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Technology Stocks : IRID - Iridium World Communications IPO Announced! -- Ignore unavailable to you. Want to Upgrade?

To: Les Paul who wrote (1381)	2/24/1999 10:23:00 PM
From: Joe Brown	Read Replies (1) \| Respond to of 2693

I wouldn't count on this move being "real". It has all the earmarks of a classic "dead cat bounce". Brokerage comments are irrelevant here, since the market is about to teach a lesson to the naive... Market breadth is terrible, new lows continue to exceed new highs on a daily basis for the past several weeks, and the 30-year Treasury yield is back to 5.5%. There are clear signs of distribution in the internet stocks, and most firms are so terrified of the potential coming internet meltdown that they're raising margin maintenance requirements. This potential collapse in the 'net stocks is something I've addressed before, the context being that when they implode they'll take the rest of the market with them; satcom stocks won't stand a chance. Worst case scenario targets: Iridium, $17; Globalstar, $9; Loral, $10. Don't shoot me, I'm only the messenger... and it doesn't mean I don't like these companies, either - I do. And I still love my IRIDIUM phone!