Here's my problem with GCOM. Now that they've burned off the low margin business from 2000-03, and dramatically increased their services revenue...their margins still suck. And one of these days they'll stop benefitting from 15 years of incompetence (tax loss carry forwards) and have to actually start paying taxes. The stock's trading like that'll never happen, and while they did lose a lot of money for a long time, I give 'em maybe 2 more years. [I haven't looked at the 10-K's and -Q's to check. There should be a line for 'deferred tax benefit' or some such.] So GCOM's basically got to grow their earnings by ~35% just to maintain this valuation on a tax normalized basis.
They've got a chance to win a ton of business in the next few years. I'm just not convinced they'll make a ton of money from it yet. It was a decent bet in the $5's; looks a little frothy to me in the $9's.