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Strategies & Market Trends : Stock Watcher's Thread / Pix of the Week (POW) -- Ignore unavailable to you. Want to Upgrade?

To: whitephosphorus who wrote (2138)	2/5/1999 7:14:00 AM
From: whitephosphorus	Respond to of 52051

VVTV- here's the article ValueVision CEO Cites Profit-Taking For Stock's Decline By ANN KEETON Dow Jones Newswires CHICAGO -- Gene McCaffery, chairman and chief executive of ValueVision International Inc. (VVTV) said Thursday he thought the 8.9% decline in the price of the television home shopping network's stock was likely a result of profit-taking. "We know of no other news today that would have affected the stock price," McCaffery said. ValueVision stock closed at 10 15/16, down 1 1/16, with 2.4 million shares changing hands compared with average daily volume of 1 million. Wednesday, the company said its two founders, Robert Johander and Nicholas Jaksich, had resigned to pursue private investment opportunities, and that McCaffery had been named to the additional post of chairman. He had been chief executive. In Wednesday's trading, shares rose 11.6%. The company won't report fourth-quarter earnings until early March. McCaffery told Dow Jones that sales growth in the fourth quarter ended Jan. 31 will "resemble" the 50% increase posted in December more closely than the 30% growth of previous months. McCaffery said sales at the company's Web site are continuing to grow at a rapid pace but are still a small part of the total business. He said he preferred to "under-report" Internet-related information, given the strong impact of such news. In December, when the company commented on its holiday Web site sales growth, daily trading volume soared and the stock price skyrocketed to 20 1/2. In 1999, McCaffery said, the company will continue to develop its own Web site but will also form partnerships for cross-promotion with e-commerce, television and entertainment businesses. In addition to television and the Internet, ValueVision sells merchandise through catalogs and direct mail. Of the three equity analysts covering ValueVision, none was immediately available for comment.