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To answer your ? Yes, the money was taken form my brokerage account and the 1 share was added to my position. I did not see any evidence of the trade anywhere on any site however. Did you?
Has your broker debited your account for the purchase? Nothing is showing up on the quote.
Bought 1 share @ $300 it was executed within 1 minute. Nothing changed on bid or ask. Just an experiment.
Chip Brian quoted on CNBC
The market appeared to be shrugging off an unexpected rise in Chinese interest rates, announced on Tuesday to quell rising inflation within the country. The move had helped trigger the market's fall yesterday.
While stocks were higher Wednesday, Chip Brian, president of SmarTrend, has watched the rate of increase in the market during the last week slow down relative to the rate that existed throughout most of September. To Brian, that slowdown is a sign of an "exhausted" market, which means it may be near a top.
That trend is particularly true, Brian said, when the slow down is accompanied by a rise in trading volume, which has occurred over the last few days.
Volume on the consolidated tape of the New York Stock Exchange, for instance, exceeded 5.5 billion shares on Tuesday, after trading at 4 billion or below since the summer.
I am planning the same move, but only after November 3rd, if you get my drift. As for the likelihood of execution on the trade, I see no reason why NITE wouldn't grab the money in a heartbeat since they exist only to facilitate trades in either direction.
I'm thinking putting in a buy for 1 share @ the full ask $300 price. Do you think it will be executed? It may raise the bid price of $13.00 substantially. Your thoughts?
I moved my bid for one share to $275.00 just for fun.
There is a bid for 200 shares at $13.00 and it is now the highest round lot bid since the RS, but still woefully short of the $300 ask. My bid for one share at $250 still sits.
I have a bid in at $250.00 for one share but it will not show up in the public quote information because of the small size. I will consider moving it higher if it does not fill before the end of the year. LOL
Market Maker, HDSN is now displaying an ask of 2000.00 on 5 shares, but I assume this is an inflated "safe" price to prevent an unintentional sale below the actual share value. NITE still shows 25 shares at $300.
What a shock this will be to the chartists when a sale finally goes through at or around the ask of $300!
I bid $150 for one share today to test the water and predictably the order did not execute. Hopefully, the company will choose to update shareholders on the business plan even though they are no longer filing with the SEC.
NITE finally has an ask price of $300 (25 shares) which should be about right if one factors in the 1 for 1000 reverse split. Of course, no one has bid anything near that price, but at least we have a bid/ask listed.
Although there is technically no ask price, the bid price has moved to $15 (pinksheets.com shows bid for 200 shares at $15/share) Actually, I have a bid in at $25 but according to TDW, only bids for round lots show up publicly.
http://www.otcmarkets.com/stock/cmtx/quote
According to pinksheets.com, Nite has ONE share on the ask for $10,000 and the posted bid is $6. I have no idea what the record is for a ask/bid spread, but this one must surely be in the top ten!
There never has been any great volume of trading and the ask price, if it ever appears, should be in the $300 range, which likely won't attract too many buyers without significant news from the company about the progress of the business plan.
From a chart standpoint it almost looks like the reverse didn't occur on the cash payout day, if at all, - like it is trading in line...very strange there are no offers.
The market makers seem to be unwilling or perhaps unable to properly price the ask price. I don't have a good understanding about how such issues are resolved but it appears to be a low priority for the company at this point.
It is still showing the 52 wk. high low as 1.01 to .35
Usually it is automatically adjusted for the split. Did they cancel the split? the quote shows no offers
To answer your question. I have both physical certificates and shares in street name. To this point I have not received any private or otherwise any additional info relative to new information, post split. It is, however, early in the post split era. I will post here if I become privy to anything new. What makes you think the post split price will be available on pink sheets Monday 7/26?
Speaking of the pinksheets, the quote is back as "unpriced". It should be interesting to see if the site shows a "post split" price on Monday.(my brokerage account could use the boost)
http://www.otcmarkets.com/stock/CMTX/quote
I agree that there might be some benefits to being a record holder as far as receiving information from the company. That said, I think they still have to provide information to shareholders in record name, but you would probably have to contact them and make the request. Some companies that do not file with the SEC still post periodic financials on pinksheets.com. I wonder if they would do that?
