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MIG
Ramsey's mostly right IMO but has downplayed the media aspect. The DJ reporter wrote follow-up "corrections" to her earlier report where she had inferred a deployment partnership w/IBM.
She retracted that, blaming a misleading PR and then threw in KPMG going concern letter (for Q2 mind you). Another "correction" was the SEC was "investigating" Wave and holding up a s/h vote to increase the "float" of the stock by up to 60%
The following day Linda Larouche did 3-4 reports on CNBC from the NAZ site & guess which aspects of the story were reported by CNBC...
for those not "in the know" it looked a bit like chicken little & that Wave was a P&D & a sketchy company & DJ/CNBC were fanning the flames.
DJ then tossed in a report about PJS selling to repay the loan (following a Wave PR), as well as SKS & Feeeney selling up to 10% of their positions. No mention made of what SKS did w/his proceeds, nor whether Feeney paid back the "bonused" loan. They sold in the mid $4s if memory serves.
You can see the effect of the first "correction" on the chart where it dipped late day & the follow-up & the CNBC effect on the selling the next day...
many silver linings in the story IMO, incl the fact that wavx is in its 9th trading day above $1.90.
there was a poster calling himself "financial_reporter23" who came on the boreds in the aftermath seeking feedback from s/h for a story he is writing for a "major financial website." Some here have checked him out (incl me) & he is 99% for real.
Checking FR23's record left me wondering if there is any possibility whatsoever for a positve piece as his work (as a whole) seems decidely negative. Am hoping that the massive mistakes made by the rookie DJ reporter won't be repeated by FR23 & that he'll do a balanced report.
He was doing interviews yesterday & will likely run the story in the next few (unless he waits for the CC for more detail). His last story ran last week & he publishes about every 3-5 days (he does more feature-ish work than the wire reporters.
My take on this is one of hope but *NOT* optimism, esp. recalling the days of Claugus & Barrons. However, FR23 assured me that he would be inquiring w/wave officers (unlike the Barrons hack).
we'll see - could be released today or as late as friday IMO.
buenos tardes,
el SPIN
PS Larry D's moving avg post was "great stuff" IMO...
Ironic you mentioned Tom Clancy & Wave...
been thinking that many of the "relationships" that Wave had forged in past (& were fodder for derision when they failed to result in revs) might be embers that could again be stoked b/c of apparent deployment.
Wave 10K still mentions unexpired options held by the William Morris Agency... among many other past connections that might some day bear fruit.
SPIN
WAVE SYSTEMS CORP. TO EXCLUSIVELY DISTRIBUTE TOM CLANCY'S POLITIKA VIA GREAT STUFF NETWORK
Lee, MA, March 4, 1998 -- Wave Systems Corp. (OTC BB: WAVX; http://www.wave.com/company) announced today that "Politika," best-selling author Tom Clancy's multiplayer interactive game produced by Red Storm Entertainment, Inc., will be distributed exclusively through the Great Stuff NetworkSM Download SuperstoreSM, Wave's electronic content distribution service.
In Politika, players control opposing government factions and compete against each other for domination of post-Boris Yeltsin Russia. It is one of the first interactive games to combine multiplayer gaming with online audio conversation. Because spying is a component of political negotiation, Politika creates an espionage environment wherein players can eavesdrop on one other.
"We're very excited that Wave Systems will be our exclusive online sales partner for Politika," said Dick Wnuk, Red Storm's vice president of sales and marketing. "We have always looked at all possible outlets to sell our games, whether they are actual stores or online sites. With its reputation for offering entertainment software that appeals to our target customers of both hard core and casual gameplayers, Wave's Great Stuff Network offers a great online venue for us."
The Great Stuff Network (http://great-stuff.com) offers WaveEnabled content for purchase and download at the consumers' desktop computer by subject category, including Games, Books, Arts & Entertainment, Business, Graphics & Multimedia and Web Tools.
"Tom Clancy is the master of political thrillers, and enjoys a huge, global readership," said Steven Sprague, president of Wave. "Clancy's multimedia online game offers precisely what millions of consumers are looking to purchase and download over the web: top quality content."
Based in Morrisville, North Carolina, Red Storm was founded in 1996 by Clancy and Virtus Corporation, the leader in 3D multimedia authoring tools, to develop multimedia entertainment products.
Red Storm Entertainment publishes interactive entertainment and is a leading provider of products for the multiple media entertainment market. Red Storm Entertainment was co-founded by best-selling author and Chairman of the Board Tom Clancy, and Virtus Corporation, the leader in interactive 3D business applications. For more information call Red Storm Entertainment at 919-460-1776 or visit http://www.redstorm.com.
Wave Systems Corp., formed in 1988 by Peter Sprague, former Chairman of National Semiconductor, has developed a unique distributed information metering and transaction processing service, called the Wave System, for use in the sale and distribution of a wide range of electronic content for consumer entertainment and education applications. In December 1997, Wave entered into an agreement with IBM to collaborate on industry-wide adoption of Wave's WaveMeter technology by systems manufacturers which would enable consumers to access digital content directly from their desktops through a variety of purchase models including rent-to-own. The Wave System gives content providers security and flexible transaction models and consumers the convenience and control of obtaining content via the Internet, and eventually CD-ROM and broadband transmissions. For more information about Wave or to use the Wave System, please visit Wave's corporate web site at http://www.wave.com/company.
RSA & Wave - July 9, 2003
http://rsasecurity.agora.com/rsasecured/guides/keonca_pdfs/wavesystems_kca65.pdf
http://www.signonline.com/pages/partners_partners.html
http://www.signonline.com/pages/pdfs/eTM_suiteoverview.pdf
What will the smart money do tomorrow?
