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Technology Stocks : METROMEDIA FIBER NETWORK (MFNX) -- Ignore unavailable to you. Want to Upgrade?

To: Mary Baker who wrote (805)	1/20/2000 2:45:00 AM
From: brian z	Read Replies (1) \| Respond to of 1983

Interesting to read.... On December 19, MFNX was named for inclusion in the NASDAQ 100. Having encountered resistance at $45 until that date, MFNX finally broke out of the range on strong volume, but took a breather in early January, retesting for new support at $44. From there, it's moved over the last 2 weeks to its current $57.13. Near-term support is now at $52 following Friday's breakout again to a new trading and closing high of $57.25. Volume of 3.8 mln shares traded handily beat the ADV of 2.8 mln shares by about 35%. Volume has been steadily rising throughout the week and over the last 3 months. Technically, MFNX is looking very strong, and they are scheduled to announce earnings in early February. Though Zack's reports the unconfirmed date of February 7, MFNX has a bad habit of keeping investors in the dark as to the release date (except that it will likely be the first week in February), then releasing numbers in the middle of the trading day. It's not followed by many analysts either, which makes estimates much less valuable. Even so we will have a more firm date in the next update, assuming we get an answer from the company. Speaking about "tough to track" information on this company, they have historically announced 2:1 splits in the $52- $78 range. Could we get another? Perhaps, but get this. The company reports only 180 mln shares authorized, yet 192 mln already issued - neat trick...we're trying to get a handle on that too. Nonetheless, the company last week reported exceeding over $2 bln in contracts for the first time (total value, not annual revenue) and continues to lease out more capacity to other carriers. To summarize, the play is technical, but partially driven by earnings. Target shoot at support - no chasing. MFNX is an illusive animal. Similar to a Tasmanian Devil, it can bite. In the news, two individuals claim they are owed 15% of the company at a cost of $1000 (yes, thousand) stemming from a 1993 agreement to find financing for the company prior to its 1997 IPO. They claim they introduced Stephen Garofalo, MFNX's CEO to an investor who took a stake in the company. Last year, said 2 individuals wrote their $1000 check to the company seeking their 15% stake. Yeah, right. Don't get panicked out by the words "law suit" folks. Their attorney couldn't explain the 4-year delay in making their demand either.