You're probably right about physical certificates, and the broker would likely just issue a single document indicating the total number of shares held, after notifying the transfer agent. I know of no particular advantage, but I assume owners of record would receive certain corporate notifications directly. Of course, there would be the obvious disadvantage of not being able to sell the stock quickly, should the need arise. I'm simply curious, and perhaps a little worried, about our particular circumstance in which the company has deregistered and terminated periodic filings.
I am not an "owner of record." I don't really see any advantages/disadvantages to holding the shares either way. Why would you rather hold them yourself than in street name? Will brokers even issue physical certificates now? I thought I remembered that my broker will no longer provide physical certificates.
Are any of you posters "owners of record" or do you all have your CMTX stock in "street name" with your broker? I currently have all my shares in "street name" with my broker, but I am seriously considering having the physical shares sent to me and registered in my name. Do any of you have any thoughts with respect to this issue?
I stayed with the stock throuhout the reverse split process. The reason: I have spoken to company representatives on 2 occaisions, pre and post split. The "whisper" on the status of this company and prospects are for something positive over the longer term. The main focus is to cut expenses and enhance the existing and create a more robust product line. I know, to your point, Peter Kamin did not object to the reverse split and to my knowledge still owns all his post split shares. I take this as a very positive sign. I just wish there was away to monitor the status, price and volume post split. If anyone comes upon a way to watch the stock daily please advise. Thanks
The same thing happens at the Pink Sheets website, so something definitely happened yesterday. Hopefully, surviving shareholders won't be kept in the dark too long.
I'm simply reporting a bit of information which seems to suggest the post split price was adjusted to $280, a number likely based on the pre-split price. I have no idea how or why someone was able to buy 56,000 shares at the pre-split price yesterday, but it may be that the split wasn't finalized until the close of the market yesterday. After all, there should only be roughly 15000 shares in existence after the split. I still believe there is a plan to boost the value of the company and, consequently, the value of the stock, but I have no idea how it will actually play out or what the timetable will be. I base this theory largely on the filing by Peter Kamin of Value Act Capital, which I posted in a previous message. (link below) If you, like me, decided to hold this stock through the reverse split, I would be interested to know why you chose to do so.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=46769408
Just now, when I search CMTX on otcmarkets.com (which used to be pinksheets.com), it says "symbol 'CMTX' not found." However, if I search by company name, then CMTX does come up. But if I click on it, I again get the "symbol 'CMTX' not found." Maybe this will change soon, but I can't get any information from that site which seems odd.
Are you saying the stock should have been trading at $280 yesterday? Thanks
Welcome, new posters! Here are a couple of tidbits today.
From the pinksheets.com "company info" page.
Div: +; + Refer to Daily List 7/21/2010. Reverse split effective date announced in error. Post-split shares paid out by Transfer Agent in June 2010 on a 1-1000 reverse split basis.
Ex-Date: Jul 22, 2010
http://www.otcmarkets.com/stock/CMTX/company-info
From google.com/finance
CMTX price change -279.650 (-99.88%)
http://www.google.com/finance?q=PINK:CMTX
I was wondering the same thing. I have not been able to put in any order for CMTX for some time now.
Since the 1/1000 CMTX reverse stock split has been approved and already taken effect how is it possible that the old shares with a volume today of 56,000 can trade at the old price with a high of $1.01 and a current price of $0.35? This is not a misprint or error since 1200 shares traded yesterday @$0.28. Does anyone have an explanation?
Comtex Announces Beta Launch of Enhanced SmarTrend® Version OWL
Comtex Scientific Corporation Common Stock (USOTC:CMTX)
Intraday Stock Chart
Today : Tuesday 22 June 2010
Comtex News Network, Inc., a leading provider of economically useful electronic real-time news, content and exclusive SmarTrend® market products, today announced the beta launch of the new and enhanced SmarTrend Version OWL. OWL is the new version of its popular online stock trend alert product.