SPIN
what is wave systems?
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Zeev - August puts & calls
$5 calls -- KWWHA 5.00 0.10 0.20 0.20 264
$5 puts -- KWWTA 5.00 1.50 1.75 1.55 806
The $5 Aug. puts more than triple the corresponding calls.
No other wavx option even comes close to the volume on KWWTA (liking yer contrary signal btw
it didn't take long for you to taste the Wave, eh?
regards,
SPIN
PS i'd still like to see (1) one shareholder nominated to the BofD... uhhhhhhh, any nominations?!?
Luckytofind...
nope (sorry)
s/h of record as of 6/30 (i think)...
FWIW, i'm sitting here mulling over the "new" Wave & can't accurately describe my feelings about it.
As livid as i've been on occasion in the past, i am now, officially, unequivocally, just as impressed!
would never have been able to predict that a month ago...
a stunned,
SPIN
PS Zeev Hed has been a noticeably active (& nimble) wavx holder of late...
thanks Hawk & Smitty
i promised some "new & improved" & haup i'm delivering some.
trying to stay as objective as humanly possible, but it's getting harder b/c Wave just keeps doing almost everything right!
this really could be the "coming out party" that everyone thought they attended 3 years ago.
this could be the big bang & i would not want to be among those 300 or so put holders who have right to sell wavx @ $two-fitty by the end of the month!!
was today the 7th or 8th consecutive day over $1.90?!?
counting 'em down!
SPIN
PS get some wavx in yer Roth IRAs!
much lessShoddy IMO
Dow Jones Business News
Wave Systems Sets Holder Vote Following SEC Proxy Review
[very fair headline IMO]
Friday August 8, 5:14 pm ET
By Ellen Sheng, Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--After being delayed by a Securities and Exchange Commission (News - Websites) review of its proxy, Wave Systems Corp. (NasdaqNM:WAVX - News) said Friday that its shareholder vote will take place Aug. 27.
ADVERTISEMENTThe vote previously was scheduled for Aug. 4. David Collins, an outside spokesman for the company, said that the review was not an investigation, as some retail investors believed.
Among the issues to be decided by the shareholder vote is the small security software company's plan to increase its float by 60%, to 120 million shares. It currently has a total float of 75 million shares.
The move is part of the Lee, Mass., company's plan to replenish its coffers. In a June 30 SEC filing, Wave Systems disclosed it has only enough cash to fund operations through Oct. 15. Also, the company's auditor, KPMG, expressed " substantial doubt" about the company's ability to continue as a going concern past the second quarter of this year. [ummmmm, five weeks old?!?!] Wave Systems said it needs to raise $9.3 million in order to continue as a going concern for the next 12 months.
On Tuesday, Wave Systems said it received $3.6 million in cash proceeds. Of that amount, $1 million came from Chairman Peter Sprague, who was repaying a loan. The other $2.6 million came from shareholders who, in all, exercised options to purchase 1.189 million shares at strike prices ranging between $1.09 to $4.08 a share.
Wave Systems shares traded at under $1 until last week, when the company announced it signed a pact to bundle its software onto a new Intel Corp. (NasdaqNM:INTC - News) motherboard. Then on Monday, Wave Systems said its software got an official seal of approval by International Business Machines Corp. (NYSE:IBM - News) as an independent software vendor. Share prices soared amid several erroneous reports [at least 3 of which were written by the bylined reporter] that the company had inked a bundling deal with the PC maker. Within days, share prices skyrocketed to $5.24 - their highest level since June 2001.
Chief Executive Steven Sprague was among those to exercise options. He exercised options for 150,000 shares at a strike price of $2.01 and then sold all the underlying shares. According to the company's latest proxy statement, Sprague received, in 2002, options with 252,500 shares underlying them. He has 1.35 million exercisable options. The company also said that Chief Financial Officer Gerard Feeney sold 100,000 shares. Feeney received options with 150,000 shares underlying them last year, and now has 466,667 shares in exercisable options.
The amended proxy removes three provisions that were in earlier versions of the statement. An earlier proxy included a provision to increase the number of Class A common stock authorized for issuance under the stock option plan to 15.5 million shares, from 13 million. Another provision sought to extend the stock option plan to January 2009, from January 2004. Lastly, the new proxy removes a provision seeking shareholder approval for an issuance of Class A common stock that exceeds 19.99% of the total float before April 30, 2003.
Collins, the spokesman, said he did not have additional information regarding the proxy statement. Calls to the company, including Feeney, were not immediately returned.
Wave Systems shares closed Friday at $3.46, up 7 cents, or 2.1%, from Thursday's closing price. Trading volume was 8.2 million shares, compared with average daily volume of 3.6 million.
-By Ellen Sheng, Dow Jones Newswires; 201-938-5863; ellen.sheng@dowjones.com
WOW!
Wave is starting to reform!!!!
not sure whether they were strong-armed by SEC or made these moves of their own accord, but i sure like the developments!
howiever, what is the implication of the removal of the 19.99% provision? Has the recent activity put Wave in a position that it is no longer needed?
i think next week is gonna be good!
really good,
SPIN
PS yeah, it was such a bad idea to e-mail the reporter!
PPS in fact, i think i owe her another one, albeit of a very different tenor...
