CPNE Updates Investors on Buyback Program
Shares surged nearly 200% in the months following Commerce Planet Inc.'s (OTCBB: CPNE) initial announcement of a stock repurchase plan in November of 2006.
With the stock now in the .30 range, way off its 52- week high of $3.48, CPNE's announcement today could be just what the doctor ordered for a BIG bounce. According to the news release, CPNE has repurchased 1,000,000 shares on the open market to date, with plans to buy back another million by the end of December. In our opinion it's great that management believes in the future of the company, but more importantly, it should be GREAT for its stock price.
With the stock now in the .30 range, way off its 52- week high of $3.48, CPNE's announcement today could be just what the doctor ordered for a BIG bounce. According to the news release, CPNE has repurchased 1,000,000 shares on the open market to date, with plans to buy back another million by the end of December. In our opinion it's great that management believes in the future of the company, but more importantly, it should be GREAT for its stock price.
Now powered by a restructured management team employing a strong and scalable business model designed to capitalize on an enormous market opportunity (Forrester projects online retail sales to reach $350 billion by 2011) Commerce Planet Inc. shares should have indeed seen their bottom.
Labels: Commerce Planet, Commerce Planet Inc., CPNE, OTCBB: CPNE
posted by "Staff" at
10:27 AM
0 Comments:
Post a Comment
Links to this post:
Create a Link
<< Home