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Author Topic: GTEL to become GTE
R1 Man
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quote:
Originally posted by BuyTex:
ya...

and get this--some here were trading it from a nickel long before the AMEX move...lol, a nickel then would be a buy-in at .75

Your right! Some of these stocks are just nuts and explosive.
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Pagan
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GlobeTel Board Sets Performance Objectives for 2006

FORT LAUDERDALE, Fla., Apr 10, 2006 (BUSINESS WIRE) -- GlobeTel Communications Corp. (GTE :
GTE today announced that CEO Timothy Huff and the Board of Directors have entered into a performance agreement setting forth certain goals and achievements that Mr. Huff is tasked with achieving during the current year.
The Board has determined that, at this stage in GlobeTel's development, a material increase in shareholder value underpinned by clear financial and operational progress should be the ultimate determining factor for success during 2006.
CEO Tim Huff stated, "I have entered into this agreement with the Board because I believe the time has now arrived for the company to do what it has been preparing to do for the past three years: Produce new, technology-based revenues and profitability. The way to achieve these goals is by aggressively executing the business plans for each Division."
The specific financial and technology performance targets which have been negotiated with Mr. Huff and his team are as follows:
-- 30 June 2006: Centerline Communications, GlobeTel's IP Carrier Division, will reach $350,000 per month in net operating profit.
-- 30 June 2006: StrateVoIP Division, GlobeTel's IP Phone Division, will reach positive monthly EBITDA and will double net profits every 60 days throughout the remainder of 2006.
-- 30 June 2006: Sanswire Networks, GlobeTel's High Altitude Airship program, will have completed the tethered testing of its Sanswire II technology demonstrator and will have performed an un-tethered free flight test at a significant altitude.
-- 30 September 2006: GlobeTel's Magic Money Program will become EBITDA positive.
-- 30 September 2006: GlobeTel Wireless, GlobeTel's Wireless WiMax Division, will have at least one metropolitan network installed and operational.
-- 31 October 2006: GlobeTel will become EBITDA positive.
-- 31 December 2006: Shareholder value must be materially higher by the end of 2006.
Huff continued, "It is now time to show that we can accomplish our revenue and profitability goals. At the end of the day, I'm also a shareholder and I want my shares to grow in value. The spirit of these goals is not to expose ourselves to impossibilities, but to speak to the issue of creating shareholder value. I believe that my team and I can increase shareholder value, but if not, I'll be the first to agree that it's time for me to pass the baton to someone who can move the ball down the field."
J. Randolph Dumas, Chairman of the Board at GlobeTel stated, "When Mr. Huff became the CEO of GlobeTel, it had a $9 million market capitalization, it was mired in debt, it had no real sense of strategic direction and it had no discernable market advantages. Today, GlobeTel has a dramatically larger market capitalization, it is debt free and it has five very exciting business units - each of which, as a stand-alone company, has the clear potential to create significant shareholder value. It is now time to show that this potential can be crystallized."
"The Board has agreed with Mr. Huff's proposition that now is the time to execute his plans and to deliver on the unprecedented global opportunities facing the company. At the end of 2006, the Board will both objectively and subjectively evaluate Mr. Huff's performance against the stated targets. The final determining measure of success should be a meaningful increase in shareholder value. We are confident that he and his team will be successful and I can guarantee that they will have the full support of the Board as they press to accomplish these goals for our shareholders."

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It is impossible to make anything foolproof because fools are so ingenious.

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jordanreed
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fluff pr with specific goals...he wants to keep us interested imo.

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jordan

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Pagan
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quote:
Originally posted by jordanreed:
fluff pr with specific goals...he wants to keep us interested imo.

Actually I like it. They have set some specific divisional financial targets. Basically it's 2Q and 3Q guidance on a divisional level. And since we are already in 2Q, three of those targets must be well on their way to fruition.

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It is impossible to make anything foolproof because fools are so ingenious.

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jordanreed
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but what i want to hear is the russians finalized,or the strat is flying, or a new metro wireless deal signed...lol...something immediate...we all know that this is a great growing co. with long range plans and goals to reach... Im' thinking 10.00/pps by the end of the year,but i want it NOW!!I'm just too impatient

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jordan

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George
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I think the PR is saying look Huff get off your ass....or else...They are giving him specific guideline for the next several months. If they do not make it he will be gone. This and the letter from the Chairman are both saying look folks hang in there with us if Huff can not do it we will find someone that can...