MATT - please check out "financial_reporter23"/e
HhHeavy Dilution...
you had an argument to make about the loans when they were discounted to -0- & a 100% reserve established.
the after-the-fact that they never shoulda done it is ridiculously obvious but also ineffectual. that viewpoint was priced in before. PJS sales shoulda been unnecessary, but again, it was already priced into the stock a while ago.
new things are priced-in now - INTC, Shoddy Sheng, big put interest, supposed SEC "investigation," IBM "confusion," scheduling of the SHM and approval of the DEF14A.
all in there @ $3.50ish.
tens of millions of shares have churned b/tw $3.30 & $3.60 & the battle for $3.50 has been fun to watch.
the buying was strong @ close in the face of an inquiry by "financial_reporter23" (good call btw, Larry - doubt so highly the FR is fer real) & a low volume walk-down around 3pm (2 days in a row).
i tHhHink i'm a howie litmus test of sorts & his arguments have become increasingly irrelevant during the developments of the last 10 days. That he is reaching into the PJS loan bag AFTER $3.6million is going in the kitty & contends how much better it woulda been to come from treas shares - duhhhhh... but that was not the reality of the situation & is low hanging fruit hindsight).
i'm firmly w/the camp that desires some challenge of the wave mission. it strengthens resolve & overall understanding.
also sick of the "FIRE" theorists - longs have definitely traded in the same currency over the years. An approach that has likely cost as much (or more) for investors who held when they shoulda taken profits, bought on margin (when they shoulda taken profits), rode it from 50 --->1... yep, when they shoulda taken profits!
"voids wanna be invited to the big dance but @ same time don't wanna messy bored?!?!? hafta say -- too bad -- fame has its costs & those includes the "pluvias" of the world taking shots @ you! the latter brings w/it the former. if the stock is gonna continue to appreciate, it'll take new capital coming in (& not house-of-card wavoid margin buys either!).
the grumpy old, supposedly urbane, gentlemen still growing in the DD petrie dish want a company that makes money (truly profound, btw) but also wanna stay isolated in a DD wonderland. a "private club" is *not* what wavx needs - it needs all these bright bulbs to shine light as the best disinfectant.
There's plenty of DD to refute most (if not all) of the main "basher" points. The collective IQ here is prolly about 50-75 points higher than @ yahoo & if 'voids collectively wanna do something positive for the future of wavx, refute negative arguments effectively instead of seeking to squash them w/iggy, etc. If 'voids couldn't refute the contentions, i sure wouldn't hold wavx - it's that simple (& i s'pose, that complex as well).
criticism that is readliy dispatched by informed posters is exponentially will always be more valuable than hiding somehwere "in peace."
IMO financial_reporter smacks of someone desperate b/c they have watched, mouth agape, as every MM dirty trick, Shoddy story, etc., has *still* left wavx w/all the news priced @ roughly $3.50. Following HhH's theory of being "right" he has been consistently wrong of late & chewing up tens of million of shares @ $3.50 proves it.
wouldn't wanna be "out" this weekend -- too much potential for gap-up news on monday & if memory serves, Wave has often released news going into reporting Q results. the *heavy* buying into close is worth noting as well -- the comeback from $3.30 was very impressive.
HhH's role is moving much closer to "CarroTop" quality amusement & continues to drift further & further from relevant probing. HE admits he loooooves to parody the company, so why not laugh @ it (& yerselves) every once in a while... plus, i'd rather read on HhH than 20 "thanks Snack," "didya see that block go by?" & shout-outs from Peoria).
i value his presence either way, but i don't hold grudges as long as some (though most of them remain mired in the magical treehouse of RB).
the FACT of the matter is the SEC worries are GONE as of today! (formerly a fairly significant unknown IMO)
it also looks increasingly likely that the 15/20 @ $1.90 is gonna be blown out of the water! (was also a big source of concern).
the simpleton argument of "P&D -- Loooook OUT belowwwww!" has been disproven by tens of millions of shares that are a serious Maginot Line drawn in the $3s.
All that looked sorta bleak when Shoddy's second snipe was released has been washed away by tens of millions of shares in the mid-$3s.
The worries of how to raise cash are melting away & Wave may not evern need to do an offer in any semblance of desperation ever again (another one of my biggest blocks in the wall of worry).
They just banked $3.6 - another $4-5mil is on the horizon w/Series H_ell warrants trigger. that's close to the stated need of $9 & doesn't even include SSPX, WXP, debt financing OR the possibility of seeing some Q2 revs, or at least a bloating of Wave's accts. receivable (which might hint towards revs flowing in). There's also the (discounted) possibility of 13Ds being filed.
Then there is 3H's contention abut SKS remark re: insiders... being the new era of SKS credibility, IMO it remains very possible that SKS was talking about Bagalay, Gilder, Bushnell, et al. I seriously doubt he meant him, Dad, & Feeney.
As to SKS selling after option exercise -- this is NOT a problem for me. It's generally incentive-based (he *did* land the Intel deal (or at least played a huge role in it). I'd like to see the "new" Wave be meticulously responsible about this stuff & issue all future options w/strikes @ 52week highs (NOT lows). If they execute, they "earn" significant upside on such options IMO.
the *only* viable argument 3H has left is the question of whether Feeney paid back his loan... & even that is only a moralish-ethical question now b/c Wave's filings have passed SEC muster.
Wave has turned the corner & that too, is priced in @ $3.50ish.
TCG is clearly moving foward @ a quick gait & Wave is disproportionately a beneficiary of that undeniable trend - probably much more so than any other member in many ways.
The silver linings are far too many w/far too significant implications.
Howie has been reduced to a gadfly... a clever & 40grit abrasive gadfly, but almost innoucuous nonetheless.
let him stick around - HhHe's shooting almost exclusively blanks right now & his arguments are all watered-down!
and i think he knows it...
an optimistic,
SPIN
PS RB has also become virtually irrelevant IMO - BOTH threads.
PPS notice that NO OTHER respected media outlet jumped on Shoddy Sheng's schloppy schtory. Some, like CBS' Mike Baron actually bothered to call the company before slamming the company w/KPMG in the present tenses re: a filing that addressed Q2!!!!
