VocalTec (CALL) Shares Have Some 'Magic' Jack
Up)
Shares of VocalTec Communications (Nasdaq: CALL), the owner of magicJack after a July merger, are continuing their major surge.
Shares are up 7 percent today and 160 percent since announcing the merger and completing it reverse stock split in mid-July. Illustrating the parabolic move, in the last 24 trading sessions only 7 have been down days.
In July the company announced a $12 million stock buyback plan, which could be contributing to the upside in the stock. In addition, the CEO has sought to increase his holdings to over 25% and in August bought 90,000 shares in the open market at prices from $16.35 to $18.40.
Also in July the company said it expect second quarter revenues of approximately $30.5 million and believes net income may be over $3 million before one-time charges related to merger expenses and before any gains or losses on marketable securities.
magicJack allows users to call anywhere in the U.S. and Canada free and was named PC Magazine 2009 product of the year.
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Shares are up 7 percent today and 160 percent since announcing the merger and completing it reverse stock split in mid-July. Illustrating the parabolic move, in the last 24 trading sessions only 7 have been down days.
In July the company announced a $12 million stock buyback plan, which could be contributing to the upside in the stock. In addition, the CEO has sought to increase his holdings to over 25% and in August bought 90,000 shares in the open market at prices from $16.35 to $18.40.
Also in July the company said it expect second quarter revenues of approximately $30.5 million and believes net income may be over $3 million before one-time charges related to merger expenses and before any gains or losses on marketable securities.
magicJack allows users to call anywhere in the U.S. and Canada free and was named PC Magazine 2009 product of the year.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
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