Bensche,
an analyst at Lehman Brothers Inc., who rates the shares ''buy.'' He forecasts that the shares will rise to $27 a share by year end.
Schwartz, also chairman of Loral Space & Communications Ltd., bought the shares at prices ranging from $12.88 to $14.44 each, according
to a report from the Washington Service, which tracks buying and selling of a company's shares. The purchase boosts his stake in the
company to 897,604 shares, giving him ownership of 1.1 percent of the shares outstanding. ''The price has gotten ridiculous,'' Schwartz said.
''It was an offer I couldn't resist.''
Loral owns 42 percent of Globalstar. |
