A Bad Week for the Net Betting Sector
The downward spiral on the stock market for American Wagering Inc. (BETM) continues. The company dropped to a new all-time low Friday of 0.3125 a week after reporting losses across the board for the 2nd quarter. Shares traded for $3 as recent as July 31 and as much as $15 in late February. The company is currently seeking a buyer for its MegaSports Australia-based Internet wagering subsidiary.
Shares of Hilton Group (HG.L) dropped from over 190p Wednesday to under 180p Friday. The company announced plans last Monday to conduct a review of its U.K. hotel portfolio with a view of realizing at least £500 million of property asset sales.
For a while, gaming software developer CryptoLogic Inc. (CRYP) was amazingly defying the trend of plummeting stocks shared by most tech companies, particularly those in the interactive gaming industry. As other companies fell from the sky like anvils, Crypto successfully treaded the volatile waters of the Nasdaq. Kudos to them, but the defiance was not long-lasting. After sustaining several months in the $20 neighborhood, Crypto's stock final began to fall in September, and it wasn't an auspicious start for October either. The company has announced that its 3rd quarter earnings will be below expectations (due to a delay and costs associated with new software) and hit an all time low of 10.875 today before closing at 11.375.
Youbet.com Inc. (UBET), the North American interactive race wagering company, joined the bottom-feeder club as well. On September 28, one week after the company's annual meeting, the company's stock hit bottom at 1.75.
United Trading.com Announces Stock Split
United Trading.com (UTTD) announced Sept. 28 that a 3-for-1 forward split of its common stock will take effect Oct. 10, 2000. Shareholders of record as of Oct. 6, 2000 will be entitled to participate in the split. "We believe that strategically, this is the correct time for the forward split," President Norman Wright explained. "Our company has already announced profits in excess of $1 million on its sales of software licenses in the 3rd quarter of 2000 and projections of revenues and earnings for the year 2000 and calendar year 2001. The decision to have the forward stock split is intended to maximize shareholder value
Reports:
Chartwell Technology Inc. - Financial Results for the Nine Months Ended July 31, 2000