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MagicJack VocalTec (CALL -9.8%) plummets following a WSJ column that takes a critical look at...
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Wednesday, May 30, 2012, 2:48 PM ETMagicJack VocalTec (CALL -9.8%) plummets following a WSJ column that takes a critical look at the company's strategy of financing stock buybacks by selling put options - a tactic often used by companies in the Dot.com bubble era, but rarely today. The put sales generated $1.6M in profits for magicJack in Q1 (20% of its total), when its shares were rallying, but stands to backfire with the recent decline in the company's stock price.
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