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

To: Geoff Goodfellow who wrote (1500)	3/31/1999 9:27:00 PM
From: Les Paul	Respond to of 2693

Why the Merrill downgrade was such a deathblow: If you remember back to around Feb 22, Merrill is the one that posted the special intraday report in support of IRID. This was when the stock first fell below $30. Now they decide to jump ship and downgrade (after IRID lost another 30 - 40 %) sending the stock for another freefall. I have read several historical posts on IRID, and people had commented on how they were advised to buy it by their Merrill broker when it was in the upper 40's. I hope, that for Merrill's sake, they have a lot of valued customers upset about this weeks downgrade. These brokerage firms are all incompetent. I have a small position at $20, and I truly do feel sorry for all of you that are in for much more than this. Let's hope things turn around sometime during this 60 day waiver period, or we might as well all sell while this thing still has SOME value.