PURCHASED GMST $5.80

This morning a monitored account holder purchased GMST at $5.80 per share. Smith Barney and others have speculated that the company is likely to be taken over. The CEO of GMST was replaced by a News Corp loyalist (NWS owns 40% of GMST). Through Liberty Media (L), John Malone has accumulated 17% voting rights in News Corp (NWS). John has also announced a deal to offer Liberty's STARZ movie network over the internet. Owning TV guide software seems almost necessary if you want to offer movies and other content over the internet.

The purchase of GMST is both a turn-around play and a take-over play. The company was hot a few years ago but the big cable companies have developed their own channel guides. Never-the-less, the company has valuable assets and still sells a lot of magazines and services; stay tuned.