PPPS have a good weekend - maybe i'll bring some flowers & cookies next week!
RWK - yer right
my baileywick isn't accounting - nor its jargon.
my use of "income" was inarticulate.
but the effect (sans tax consequence implications), is that it is $ to be used for operating.
but yer 100% right - it isn't going in the "income" entry of the operating statement.
sorry for the confusion,
SPIN
BTK
the forced call of warrants is sorta like an accounts receivable & so = future cash *if* the 15/20 trigger clicks (looks like it's imminent IMO).
the exercise of the warrants anytime bfore 10/04 is @ the option of the holder. the strike is @ $1.13.
i'd convert 'em if they were mine (unless i had a tax issue & wanted to "risk" deferring the gain 'till next year).
when they are converted (NOT if, IMO), wave realizes income ($1.13/sh).
could hauppen tomorrow, could hauppen next year.
they are delivering on a plan to raise cash w/out dilution.
yep, you missed the little boat!
the BIG one is still @ the dock.
if it were me, i'd hand my ticket to the porter & get on board!
cost-average in if yer reticent, but i think you *know* wavx is going higher.
much,
SPIN
lesson learned
shoulda bought before posting!
but i don't care - Peter's repayment makes this glass more than half-full IMO.
if they would just reform the corp governance & eliminate the rest of the family biz BS, their credibility would ramp up in a big way.
it already did for me today.
the spotlight is one 'em now & it looks like they are prepared to deal w/it appropriately!
Now... if they have any news arrows in the quiver, a mid-day deal announcement would do wonders to smoke sloppy Sheng's aspersions.
iHub says i only have 2 posts left today... ?!?
gonna be a good day,
SPIN
PAY BACK THE LOAN FEENEY!
"Wave also reported that its CFO, Gerard Feeney, has sold 100,000 shares of Wave common stock, also representing less than 10% of his total share and option holdings."
I am *very* pleased that PJS took this step. It's a qaulified "right thing" IMO b/c he never shoulda let it get to this point. But, that said, it is yet another sign of positive developments that portend for a bright future. The light is cresting over the horizon & it's clear to me that it's gonna be sunny again!
Unfortunately, in the trading world, shorties will be in a position to twist this into a "see, told you it was a P&D so that insiders could sell!" message.
we know better,
SPIN
Doma - Safekeeper in Israel
where's the "officially released in the first quarter of 2003" press release? we're in mid-Q3. BTW, the NSM Zeev seems to show up in a lotta places...
NSM aspects & govt initiative (is Wave still involved w/Maximus?) are both extremely important IMO. both received no coverage from shoddy Sheng.
imagine if the negative story becomes the impetus for more follow-up coverage. media outlets that don't wanna leave this "juicy" story all to Shoddy. Why should she not share the story?!?
in the event that wave executes & the media sniffs & finds legitimacy, there could well be unprecedented opportunities to clarify the market and mission in the aftermath of the DJ debacle. The sensationalistic perspective of DJ/CNBC can IMO still definitely be reversed -- if wave executes.
it may also prove to be a significant test of the TCG's resolve & support of their kid brother. that's something that is a given to some here (e.g. Wave is 99.9% likely to be chairing a key committee, etc.), but for me, i'd love to see more evidence of that dynamic. I've read second-hand accounts of SKS saying "wave=TCGlue" but i'd still love to see the founding members step up in some way.
it's another key aspect that is potentially (& if so, fortuitously) accelerated. just as the correction is being hastened, so might be the mainstream financial press' scrutiny -- if wave executes, that albatross could quickly ascend.
a big plus IMO - reiterating that wave unequivocally has an NSM SafeKeeper deal and what appears to be an important deal w/Cubic to develop readers for the govt (DOD). Important cards to play w/future media inquiries, though AMD would result in a critical trifecta of the chips -- if all 3 soundly endorse the approach, wave will have established a crucial (& irrefutable) beach-head on the way to becoming a standard. [insert some barge Web Services O/S fantasies here].
i'm rambling, but the more i've mulled it, the more i think this can result in as abberrant an opportunity for wave as was the trading action & its backstory. i hop ethey seize it.
it's a great test of whether the spruce goose will really become more common than the lightswitch
all they have to do is execute.
hoping they do,
SPIN
PS i don't regret contacting Shoddy @ all & am flabbergasted by her "work" after the initial correction. but maybe the seeds of doubt sewn by shorts becomes an opportunity of a lifetime -- if they execute.
you coined it!
so i'll take no further liberties w/it (was doing phonetics).
trust it though - you were right then & you are STILL right now.
think of the DD scrutiny Intel musta performed before letting little Wave into the sand_box. Wave's in the box dude (think of how you'da reacted to that FACT a month ago!)
you are STILL right,
SPIN
PS not trying to sugarcoat it - today was definitely a setback, but i don't believe it changes the final outcome, maybe just delays it a bit. Wavoids are used to delays!
PPS Yaya - yer optimism is among the best, but it closed just off its lows. I think the bluelight special continues manana.
me too bud, but it'll be mitigated
IBM presumably approved the PR (so no lost credibility there). DJ hack confirmed Intel "deal" (no lost credibility there). Wave still has the cutting edge w/Trusted Computing (no lost credibility there).
I doubt highly that the SEC review is related to significant problems.
one day closer to retiring the series H_ell (one of my biggest worries, btw). 15 out of 20, remember?
one day closer to triggering the future right to call warrants ($4+mil).
lots & lots of investors, traders, etc. WaveXposed now.
TCG gorillas that *know* Wave got a raw deal w/the DJ/CNBC coverage (no lost credibility there).