"As a leading provider of real-time content for investors, we're excited that our new SmarTrend Version OWL offers active stock market investors a more optimized workflow tool to view their Watchlist, top performing trends, provide insight into what stocks other SmarTrend users are following along with company level information in one place. This new version of our stock trend alert software provides unparalleled information, superior technology and flexibility in every market environment, all focused on maximizing profits for customers," said Chip Brian, President and CEO of Comtex.
The new SmarTrend Version OWL has leading edge dashboard technology that includes all key functions in one convenient place. Users can see the status of all stocks they are following and get alerted the moment a new trend is issued so they can react quickly. The enhanced dashboard shows the direction the market is trending based on the number of stocks that are in an UPTREND vs. DOWNTREND: users can instantly see a snapshot of any stock with the Company Snapshot functionality and which stocks are performing best this week.
In addition to the new dashboard, SmarTrend Version OWL offers new, superior interactive charts with the ability to perform in-depth chart analysis with technical indicator overlays. Those in the SmarTrend community will also have the ability to see which stocks are most watched/traded as well as the comments on news stories giving users access to new trading ideas, technical analytics, and tips.
The expanded News section has many upgrades with the added benefit of video market news on SmarTrend TV (www.youtube.com/user/TradeTheTrend). Other new benefits for investors include market summaries with real-time streaming data and charts, company snapshots, and summaries of trend changes and stocks to watch since the last log-in.
SmarTrend Version OWL: New Benefits Overview
Summary of user stocks under watch, including number with trend changes since last login
Market summary showing real-time streaming index data and charts
Company snapshot to get current trend, percent change since trend, last price, charts and news for stocks, with ability to add to Watchlist instantly
Company overview for more detailed company information
Top performing trends this week
Insight into which stocks other users are following
Links to the day's most popular news stories
SmarTrend Ratio™ (Uptrends to Downtrends)
Popularity ranking for most watched stocks
Add to/Remove from Watchlist functionality throughout the site
SmarTrend trends overlaid on price chart
View news by ticker, keyword
Links to related news and video content from stories
News content separated into sections to make it easier to find
Now watch market news on SmarTrend TV...available inside the SmarTrend application
Every business day, Comtex issues up to 100 new SmarTrend UPTREND and/or DOWNTREND alerts, delivered with related news headlines when available, on more than 5,000 North American stocks included in the Comtex SmarTrend database. SmarTrend dynamically analyzes up to three years of historical stock price data coupled with real-time current-day trading information, and sends resulting alerts indicating that a price trend change has been identified. Hundreds of technical factors are simultaneously analyzed to result in this unique price trend change notification system. SmarTrend is based upon proprietary automated time-price series pattern recognition technology developed over the past 25 years. SmarTrend was introduced in March 2005 to institutional investors and is now available in various professional financial applications through Comtex's extensive distributor network.
SmarTrend is available by monthly or annual subscriptions and a free product trial is available on the website (www.mysmartrend.com). Institutional investors can also receive SmarTrend directly from a number of professional applications or directly as an XML newsfeed from Comtex.
About Comtex
Comtex (Pink Sheets: CMTX) (www.comtex.com) provides real-time news and economically useful information via CustomWires® and Comtex SmarTrend® Alerts. Comtex also provides several proprietary SmarTrend products to investors, including a daily stock market letter (Morning Call), selected stock news (SmarTrend Spotlights), and SmarTrend Alerts (via subscription at www.mysmartrend.com). Comtex has offices in New York City; Boston, Massachusetts; and Alexandria, Virginia. SmarTrend TV can be seen exclusively on the Internet at www.tradethetrend.com, or on its YouTube channel, Trade The Trend. ®
SmarTrend®; CustomWire®; and Trade The Trend® are registered trademarks of
Comtex News Network, Inc.
