DHaaland, FLACK, iowamann & bcrafty this one wasn't based on the TAs and I wasn't looking for a scream'n mimi buy signal <ggg>=giggle. I didn't think TSIX had enough trading history to rely on TA?? Sorry about the delay in responding, have been dealing with a real major migraine the last few days, not the greenspanic kind!!!
I posted adding to 'long' holding and referenced to my previous post showing some of the others that I hold, the trading portion (I've been in & out since late April) is in addition to those I already trade, more of those might be tossed into the 'longs' as well... I'll just have to see. TSIX represents a total of 2.8% from my various portfolios. Depending on the markets I can have between 8 and 20 different securities on the books, a few even pay dividends. Sometimes I'm 80% cash with only 3 or 4 longs held, but as of today I'm 17% cash (80% in non-RRSP portfolios) and I can spare some room for the NAS to find it's floor. I shift around my holdings to where I'm comfortable and FWIW year-to-date I am up as well as from the May lows, but down from the March highs. Doesn't take into consideration money that's been withdrawn, it's the only income this family has in order to exist and enjoy what life has to offer. I'm sure others here are enjoying better performing portfolios, but none the less I'm more than pleased with what I've been able to do to date. Don't believe anyone can constantly call the exact bottom or top of a stock, bond, currency, etc., I buy and sell at points that are right for my style of investing. If the markets should decide that they're going to play a different tactic by going to the bear side of things, that's fine as I can only try to adapt and lay out plans in order to lessen the losses, but until then I'll try to take the advantage.
I've been following 360networks from back to when they were known as Worldwide Fiber Inc. who began building a fibre-optic network four years ago and constructing communications networks since 1988. Worldwide Fiber still a division of Ledcor Industries Ltd. (Ledcor built the access road and well site for Imperial Oil's famous oil discovery, Leduc No. 1 back in 1947 and was founded that same year by Mr. Lede). After reading a couple of articles nearly 16 months ago, in an obscure magazine, I started performing DD.
Greg Maffei was responsible for the name change, he felt it didn't reflect the company's changing business focus moving away from being purely a builder of fibre optic lines to becoming a "carrier's carrier" capable of offering a full range of voice and data services on its own networks. David Lede said in the announcement of Maffei joining, ``Greg can use his experience and his relationships with key players internationally to build our business and enhance the value of our global network.'' Maffei joining the company had nothing to do with my decision of taking a position.
The David & Clifford Lede boy make good... MSD Capital (Dell investment), CNR (built high-speed fibre lines along railway rights-of-way), Tyco took an equity stake prior to IPO in Sept'99 (a month later a TSIX subsidiary Worldwide Telecom (Barbados), or 360atlantic, signed a 5yr maintenance contract with Tyco Submarine Systems for their ``SEAHORSE Atlantic Maintenance Program''), and many others like the recent Alcatel alliance to extend 360networks' global optical network.
As of close of business on Nov 7, 2000, 360networks Inc. (TSE: TSX) was added to the TSE 300 Composite, S&P/TSE Canadian MidCap, TSE 100 Indices.
360networks deploys global high performance IP network (Key sentence in latest news release) ...Using an optical mesh network and Cisco's 12000 Series router platform...This will allow the company to avoid the capital costs other carriers face as they upgrade their older networks, and reduce operating costs by eliminating the need to manage multiple network layers....
newswire.ca
360networks (NASDAQ: TSIX and TSE: TSX) offers broadband network and co-location services to telecommunications and data-centric organizations. 360networks is developing one of the largest and most technologically advanced fiber optic mesh networksin the world. By mid-2002, the planned network will span 142,000 kilometers (88,000 miles) and link more than 100 major cities withterrestrial routes and submarine cables joining North America, South America, Asia and Europe. 360networks is also developing nearly3.7 million square feet of network co-location space. More information is available at 360.net.
Recent reported quarter:
- stronger-than-expected financial results for the third quarter
- raised its financial guidance for the fourth quarter by 40% to US$130 million
- raised its financial guidance for the year projecting revenue of US$480 million, up about 15% from original forecast.
- EBITDA, 360networks is now targeting US$70 million in the fourth-quarter and US$150 million for the year, both of which are about 40% above original expectations
- Q3, 89% of its revenue came from fiber and other related infrastructure sales, while the rest stemmed from the sale of network capacity and co-location services
- 360networks is trying to move from being mainly a seller of so-called dark fiber, which lacks the electronics to transmit data, to a seller of a range of more value-added, higher-margin network services. Forward order book, which now stands at US$1.4 billion, 70% is for network services, with the rest from infrastructure sales
-today they have $1.2 billion senior credit facility, $1.5 billion in incremental standby facilities, long-term debt of $1.9-billion and as of June 30 total assets of US$701M that include US$355.2M in restricted cash. (Restricted Cash is money set aside for a specific purpose, generally spelled out in a contract. A company may not use restricted cash for business operations, therefore it is listed separately from Cash and Equivalents on a balance sheet)
There is a special upcoming 'strategy day' in Vancouver on Nov 30 to give additional financial guidance.
TSIX got the 'Gild' (curse!!) pick the other day, while dropping LVLT and sending out a report that had James Crowe, CEO of LVLT, fighting back with "...report is filled with demonstrably erroneous (assumptions)". I really don't care for this kind of 'Pick' n Play. Again, I didn't invest because of this pick.
Level 3 CEO Blasts Tech Guru Gilder, Questions Picks
quicken.com
Further to the above, if you're into research:
Recent quarterly report:
sedar.com
New Releases dating back to March 2000:
newswire.ca
Annual Information Report as of Dec 31, 1999:
sedar.com
Final Prospectus:
sedar.com
Yes, I'm also aware of the downside as well:
thestreet.com
I'm well aware that TSIX won't bring me wealth today, but I will continue to perform the necessary research and adjust my position over time.
Thank you all for your comments & opinions, it's rare to find a place where people take the time to express either their concern or jubilation of others decisions. Please continue to advise when you see something that isn't quite right, very much appreciated.
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