Ability to raise additional capital is higher than it has been in years... smart VC types will know what the picture looks like & will due DD similar to Intel.
the lost credibility is w/the financial press & know-nothing trader types that don't even care about the fundamentals (as long as a stock is moving).
New guys like Zeev & Larry are kicking the tires. I'm confident that a bunch of that group will come to understand what Wave is accomplishing & will put their capital on the table.
the stock needed a pull-back anyway to go to higher highs... this just acts like a time-compressor & in a way, gets the necessary digestion out of the way faster IMO.
Wave's challenge remains the same - execute!
if they focus on that & accomplish their objectives, Ellen Sheng will eventually be proven to be a total hack.
if they focus on that & accomplish their objectives, the financial press will do an about face & write gushing stories.
i'm also glad it ran out of gas before it spent much time in the $5s -- doubt many got into margin & doubt that many retail shorts got a crack @ it.
those are HUGE positives. Wave has a chance to reverse all of this BS by executing their business plan & deploying in significant numbers.
The SEC delay allows more things to develop before we get some detailed commentary (also good).
There's a lot of sliver in the lining... AND Ellen Sheng *will* be outed as the bush-league hack that we already know her to be.
Ohm Namah Intel bro, Ohm Namah Intel.
SPIN
N4, now repeat after me....
.
.
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
Ohhhhmmmmm Namah Intel
every little 'ting's gonna be all-right...
SPIN
allshore - strange but true...
in the near term, 'voids have a distinct advantage as they *know* this story (& have seen the media ravages - remember Clownguts?)
this will prove to be a nice oppty to 'voids b/c it isn't scaring anyone here. it might make peops mad, but in the end, it gives everyone a chance to get more shares w/a nice foreshadowing of what is to come.
btw - i agree w/most of the sentiments about cease & desist w/Sheng... but, story editors *do* field pitches for news. call your local paper's story desk & they'll listen to whatever "news" you think you have. if it is a story, it'll often get run (so i don't buy the "innocent mistake" theory in the least).
a reporter is s'posed to verify "facts." if the reporter doesn't the news outlet usually has fact-checkers that verify. after that, an editor is charged w/ensuring the veracity of the "facts."
none of that happened here. it wasn't Wave's fault @ all as it unfolded (except they *should* have been on the horn immediately when they saw the "inked deal" headline).
btw, bluefang i don't think the inky finger crowds take pride in being as wrong as Sheng was & she wears no merit badge for this debacle in those circles. I am certain of that.
anyway, this too shall pass & 'voids get a chance to do some deep discount shopping.
NO MARGIN!!!
SPIN
PS CNBCis railing again & calling the PR "misleading" (CNBC is partnered w/Dow Jones). Guessing Dean won't mention Wave tonight in the CNBC live interview!
but you also didn't IGGY
love me - hate me
whatever.
let's not waste everyone else's time though (or our precious 18 posts per day as freebies).
i have a clear conscience.
it's the softest pillow in the world.
SPUN
s'up
1) remain incredibly positive about the company's prospects.
2) didn't manipulate anything in '98 - just came out of another stock that was decimated (which Snack & others owned) & was beyond skeptical when Snack would come back to that other stock's bored posting what i thought then were touts for wavx.
3) during that time an on-line friend of mine (who also held that stock) had just committed suicide, the s/h were stuck w/a take-under & a class action ensued (during which i was a lead plaintiff). so while my initial RB posts were loaded w/vitriol, they were sincere as i saw things at that time, from that perspective.
4) i *still* don't like the idea of "private" dinners w/select s/h where (material?) things like a govt vendor list (that i *still* haven't seen) are disclosed.
5) honesty - i posted my sell so people know where i am w/the stock when i post... i don't post the next day about how i sold @ yesterday's high.
6) i don't claim to be a "great" investor - i'll leave that to great minds like you. btw, "great" should only be in quotes if i used the term...
7) i'm not "talking down" the stock @ all -- wavx will bounce back from Shoddy-Sheng's reporting. i just *can't* afford to watch the knife drop - taking a profit was necessary for me, not just a luxury.
8) " contradicted your own statement from earlier today" ?!? not sure what you mean w/that statement, but i s'pose it made sense to you...
9) *you* seem fascinated w/me - monomaniacal in fact. you couldn't iggy me if you tried.
have a great day!
kisses,
SPIN
"The Prince" of fib_onacci trading theorists
http://clearstation.etrade.com/cgi-bin/bbs?post_id=4648942
http://clearstation.etrade.com/cgi-bin/bbs?post_id=4647958
http://clearstation.etrade.com/cgi-bin/bbs?post_id=4651676
"That first announcement was a plant to allow the big-uns to get their shares between $1-2 without any SEC trouble."
so, your allegation is that Wave execs winked to the "biguns" to let them in?
might that be construed as unethical and/or manipulation?!?
in a day or so, will you post elsewhere how you sold today @ $4.34?
i'd rather be wrong (often) & honest, than otherwise.
any day.
telling Spindeed.
PS whichever support # you choose, it's well below it.
PPS noticeable silence to the PM reply i sent...
Big T
you & i are in 100% concurrence.
@ least i tell the truth & almost in "real time."
i've been called a liar before by thread denizens (remember when i reported in 2000 that my Morgan Stanley broker told me that MSDW was calling margins firm-wide in tech stocks?)
WAVX went from around $30 to $10 in a day.
i don't lie about my positions, my trades, my view of the company, etc.
a piddling profit just isn't worth*that* price to me...
whatever - wavx will be in double digits by year end if they keep making progress.
SPIN
"REAL" investors...
don't know what your criteria is for that vaunted status, but many investors don't hold a stock when a bogus news story cause the equity to plummet down to key support levels on heavy volume.
then again, most "REAL" investors woulda taken profits @ fifty bucks and avoided riding it down to a dollar!
