Proof if proof were needed that set top boxes are the flavor of the month: C-Phone Corp announced a TV and phone-based internet access device on Wednesday, and its shares surged 247 per cent. As striking as the price hike was the volume of trading. On a normal day, fewer than 100,000 shares of C-Phone are bought or sold. Thursday saw nearly 29 million change hands. The unusual volume can be explained in part by a unanimous decision from holders of 200,000 warrants to bring forward their expiration date from August 19, 1999 to May 15, 1998. C-Phone cut the exercise price of the warrants from $8 to $6.40 to persuade holders to sell. To clarify the situation to a frenzied market, C-Phone explained that its C-Phone ITV device was being supplied in limited quantities to business and institutional partners only, and that retail plans had not yet been formulated, let alone put in train. But the shares just kept on selling. รก