By the way I am looking for a new job also Mr. Chairman...

They have got to turn this trend around....

Once I see they are doing that then I am back in...1.70 or not....

I loved buying this one when I first got in at .04 cents...those were the days. i made 25k off it back then.

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If all goes well then great, if not, make it work.

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Pagan
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GlobeTel Communications' COO Lawrence Lynch's Expanded Role to Include Chief Financial Officer Responsibilities

FT. LAUDERDALE, Fla., Apr 10, 2006 (BUSINESS WIRE)10:11am
GTE announced that Chief Operating Officer Lawrence Lynch has been appointed acting Chief Financial Officer, succeeding Thomas Jimenez who has retired for health reasons. Mr. Lynch will continue his responsibilities as Chief Operating Officer during this period, although it is the company's intention to appoint an equally accomplished professional to the permanent CFO position as soon as the recruiting process can be comfortably completed.
Mr. Lynch, former Chief Financial Officer for First Data Corporation - Latin America, has over 25 years experience in accounting, banking and card-related products. He began his career as an officer for the Irving Trust Company (now Bank of New York) and later as a Vice President of Security Pacific National Trust Company. In addition, Mr. Lynch has owned and operated several successful "acquiring-and-issuing" card companies in the United States and in Mexico. Mr. Lynch has a Bachelor of Science degree in Economics from Hofstra University, New York and an MBA from Adelphi University, New York. His significant international experience, coupled with his operational, financial and strategic planning capabilities are very beneficial to GlobeTel as it expands its presence in foreign markets. Mr. Lynch, his wife and seven children call South Florida home.
Timothy Huff, GlobeTel's Chief Executive Officer stated, "I would like to thank Tom Jimenez for nearly seven years of service to our Company. He's been instrumental in helping forge the future of the Company and getting us to where we are today. He has been a valuable asset and will be missed. We all wish him the very best as he manages the new set of challenges in his life."
Mr. Huff continued, "Larry Lynch's range of competencies is impressive. He has been a dynamic Chief Operating Officer since joining us almost two years ago. He has been a highly successful CFO at a major international financial services company and fully understands the complexities of today's public accounting environment. We're very comfortable with Larry assuming the duties of CFO until we're able to identify a suitable long term Chief Financial Officer."

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It is impossible to make anything foolproof because fools are so ingenious.

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Pagan
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Not a bad day. Up 6%.

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It is impossible to make anything foolproof because fools are so ingenious.

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Edster
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quote:
Originally posted by Pagan:
Not a bad day. Up 6%.

Great day Pagan. Just hope it holds and doesn't trickle away like it has so many other times. Should be quite interesting here in GTE land over the next couple months.
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Edster
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Wow!!! Yesterday's spike up in pps on somewhat positive news sure wore off fast. Broke thru the 2.10 five day support level. I really didn't believe it before but you guys who predicted a 1.80-1.90 price in the near future may not have been too far off base. I am sitting on 4,000 shares with a 2.90 B/E.
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Pagan
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Brutal new MF article out. Look for a good opportunity to pick up some new swing positions tomorrow. Barring some countering PR by GTE, we could see some prime opportunities. GLTA!!

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It is impossible to make anything foolproof because fools are so ingenious.

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George
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This guy hates GTE:


The GlobeTel Silent Treatment
By Seth Jayson (TMF Bent)
April 11, 2006

The silent treatment
Florida's been providing me with a lot of interesting reading lately. Last week, the first bit was a letter sent to me by a lawyer for GlobeTel (AMEX: GTE). In it, he tells me that GlobeTel "in order to protects [sic] its interests and those of its shareholders, will no longer continue to communicate with you."

"Accordingly," it continues, "this will constitute a formal request that you immediately cease-and-desist from any further communications or inquiries ... GOVERN YOURSELF ACCORDINGLY."

That's a pretty ironic request, given that GlobeTel CEO Tim Huff has previously complained that I didn't try hard enough to talk to him. The real problem, of course, is that I ask hard questions, unlike some of the GlobeTel PR regurgitators and apologists out there in the press. That's because it's my job to look out for investors, and I think GlobeTel is one of the worst investment ideas out there.

