To: margin_man who wrote (27072 ) 11/13/1998 8:46:00 AM From: Bobby G. Read Replies (3) | Respond to of 36349
OT - AVCO The way this reads, you'd think they invented the technology (50 times faster modem). This is simply not true and it shows how irresponsible the reporting media can be. Am I wrong?Related QuotesAVCO 31 +0 delayed 20 mins - disclaimerFriday November 13, 12:27 am Eastern Time CORRECTED - Avtel shares surge 1278 pct on new faster modem product In Nov 12 item ''Avtel shares surge 1278 pct on new faster modem product'', please read the 1278 percent instead of 278 percent. A corrected repetition follows. SANTA BARBARA, Calif., Nov 12 (Reuters) - Avtel Communications Inc. (Nasdaq:AVCO - news) soared to the ranks of high-flying Internet stocks Thursday after introducing a high-speed Internet modem that propelled its share price up 1278 percent. Avtel stock, which opened the day at $2.25 a share, finished at $31, up $28.75, after it launched its new product, which it says is 50 times faster than conventional modems. The new modem works on an existing telephone line and allows user to send and receive voice and data simultaneously. Avtel said the service will provide consumers with Internet access at a speed that used to be cost effective only for large businesses. ''We've always provided businesses with high speed access and developed the applications that drive their necessity, so I'm extremely excited about bringing these advanced capabilities home,'' said Dave Clark, General Manager of AvTel's Internet services division. AvTel launched the product in conjunction with its Internet service provider subsidiaries Silicon Beach Communications and WestNet Communications. Apparently, NASDAQ has halted trading, so it can investigate. BG