"real" investors don't find out about such a sitchy (that started 90 minutes after yesterday's close) the next day.
hey, it broke $3.67 & is above it now, off the $3.55 low.
it's august (worst month for tech).
interest rates are all F*ed up.
DJIA is testing a big psychological #
S&P broke 975 yesterday.
"REAL" investors take profits...
SPIN
issue avoidance
don't give a fat F how many shares you own ALLCAPS.
that is not the point i was making & you know it!
anyone on this thread who hasn't had a lobotomy knows what i'm saying...
btw, it's "you're" honest, not "your."
not wasting anymore posts on this issue.
res ipsa buddy... res ipsa.
SPIN
***at least your honest lol***
are you? yer first set of posts smelled like a guy trying to talk down the stock so you could get in.
*i* "talk down" the stock when i own it.
bigggggggg difference buddy.
the writing was on the wall - too many numbnuts that still think Wave is a chip company out there.
get out of the way of a falling knife is my credo post-dot bomb.
i *still* totally believe that Wave is gonna be a major player in Trusted Computing, but it's prudent to take some profits given the sitchy.
PLUS we're breaking key support right now @ $3.67.
i'm loyal, but i ain't *that* loyal!
telling it like i see it,
SPIN
yeah, Ellen Sheng should be fired!
tampa, Wave coulda definitely been more assertive in dealing w/her shoddy work. they probably shoulda contacted DJ immediately upon the reporting of a "contract."
howiever, who among us read the IBM release & inferred a K?!? definitely not me. i thought, "man, this is kinda fluffy -- another one of those, 'we can do this!' PRs."
The reporter did not confirm her INFERENCE w/either company until *after* it was on the wire. Then, she was cornered & hadta contact Intel as well to make sure it wasn't a scam!
To make matters worse, she included the KPMG "going concern letter" from the last SEC filings as if it was just released. Now CNBC picks it up & refers to it in the present tense "KPMG is expressing substantial doubts... blah, blah, blah...
It was piss-poor reporting.
Could Wave have done a better job of damage control?
you betcha.
should they have been pushed into such a position?
not if Ellen Sheng had adhered to generally accepted journalistic practices.
AND, DJ Editors wear some egg too - they ran the story w/out vetting the "facts." It is an Editors job to ensure that the report is *accurate* before it runs.
Not the day after...
SPIN
PS i definitely agree that this does serious harm to Wave's credibility FWIW.
PPS i dumped @ the open...
Bruce Schneier & Wave Systems still connected.
Wave Systems Senior Systems Architect, Jon Callas, on Technical Advisory Board (TAB)
Counterpane Internet Security http://www.counterpane.com/board-callas.html
Liberty Alliance Info: http://69.20.7.5/specs/archive/v1_1/liberty-architecture-bindings-profiles-v1.1.pdf
Wave Systems Confidential Trusted Computing Wave Solutions to Customer Requirements
http://www.krowne.de/silicon_trust/03_day%20two/presentations/WAVE.pdf
Project Liberty.org
http://www.projectliberty.org/specs/archive/v1_0/liberty-architecture-bindings-and-profiles-v1.0.pdf
Wave/Cubic blurb in Military & Aerospace Electronics Mag
http://mae.pennnet.com/home.cfm
Wave Systems and TecSec Collaborate to Address Key Government Security Markets
http://www.wave.com/news/press_archive/03/030327TecSec.html
Lee, MA and Vienna, VA March 27, 2003
Wave Systems Corp. and TecSec, Inc. today announced a strategic partnership to integrate product capabilities and team together on selected sales opportunities with federal and state governments. Wave Systems is a leader in delivering trusted computing applications and services with advanced products, infrastructure and solutions across multiple trusted platforms. TecSec is an innovator in the field of secure data management with access controlled and enforced through an advanced standards-based key management and cryptographic system.
National Semi licenses security capabilities for 'trusted' PC modules
The Semiconductor Reporter
March 28, 2003, 2:05 p.m. EST
LEE, Mass.--National Semiconductor Corp. has inked a licensing agreement to bundle enhanced security and privacy options from Wave Systems Corp. here in its PC21100 SafeKeeper platform modules for personal computer systems.
The combination of National's PC21100 modules and Wave Systems' Embassy Trust Suite of applications and services will provide PC platform makers with additional features for revenue, said the two companies. The solution will be available in May with bundled document manager capability for securing files and folders, and a digital signature capability for secure electronic contracts.
"Trusted PCs will become an essential ingredient in enterprise environments," said Zeev Heller, director of National Semiconductor's Notebook & Security business unit. "Wave Systems' suite of applications and services provide a useful toolset for trusted PCs protected by National Semiconductor Safekeeper technology."
Wave Systems' Embassy Trust Suite will increase the hardened security of a PC21100-enabled PC by adding a suite of enhanced applications for trusted digital signatures, secure document storage, secure document management and powerful privacy options, according to the two companies.
http://216.239.39.104/search?q=cache:0-VxsK9-KPYJ:www.semireporter.com/members/2831.cfm++%22wave+sys....
