Forgent Networks Brushes Off Delisting FearsJanuary 05, 2007 11:38 AM EST
Posted by Thomas J. Catino
Forgent Networks Inc. (NASDAQ: FORG) shares languished under the NASDAQ minimum bid requirement until December when it announced a first quarter profit and issued guidance for 2007, expecting increased intellectual property licensing revenue. Finally, shareholders can put the fears of delisting behind as the NASDAQ announced yesterday that the company had met the minimum bid requirement. Shares are active again today, up 9.15% to $1.67 on decent volume. Spurring the stock today is news that the company made the Investors Business Daily list of top stocks under $10. The intra-day high of $1.70 is not too far off, and the stock could easily see the next resistance point of $1.80. The company's low float and illiquid trading have been the ingredients that have made this stock a daytrader's favorite.