he market is getting hammered and most YTD indices are
now in the red (Nasdaq is hanging in at +.5%).
Thanks partly to yours truly and the partial fill I got at .13 on
FADI the Pennyheaven 2003 Super 7 finished the week at a
new YTD high (+8.0%).
Cybertel Communications Corporation CYTP (.016) announced
a stock buyback program…The company has made several
purchases over the past two weeks. “At these levels Cybertel
is so undervalued that we can’t afford to pass up this opportunity,”
stated CEO Richard Mangiarelli.
Cybertel Communications Corp. is a provider of long
distance voice and data telecommunications services.
For the nine months ending 9/30/02 revenues are down
about 15% and net loss is up about 25%. On top of that
Form S-8 issued 12/13/02 mentions the registering of
35,000,000 shares as part of an Employee Stock Incentive
Plan for the Year 2002.
37,196,077 s/o as of 11/13/02
Bottom line, who knows? The above is a bold and bullish
statement for any CEO to make especially considering that
revenues are down and losses are up. What do they know
that we don’t? I hope its something other than the registering
of 35,000,000 shares.