After seeing IBM Corp’s charming if risible tunnel-of-love tape library, and the fact that it doesn’t even ship until next year, perhaps they’ll think again, witthdraw the lawsuits and pile into Storage Technology Corp shares: StorageTek reports that four shareholder lawsuits have been filed against it alleging that the company failed to disclose the problems it was having getting the Iceberg disk array out the door; the company’s officers have been coming in for a lot of flak for exercising a string of options and immediately selling the shares on the day that Iceberg was announced – but that just seems like sound investment practice – in the exploration business, the advice is always sell on a strike when an oil or minerals company announces that it has hit paydirt – the shares will always have crept up as rumours grew that it was getting promising geological data, and once the strike is announced, all the excitement is over and the hard part of getting the stuff out of the ground begins; the same rule has to apply to high-tech companies that finally announce hot new products they have been hinting at.
