Exar Corporation (Nasdaq: EXAR) successfully completed its acquistion of hi/fn, Inc. (Nasdaq: HIFN) at $4 per share as of midnight April 2nd. This transaction is reflected in the latest MANDA portfolio holdings shown below.
In my blog on April 29, 2008 ("Post-takeover announcement plays"), we looked at the results of buying the stock of companies that are being acquired on the date of the takeover announcement. We saw that out of 62 companies that announced takeover bids between March and July of 2007, fifty-seven of the deals were successfully completed, two had failed, and three had not closed as of the time of writing. (I haven't gone back to the original data to see what happened to these last three deals.) The average return was 2.9% and the average holding...
Here are five key quotes from Microsoft's (MSFT) conference call:
1. Recession
We're not economic forecasters, and there is a high degree of uncertainty in outlook based on the state of the economy. As a result we've adjusted our guidance approach as follows. At the top end we're assuming a mild recession, and a relatively modest growth rate for all IT-based products. While at the bottom end we're assuming a deeper recession in the economy an end-season lower growth for IT... Over the first two months of this quarter we experienced much the same economic...
Something funny is going on today with Photon Dynamics (PHTN).
The company, which is an equipment supplier to the flat-panel display business, has an agreement in place to be acquired by Orbotech (ORBK) for $15.60 a share in cash. In fact, on Friday the company announced that its holders had approved the deal. So riddle me this: Why is the stock trading...
Avian Securities is out with an interesting call, saying that heading into the seasonally slow part of the year, it is easier to be negative on the PC vertical and Intel (NASDAQ:INTC) as few positive catalysts are likely to develop. Over the last several days, they believe slower than expected European Notebook sales from DSG and earlier weaker Acer sales were used as rationale by several firms for being negative on the PC vertical.
Avian disagrees. More importantly, their data from each of the major PC subcomponents suggest that...
Recent results from Photon Dynamics (PHTN) have been uninspiring. PHTN?s revenues have been in a steep downward spiral, declining steadily from $51.7M in Jun 2006 to $13.9M in its most recent Quarter (FQ2, March). PHTN's stock reflects this weakness and is hovering near five year lows. FQ3 guidance is for a pickup in revenues to $15-20M. The Street is at the higher end of this guidance ($19.0M), but this number is unchanged since PHTN reported FQ2 results May 7. Since that report, we have received numerous positive LCD data points.
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