Virginia-based Comtex News Network goes private
ALEXANDRIA, VA – The Comtex News Network, an online news aggregator that supplies content to Websites and newsletters from more than 70 publishers, has gone private following a reverse stock split.
The company earned $1.9 million in revenue in the third quarter, up 27 percent from the same period last year. It reported a net loss of $191,000, up from $33,000 a year ago, due to higher sales and marketing expenses.
We’ve noticed that content-focused companies are increasing hot items in the online world. The phrase “content is king,” is being bandied about by the likes of AOL, Yahoo, and other major players.
Players in the space are probably good acquisition candidates–although not necessarily Comtext– as well as being poised to boost revenue.
One more full trading day until the 1 for 1000 reverse split. I don't expect much to happen today, but tomorrow should be interesting.
Only one more full trading day before the June 2nd meeting. Perhaps we will hear something from, or about, Peter Kamin and the reason(s) for his significant investment in the company. He is a very active investor as you can see by following the link below.
http://sec.gov/cgi-bin/browse-edgar?CIK=0000937541&action=getcompany
Including today, we have just 8 more trading days until the June 2nd meeting. Trading has become slow and erratic, and I think the large positions are solidified at this point.
Not very pretty, and the need for reduced expense related to reporting and compliance seems to be obvious. I still think there may be more news to come with respect to the RS and delisting. Stay tuned.
Comtex Reports Third Quarter Fiscal 2010 Results
PR Newswire
NEW YORK, May 14 /PRNewswire-FirstCall/ --
Comtex News Network, Inc. (OTC Bulletin Board: CMTX), a leading provider of economically useful electronic real-time news, content and SmarTrend® market products, today announced financial results for its third fiscal quarter and the nine month period ended March 31, 2010.
For the three months ended March 31, 2010, Comtex revenues increased to $1.9 million from $1.5 million for the three months ended March 31, 2009, representing a 27% increase in revenues. Comtex also reported that revenues for the nine month period ended March 31, 2010, increased to $5.5 million from $4.8 million for the same period of the prior fiscal year. The increases were primarily due to growth in sales of our SmarTrend product and increased advertising revenue.
Comtex reported an operating loss of $(251,000) and a net loss of $(191,000), or ($0.01) per share, for the third quarter ended March 31, 2010, compared to an operating loss of $(50,000) and a net loss of $(33,000), or $0.00 per share, for the three months ended March 31, 2009. For the nine months ended March 31, 2010, Comtex reported an operating loss of $(267,000), and a net loss of $(151,000), or $(0.01) per share, compared to operating income of $24,000, and net income of $39,000, or $0.00 per share, for the nine months ended March 31, 2009. The losses for the periods ended March 31, 2010 were primarily due to increases in the cost of revenues, and increased sales and marketing expenses.
For the nine months ended March 31, 2010, EBITDA (as defined and explained in the accompanying note to the table below), excluding the effects of stock-based compensation, was a negative $(143,000) compared to EBITDA of $147,000 for the nine months ended March 31, 2009. The decrease in EBITDA was primarily due to increased expenses mainly in the areas of product line expansion, sales and marketing.
There are only 14 trading days between now and the presumably highly significant June 2nd meeting. I'm betting those million plus shares traded in February - which appear to have been bought by investor, Peter Kamin of Valueact Capital in Boston, MA - will play a significant role in the future direction of CMTX. I continue to believe there will be some surprises before all is said and done.
I count 15 to 20 more 999 trades since I last reported this odd occurrence. In my opinion, the provision for payouts of .29 per share on holdings of less than 1000 shares creates the potential for mischief with corporate cash, and the number of 999 sales may provide some support for my hypothetical concern. One has to wonder about the frequency of blocks of shares - shares which in separate accounts would qualify for the .29/share payout, selling for .22 to .24 on a regular basis. Although this is only a gain of $50 to $70 per block, if one assumes many separate accounts, the total could easily be in the thousands of dollars by June 2nd. "Chump change" perhaps, but still troubling if one supposes some "prearranged" component to these sales. As a test, I plan to enter orders in each of my 3 brokerage accounts for one block of 999 shares at .22-.24. Given the frequency of these 999 share sales, I should be able to easily get the three orders filled and realize a one month dividend of $90 to $150 (adjusted for commissions) for my investment of $660 to $720 for 30 days, a return of up to 22.7% with little risk.