Verisign & Wave - U.S. Cybersecurity
http://www.verisign.com/corporate/news/2002/pr_20020327_print.html
New Generation "Trusted" PCs To Transform Business Computing -- Wave’s EMBASSY® Trust Suite Services and
Infrastructure Enable Secure Enterprise Computing
http://www.wave.com/news/press_archive/03/030603silicontrust.html
Munich, Germany June 3, 2003
Wave Systems Corp. a leader in delivering trusted computing applications and services with advanced products, infrastructure and solutions across multiple trusted platforms, today predicted that new trusted personal computers now being introduced in corporate environments are poised to be the platform of choice for a multitude of next-generation business services. To fulfill its promise, the PC is adding security hardware such as the Trusted Platform Module specified by the Trusted Computing Group in order to create a more trustworthy and secure computing environment, upon which enterprises, users, and business partners can rely.
what is wavexpress?
wavexpress is a collaborative venture of wave systems
wavexpress is not liable for any disclosures of your personal information by third parties to whom you transmit such information
wavexpress is pleased that dtv plus
wavexpress is a fast and efficient broadband distribution channel for electronic information and entertainment with nearly universal market coverage that
wavexpress is establishing the digital marketplace for the 21st century
wavexpress is a delaware corporation doing development stage business in princeton
wavexpress is currently expanding its pilot broadcast
wavexpress is leveraging its resources from wave systems corp
wavexpress is talking to a number of potential partners
wavexpress is developing technology and services that will allow content providers to send electronic content to properly equipped pc's by utilizing unused
wavexpress is a provider of secure digital content and interactive services to consumers
wavexpress is preparing a rival service
wavexpress is set to demonstrate its system in washington
wavexpress is in trials with services in five metropolitan areas including cincinnati
wavexpress is the first digital broadcasting service for the pc
wavexpress is in the process of trialing its pc
wavexpress is very simple
wavexpress is introducing a unique broadcast e
wavexpress is a new technology company offering unique e
wavexpress is a joint venture of wave systems and the sarnoff
wavexpress is a company founded by wave systems
wavexpress is happy to welcome you to our developers' resource section
wavexpress is wave's meal ticket
wavexpress is one of a few visionary companies working to deliver special programming
wavexpress is inviting a number of broadcasters to join as charter members and equity owners
wavexpress is the leader here
wavexpress is leveraging its
wavexpress is using the embassy
wavexpress is designed for contained spaces such as corporate
http://www.googlism.com/what_is/w/wavexpress/
SPIN
PS nice post alea!
PPS http://www.wavetek.org
N4 perhaps, but Ellen Sheng created a contract in her head & then wrote as if it were fact.
'voids can call Callahan or Collins & get info but a DJ reporter cannot?!?
The mistake was bad... the "correction" is outrageous.
And while the verge of insolvency slant is factual, it has nothing to do with the actual story -- if it did, it would have appeared in earlier reports.
This kind of crap happens all the time, the Portland confusion is one thing (& generally innoccuous), but now anyone reading a future Wave PR will be looking w/a very skeptical eye, so that Ms. Sheng could do some CYA.
If I was her editor, I'd fire her -- not for the mistake (that can happen though is still inexcusable), but rather for the completely deceptive "correction."
it's pathetic IMO & I'd hope that Sprague addresses this somehow. (BTW, i think Wave PR dept should be seeking to book him on CNBC given the volume & price run, but really to help explain to the investing public just what Trusted Computing is all about (& w/the WXP/Howard Dean fundraising story, there is plenty here for a story editor to "get" - an easier sell than the last appearance SKS made IMO).
anyway,
SPIN
it diminishes Wave's credibility
i think you ALL know by now that if i believed the fault belonged w/Wave, i would say so.
it ain't.
i just sent Ms. Sheng an e-mail (but failed to keep a copy in "sent" folder). I bcc'ed Snack & he can feel free to post it as long as he redacts my e-mail address and my name from the letter.
The headline shifts the blame to the PR. This reporter drew a completely incorrect conclusion and then FAILED to confirm it w/either company!!!
that is a major no-no in journalism & i told her so.
the closing paragraph is irrelevant to the correction altogether & reeks of snide IMO.
i wish i knew the name of her editor b/c i would *definitely* be on the horn w/him/her about it & request a re-write on the headline. it is MASSIVELY deceptive.
Ms. Sheng's sloppy-ass reporting is the root of the error, not anything attributable to Wave.
i don't know if it will harm Wave, but it does diminish their credibility and it is not at all their fault.
it might add some selling pressure in the short term, but it won't matter much later... but it DOES matter that Dow Jones has this type of reckless reporting IMO.
SPIN
PS i was Editor-in-Chief of the #1 law school newspaper in the U.S. per the Amer. Bar Assoc & we won numerous awards from Columbia Univ. Scholastic Press Assoc. --- if one of my scribes was responsible for such an error, I would have run a "correction & clarification" and as E-I-C, I would have apologized to the readers for the error. Dow Jones blames it on Wave's PR writing!!!
DJ scribe info (incl. e-mail)
posted on Yahoo-wavx
Just off the phone with Ellen Sheng
by: C_n_H (35/M/colorado) 08/05/03 06:32 pm
Msg: 27448 of 27450
Just called the number 1-201-938-5865 to verify the news article from Dow Jones. Yes, Ellen Sheng did write the article, yes Ellen works for Dow Jones, yes that is her office phone number. Also sent her an email to validate the email address, she replied back from that address as well.
Please folks do your DD, call Ellen to validate, send an email to her to validate the article.
Below are the return-path headers from an email Ellen just sent a reply to, with my email address removed in case someone wanted to send email to me. Please reply to this post instead.
Return-Path:
<Ellen.Sheng@dowjones.com>
Received:
from secinsgproxy.dowjones.com ([63.240.101.2]) by emu (EarthLink SMTP Server) with ESMTP id
19KaeP41h3NZFnx0 for <removed my own email addr>; Tue, 5 Aug 2003 15:25:03 -0700 (PDT)
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Message-ID:
<9F2B6D9AB186D611A7C30002A5879CD0019B3FAE@hbsmxsmb01>
From:
"Sheng, Ellen" <Ellen.Sheng@dowjones.com>
IRRESPONSIBLE JOURNALISM CAUSES CONFUSION
the scribe that wrote the inaccurate DJ piece inferred a contractual arrangement without confirming it w/either company.