But after reading GlobeTel's latest annual report, it's easy to see why the company would want to instill an official silent treatment. In past conversations, CEO Tim Huff seemed more comfortable talking about his plans for the future, or the important foreign government men involved in the company's far-flung business deals. He showed little interest in explaining the firm's financial woes, or its long list of past ventures that failed to live up to the original promises, such as the very strange Australian deal. Investors should pay close attention to that, and GOVERN THEMSELVES ACCORDINGLY.

The ugliest thing in Florida
The raw numbers alone ought to be enough to frighten investors. For 2005, this now two-buck-and-change stock lost $0.43 per share, or $32 million dollars. That's 2.5 times greater than 2004's net loss of $13 million, even though revenues increased 179%, to $81.1 million. Of course, losing money like that is an easy task when you only take in a gross profit of $413,679 on that $81 million. To put that into context, $413,679 was less than half of GlobeTel's travel budget for the year.

The reason the bottom line didn't look even worse on a per-share basis was that shareholders saw their stake watered down by a whopping 50% increase in diluted shares. The share count is skyrocketing, of course, because GlobeTel keeps this money-losing strategy rolling by selling shares and other instruments like convertible debt -- to the tune of $15 million last year.

The cash burned by operations was $12.6 million in 2005, and management makes its dependence on financing perfectly clear, for those who take the time to comb through the 10-K. Refer to page 34, where it says "... additional cash will still be needed to support operations ... [i]f we are unable to obtain the necessary funding, the company may have to modify its business plan, reduce or discontinue some of its operations or seek a buyer for all or part of its assets to continue as a going concern through 2006."

But while outside shareholders are left with the risk and double the pain on the bottom line, officers and directors are doing just fine, thanks. Their compensation rose 85% last year to a combined $12 million, or 15% of sales, much of it in stock. By the way, many of them have been planning to sell that stock over the past few months. I find that odd. If I held a large chunk of shares in a company that was about to bust open a $600 million Russian WiMax deal, I'd hang onto all of them. I'd buy more whenever I could. In other words, I'd GOVERN MYSELF ACCORDINGLY.

Leader in wireless?
Believing in the GlobeTel story requires you to believe that a tiny, money-losing Florida firm can somehow leapfrog the big boys in telecommunications. Tim Huff told me on the phone that the reason his firm would beat established equipment and service providers like Nokia (NYSE: NOK), Motorola (NYSE: MOT), Vimpelcom (NYSE: VIP), and Mobile Telesys (NYSE: MBT) is because of the superiority of its technology -- specifically, its "radios." If that's true (and more than one telecom analyst has written to me to express major doubts), then GlobeTel must have one of the most efficient R&D machines in the world. According to the 10-K, total R&D for the year was just more than $2.3 million, and 99% of that sum went to the blimps.

The trail of tears
GlobeTel's big splash in December was for its Russian WiMax deal, the one that was supposed to deliver them hundreds of millions of dollars by now, but which has mostly produced press releases. This came as no surprise to me, because I've taken the time to read GlobeTel's past filings, and I know that delays and cancellations are par for the GlobeTel course.

Investors who wish to double-check GlobeTel's past record on hot-sounding deals should begin with page six of the annual report, where they will find many entries that look like this. "In February, 2005, we signed a Letter of Intent (LOI) with Banco Azteca, the fifth largest financial Institution in Mexico ... However, based on the business terms presented, the company has decided not to move forward with this deal." In all, of the 10 deals listed on pages six and seven alone, six were cancelled outright, and the rest were rescheduled or otherwise delayed.

More interested in the deals promoted in 2005? Direct your gaze to the pages beginning with 50, and you'll see the updates on more recently announced projects like the July 7 Daly Dumas joint venture agreement, the July 14 Colombian blimp deal, the July 7 RapidMoney deal, the Aug. 1 German wireless deal, the Oct. 6 Global Crossing (Nasdaq: GLBC) deal, the Oct. 12 University of Stuttgart Deal, the Dec. 31 Russian WiMax deal, and the Nov. 9 Indian financial services deal -- none of which has yet yielded any transactions "that would require recording or disclosure in the Company's financial statements related to this agreement." If you think "the money must be on the way," I suggest you go back to page six and read again.

Reconsider all those deals, consider what was said about them at the time, and look at what has happened since. Then, GOVERN YOURSELF ACCORDINGLY.