There have been no more 999 share trades since my last post, but I will continue to monitor this issue as I find it somewhat troubling given the provision for "cashing out" positions of less than 1000 shares. Otherwise the bid seems to be holding up pretty well although there were no trades at all yesterday.
The suspicious number of 999 share sales (15 trades) at .22 yesterday has me wondering if someone is buying such lots for the express purpose of getting the .29 payout at the RS (on holdings of less than 1000 shares}. While these 999 lots may be completely above board and perfectly innocent, I'm beginning to worry there might be the possibility of an "prearranged" attempt underway to take advantage of the .07 difference at the expense of other shareholders. Since the company will be "cashing out" lots of less than 1000 shares, I can't shake the suspicion someone has found a way to take advantage of some easy money - money which would otherwise remain with the company contributing to the value of stock still held by shareholders who do not sell prior to the RS. I'm generally not a conspiracy theorist, but this has my antennae up and I think an email to the SEC might be in order.
From the PRER 14 A
None of the Company’s executive officers and directors has indicated to the Company that he or she intends to sell some or all of his or her shares of the Common Stock during the period between the public announcement of the Reverse Stock Split and the Effective Date. Moreover, none of the Company’s executive officers and directors has indicated his or her intention to divide his or her shares of Common Stock among different record holders with fewer than 1,000 shares in each account, so that the record holders, and therefore such directors and officers, would receive cash in lieu of fractional shares. Each of the Company’s executive officers and directors has indicated to the Company his or her intention to vote all their respective shares of Common Stock in favor of the Reverse Stock Split.
Interesting excerpt from the recently filed PRER 14A:
The Company believes that the Reverse Stock Split is fair to all affiliated and unaffiliated stockholders of the Company, including those stockholders who will receive only cash in lieu of fractional shares and those stockholders who will continue as stockholders of the Company following the completion of the Reverse Stock Split. However, the Company urges stockholders to be aware that factual circumstances could change subsequent to the date of this Proxy Statement such that it might no longer be desirable or appropriate to effect the Reverse Stock Split. A change in circumstances could include a third party tender offer for the shares of Common Stock at a higher price, a merger opportunity which would result in a higher price to stockholders, and a material change in the Company’s business operations or financial condition that affects the Company’s ability to effect the Reverse Stock Split. If the Board elects to withdraw or modify the terms of the Reverse Stock Split, the Company will notify stockholders as soon as practicable.
Selling has all but ceased, and I am guessing the DEF 14C will be filed soon. I continue to think there will be more to this development than publicly announced so far. Stay tuned.
One can't help wondering whether or not Peter Kamin bought most of the shares traded after the PREM 14C filing on Feb 5 since his total is roughly equivalent to the increase in trading volume. The next material event filing should be quite interesting, in my opinion.
I continue to believe there will be some major announcement after the proposed RS and discontinuation of regular filing, and I think the sudden appearance of a person like Peter Kamin reinforces my theory. In my mind, the recent 14A filing represents a method of moving company principals into a position to make major decisions without the necessity of public shareholder meetings or voting. The dilemma for current stockholders revolves around the the likelihood outside investors might benefit more by holding on to their shares as opposed to selling for a small profit today. I'm still inclined to believe CMTX is significantly undervalued at this point.