DJ then takes a swipe @ Wave towards the end of the "correction."
Just as numerous reports have been published in recent days indicating that Wave is a Portland Or based concern, based solely on the Intel PR dateline.
In the post-Jayson Blair era, it would seem that DJ would have taken the responsibility for the error. Instead, they have attributed it to inarticulate PR writing. When i read the IBM PR, I did NOT come away from it w/the impression that a contract had been inked.
the DJ scribe should be relegated to proofreading WSJ classified advt section for the next year!
AH trades are off (seemingly in response to this, ahem, "correction.")
weak,
SPIN
PS e-mails to the DJ editors would not be inappropriate IMO.
mind-boggling strength
think about any average stock w/a momo pile in that rec'd a DJ "did NOT ink a deal" correction 90 minutes before close and *still* end up in the green?!?
there are well-heeled forces out there that were unfazed by the IBM correction & swiped those shares out of the hands of the traders, gladly paying their price of admission...
mind-boggling i say!
SPIN
PS awk... a set-up like this would be epic.
S&P is @ 967
why do i need to wait until tonight to see what i already know?!?
turn off the friggin ALLCAPS!!!
SPIN
ALLCAPS10 - S&P broke 975
triggered broader selling - not really a secret.
btw, you've been trying to talk wavx down since you started posting again - no secret there either!
sorta doubt you'll get yer $2 fill...
whatever,
SPIN
ALLCAPS10 - how 'bout a link buddy?
or if no link, how 'bout a cut&paste of the text?!?
tia,
SPIN
BM
i agree that much of it's momo & it looks like they're getting bored w/their new toy. guessing they'll be a push down @ close from that group b/c single-digit % gains just ain't their game.
a little pause is fine w/me b/c it's just gonna make the stock stronger over time as we build support below $5.
And FTR, many of us welcome guys like you & Zeev & Larry & Greg S. IMO, once y'all wrap yourselves around the incredible potential, this "story stock" will be nestled nicely in yer portfolio.
if even half of the expected results come to fruition, this company is going to be extreeeeeeeemly successful. Check out a poster named "barge" -- he has a theory that the EMBASSY functionality will become a micro O/S for web services (a theory that seems increasingly possible IMO).
browse around the archive @
http://ragingbull.lycos.com/mboard/boards.cgi?board=clb00135
the "club" mentality developed there over last few years as wavoids hunkered down & did some serious DD. many went to a private MB b/c the wild west atmosphere of the regular RB bored was cumbersome.
the "DD" bored is fulla insights & research that'd help you form a basis of knowledge that IMO, will alter your viewpoint significantly. it's an invite-only to post, but guys like barge, countryboy, bigtim, tophersaint, doowopguy, are some astute professionals & well worth reading.
best,
SPIN
OT 2b re: newbies
much closer!
i'd put a headline in all caps (e.g., WAVX DD RESOURCES)
and then put the link in the message text (so it gets blue-lighted).
when the url is in the headline, the impulse types still hafta cut&paste (probably a challenge for some of that crowd
that said, i think you & awk are doing a valuable service to let the public know what this company & its prospects are all about. some of those momos & daytraders might just hold back a few shares once they realize what they own.
hell, maybe some of 'em'll put some shares in a Roth IRA!
anyway, good work!
SPIN
PS Hey ALLSHORE!!!!! DROP THE ALL CAPS!!!! OKAY!?!?!?
2b re: newbies
been watching your efforts on yahoo -- great substance, lackluster marketing.
yahoo is like the lower shelf @ the cash registers in a supermarket - lotsa flashy BS & impulse-buy type stuff.
your posts would, IMO, be much more effective if you posted your site (which for those who have not visited yet, it is chock fulla info that is nicely presented) http://www.wavetek.org as a LINK & posted it @ the top of the text (most yahooligans probably don't even have the attention span during trading hours to read the entire post but would probably bookmark your site for AH DD reading material).
there's a nice oppty here to educate many who stopped by for a quick flip & might stick around once they understand what they own...
SPIN
PS Scorp - great to see you posting again!
zoom
lotsa stock for sale above $5
http://finance.yahoo.com/q?s=WAVX&d=f8
no way are the MMs gonna let this go w/out getting well - they hadta go net short for this run & no matter what 'voids hope & pray fer, they will get into the black on wavx.
btw, i do agree that candidates like Larry Flynt would do well to embrace WXP. Any state-wide candidate can organize supporters w/efficiency using the Trippi model. It's not the last we'll hear about this IMO. CNBC is doing an in-depth Dean profile tomorrow after the bell.
Also gotta testify on Snack's point -- using margin here is good cause for being institutionalized against yer will! Same goes for shorting (except the naked short MMs who didn't really have a choice - but they can walk it back down whenever they like & seem to be doing so right now).
it's healthy for us to fill the gaps below - it'll grease the skids for the next run-up...
SPIN
PS get ready for lotsa new names on boreds - also a good thing IMO - fresh capital to fuel the ascent. Some of you guys are doing a great job of engaging w/them, some... well, notsomuch.
KeV - where you getting that?
http://moneycentral.msn.com/Content/CNBCTV/TV_Info/GuestList.asp
Power Lunch 12:00 PM - 2:00 PM ET
Ralph Bloch
Raymond James
John Harwood
The Wall Street Journal
Marilyn Cohen
Envision Capital
Liz Pulliam Weston
CNBC.com on MSN
Personal Finance Columnist
Eleena de Lisser
The Wall Street Journal
this thing is just defying gravity!
amazing. i think the days of 36K in volume are loooong gone!
SPIN