Chamber of oddities
If you 're unmoved by large losses and unfulfilled deals, consider some of the other odd tidbits to be found in the 10-K. One of my favorites is the page 42-43 description of the "milestone" payments made to acquire GlobeTel's "HotZone" wireless technology.

"Initially, since the milestones to be achieved for the second and third years of the contract were undefined and it is unknown whether or not such milestones, even if defined, will be achieved, the Company had not recorded the additional consideration ... Subsequently, as of Dec. 31, 2005, the Company and HotZone agreed that any and all milestones, previously undefined, were in fact achieved."

So, the non-existent milestones were judged fulfilled, and the company recorded further payments of $5 million worth of stock. (While you're on page 43, you might want to review the deal that brought Huff to GlobeTel: a "consulting" deal involving his previous company, Global VoIP and "Charterhouse," a Nevis, then Malaysian, company for a GlobeTel buildout of five networks. The payment to GlobeTel was to be 64 million (later 86 million) shares of an unlisted Australian company, one that ended up being liquidated a year and a half later, causing GlobeTel to write off the entire amount. Instead of being "directly compensated" for this (to my mind, wildly unsuccessful) deal, Tim Huff became an officer and director of GlobeTel.

Another interesting deal is the cash and stock payment to ISG Jet, a company owned by GlobeTel's executive vice president, one Steven King, for "executive air travel services." ISG Jet is owned by King's holding company INV Group (according to Florida records, formerly InvestorSource Group) and has, according to the record here, filed planned sales of more than $2.8 million worth of GlobeTel stock since June of 2005.

And while we're on the subject of insider sales, one of those questions that GlobeTel doesn't seem to want to answer is whether CEO Tim Huff is a 40% investor in an outfit called Infinity Capital Partners, as he is described in a 2002 registration statement. By virtue of the convertible note originally ascribed to Infinity, and later, it seems, ascribed to an unnamed "entity" 40% owned by Tim Huff, it looks like we're talking about the same "entity." (It appears most recently page 48 of the latest 10-K.)

I find this interesting because one Infinity Capital Partners has been filing planned share sales this past year. If Huff is still an investor in this Infinity, I'd like to know how he squares those sales with his claims to me that he has "not sold" shares. Since GlobeTel is giving me the silent treatment, maybe investors will ask for some clarification, consider the answer, and GOVERN THEMSELVES ACCORDINGLY.

Foolish bottom line
GlobeTel is a great company to watch if you want to learn about complicated (often unfulfilled) business deals, group investor psychology, and money-burning penny stocks. If you're looking for a foreign telecom player that can produce little things like earnings and cash -- you know, the stuff that makes an investment ultimately pay off -- I suggest you look elsewhere. As for GlobeTel, read the filings, look at the director turnover (page 70) in 2005, look at the recent insider selling, consider how management is rewarding itself richly while outside shareholders bear the brunt of the huge losses and dilutive financing arrangements, and GOVERN YOURSELF ACCORDINGLY.

At the time of publication, Seth Jayson had no positions in any company mentioned here. View his stock holdings and Fool profile here. Fool rules are here.

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If all goes well then great, if not, make it work.

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jordanreed
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motley strikes again....if i recall, the last time MF wrote an article like this, GTE fired back within a couple of days....interesting to see how this will unfold again

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jordan

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T e x
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gotta admit--don't like the burn rate he's describing, but also gotta ask: exactly *when* does an amount become "whopping"?

also gotta tell ya guys...that "govern yourself" dealie--not good. I really, really want the strat to fly...but that's poor, poor press relations. Not saying it's a deal-breaker, but something to be aware of... put it this way: were I long in this? I'd be *all over* GTE's IR--"You AMATEUR!"

lol, I might do it, anyway--am still hoping that damn strat "changes everything" ....

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

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Opethian
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$2.00 pre-market... ouch! I'm waiting on news for this one before I get in, because once it runs it can run hard
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Edster
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quote:
Originally posted by Opethian:
$2.00 pre-market... ouch! I'm waiting on news for this one before I get in, because once it runs it can run hard

We'll be extremely lucky if the price doesn't drop way below $2.00. I think that we could be looking at a $1.80 share price by EOD.
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ladybird
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I often find MF articles a little top heavy with cynicism. And this Seth guy apparently has an ax to grind. I wouldn't worry too much about Huff having good relations with him. It would be a waste of Huff's time. Seth already has him mind made up and I don't think he's going to change it.