Peter Kamin biography from Valueact Capital website
PETER H. KAMIN is a Founder and Partner of ValueAct Capital. Prior to founding ValueAct Capital in 2000, Mr. Kamin founded and managed Peak Investment, L.P. (“Peak”) for eight years, a limited partnership that made investments in a limited number of domestic public companies. Prior to founding Peak, Mr. Kamin was a Partner with Morningside, N.A., Ltd., the U.S. private equity operation for a wealthy Hong Kong-based family. Mr. Kamin began his investment career in 1984 at Fidelity Management and Research, where he was an Assistant Portfolio Manager for two multi-billion-dollar mutual funds and an equity analyst. Mr. Kamin is chairman and director of Seitel Inc. a director of Adesa, Inc., and a former director of Insurance Auto Auctions, Inc., Exterran Holdings, Inc., LeCroy Corp., OneSource Information Services, Inc., Sirva, Inc., and several other public and private companies. He has a B.A. from Tufts University and an M.B.A. from Harvard Business School.
Peter Kamin, One Avery St, 17B, Boston, MA 02111
http://sec.gov/Archives/edgar/data/352988/000117152010000113/eps3720.htm
Mr. Kamin beneficially owns 1,244,200 shares of Common Stock, which represents approximately 7.9% of the shares of Common Stock issued and outstanding. This percentage is determined by dividing the number of shares beneficially held by Mr. Kamin by 15,794,200, the number of shares of Common Stock issued and outstanding as of November 13, 2009, as reported in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission on November 13, 2009.
Not confirmed, but I think this may be Peter Kamin of Value Act Capital
http://sec.gov/cgi-bin/browse-edgar?CIK=0000937541&action=getcompany
https://www.valueact.com/cgi-bin/our_team.pl
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Comtex News Network, Inc. is a wholesaler of real-time news and related content for major financial and business information distributors. With a specialization in the financial news and content marketplace, Comtex receives, enhances, combines, filters and distributes news and content received from more than 10,000 national and international news bureaus, agencies and publications. The three main product lines produced and distributed by it are: CustomWires(r) - subject-specific newswires compiled from national and international news bureaus, agencies and publications. Presented in a variety of subject combinations, including energy, finance, international and public company information, CustomWires(r) enable distributors to receive news relevant to their target markets; Comtex TopNews - editorially selected top news stories of the day. A range of news story options, including financial markets, vertical markets, general market and world news; and Publisher Full Feeds - delivery from a specific publisher that provides distributors with the complete content offering from that publisher. Comtex has three categories of customers: Co-Brands - Distributors who host financial and business oriented websites on behalf of large financial institutions and major corporations. Distributors electronically query Comtex computers every few seconds to retrieve and use Comtex news content to service their co-brand partners; Databases - These clients have enormous repositories of information; their end-users log on to these systems, conduct complex searches, and are charged for usage. The database accounts also electronically query Comtex computers every few seconds to download Comtex data into their databases; and Per Seat/Enterprise Applications - These clients market to professional investors - either individuals or institutions. Real-time news and information are paramount, so these clients typically use dedicated technology methods to electronically push Comtex data to customers' computer systems on a continual basis. The Company uses a proprietary real-time content processing system designed to process and enhance real-time data. Its competition includes integrators and distributors of news and related content, national and international electronic news and information services, and traditional content providers seeking direct relationships with distributors. At June 30, 2006, Comtex had approximately 25 full-time employees
Notice of Special Meeting of Stockholders
| 1. | To elect two directors to serve for a term expiring in 2013 and until their successors are duly elected and qualified; |
| 2. | To approve an amendment to the Company’s Certificate of Incorporation which would effect a reverse stock split pursuant to which each 1,000 shares of the Company’s outstanding Common Stock, par value $0.01 (“Common Stock”), will be converted into one share of Common Stock (with stockholders owning less than one share of Common Stock after giving effect to the reverse stock split receiving a cash payment of $0.29 per pre-split share) (the “Reverse Stock Split”); |
| 3. | To approve an amendment to the Company’s Certificate of Incorporation which would permit actions of the Company’s stockholders to be taken by written consent; |
| 4. | To ratify the appointment of Turner, Stone & Co. LLP as independent auditors for the Company for fiscal year 2010; and |
| 5. | To transact such other business as may properly come before the meeting and any adjournment thereof. |
FOR THE BOARD OF DIRECTORS | |
S. Amber Gordon Corporate Secretary |
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