On the other hand, Huff has established quite a reputation for shooting off his mouth. Can't he control his bubbling enthusiasm a little and let the product or service or whatever speak for itself. His over-promising and under deliversing style has caused as much volatility in the share price as anything else.

I wish you would give a call, Tex. Tell them to gag Huff and let someone else be their talking head.

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jordanreed
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holy balls!!

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jordan

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jordanreed
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id like to invite Ol' Seth Green out back for a round of azz-whuppin"

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jordan

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imakmony2005
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chit.
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Edster
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GTE needs to come out quick and hit this Fool article hard ---- the pps will continue to drop until GTE makes it's position known. Silence in this case would be a killer to GTE stock.
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Pagan
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I think GTE will linger in the $1.80-1.85 range for a while. Look for a relief rally late today or tomorrow IMO. GLTA!!

--------------------
It is impossible to make anything foolproof because fools are so ingenious.

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Danny12345
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time to sell off those stocks of mine and pick up GTE...Let it come down baby.

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Learning The Way Of Life....

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George
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Looks like I will be getting my 1.70 sooner than later....I am still holding out for 1.70 but might have to even wait a little longer to see what happens. I may get back in below 1.70. In any case still a great long...

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If all goes well then great, if not, make it work.

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imakmony2005
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got 500 more at 1.85,
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Pagan
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quote:
Originally posted by imakmony2005:
got 500 more at 1.85,

Added a swing spread across $1.79-1.80. Still looking for a relief rally, late afternoon or tomorrow to fill gaps to the upside.

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It is impossible to make anything foolproof because fools are so ingenious.

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Edster
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quote:
Originally posted by Pagan:
quote:
Originally posted by imakmony2005:
got 500 more at 1.85,

Added a swing spread across $1.79-1.80. Still looking for a relief rally, late afternoon or tomorrow to fill gaps to the upside.
Hope you are right Pagan - but I don't think we wil see an EOD run-up today. Too much Level 2 sell pressure building right now.
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Pagan
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Edster,
Tomorrow seems more likely, going into a 3 day weekend. Hard to peg it though with the extended weekend and Saturday being the 15th. If tomorrow turns out to be lackluster, I'd look for a bit of a rally Monday then.

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It is impossible to make anything foolproof because fools are so ingenious.

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Marcus
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Back in at 1.78...we'll see what happens

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Drink yourself silly!

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jordanreed
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expect a pr real,real soon...great day to pick up more,,too bad I'm broke

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jordan

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imakmony2005
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damn had an order in at 1.72 and did not fill.if it drops im in for more.
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Edster
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Hope that we get some pushback from GTE on the Fool's article today. After yesterday's fall we might expect a little recovery but I doubt that we will get back all the loss without some meaningful GTE PR help.
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maumee river rat
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WOW!!! What the heck happend to the Golden Blimp????

This puppy is taken a beating isn't it..

Lookin' at the chart and if this breaks any lower at all, it has no support untill the mid to upper 1.2s...below that, and she's down to .50-.60 area.

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Edster
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quote:
Originally posted by maumee river rat:
WOW!!! What the heck happend to the Golden Blimp????

This puppy is taken a beating isn't it..

Lookin' at the chart and if this breaks any lower at all, it has no support untill the mid to upper 1.2s...below that, and she's down to .50-.60 area.

Not quite sure whether the concept of support levels have any influence on this stock right now. Fool's dropped a giant turd on this stock and until it is cleaned up by GTE it will continue to drop.
Posts: 230 | From: Virginia | Registered: Mar 2005  |  IP: Logged | Report this post to a Moderator
Pagan
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quote:
Originally posted by Edster:
quote:
Originally posted by maumee river rat:
WOW!!! What the heck happend to the Golden Blimp????

This puppy is taken a beating isn't it..

Lookin' at the chart and if this breaks any lower at all, it has no support untill the mid to upper 1.2s...below that, and she's down to .50-.60 area.

Not quite sure whether the concept of support levels have any influence on this stock right now. Fool's dropped a giant turd on this stock and until it is cleaned up by GTE it will continue to drop.
LOL. Looking at today's action, your analysis looks spot on.

--------------------
It is impossible to make anything foolproof because fools are so ingenious.

Posts: 3311 | From: St. Louis | Registered: Feb 2005  |  IP: Logged | Report this post to a Moderator
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