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Sony pegs European PlayStation 3 sales at 800,000
By Ben Kuchera | Published: April 17, 2007 - 12:34PM CT
Sony had a number of advantages in Europe they lacked in other markets. The ability to launch with a good supply of systems, along with an expanded game library and the latest firmware, gave Sony a much stronger position than it enjoyed with the PS3's previous launches. Sony is now claiming that it has so far sold 800,000 PlayStation 3s in Europe.
"I think [in] the first two days in the UK, £100m ($199m) revenue changed hands and that's probably the largest consumer electronics sale in history," Stringer told the Financial Times, while admitting the expectations were met in Europe where they might have fallen short in Japan.
This is great news for Sony, and a strong win in the rush for market share. The point to be learned is that mature firmware and a stronger selection of games can make all the difference at launch.
Man, you sure bitch alot.
Looks good Tuna, I added it to my watch list.
ESLR...Been waiting for a pullback. Bought some
MTG surging but take a look at the chart. Breakout may be in the works soon.
GSH which is a China railway stock may soon breakout.
The Short Case on Salesforce - Risk Not Priced Into Stock
Posted on Apr 18th, 2007 with stocks: CRM
Raymond Carl submits: Salesforce.com (CRM) is a classic case of a good product with a bad stock. I have used the customer management software [CRM], and I must say that I am quite impressed. It’s very user friendly and its advantages over CRM sold in a box are numerous and more than I can list here. Analyst reports with strong buy recommendations rave about the future of on-demand CRM and Salesforce. There’s just one problem: too many people on Wall Street know about it and love it.
With so many people excited about the real future of on-demand, Wall Street is pricing Salesforce as if the profit is already in the corporate coffers. Leading the speculation is the idea that everyone will want on-demand CRM. However, this may not be a good assumption. My assumption is that some people will want on-demand and some people will prefer box software. Sure, on-demand has lower start-up costs, but box software can have lower long-term costs.
Salesforce has done a good job of protecting against hackers. However, there will always be firms will want the added security of local customer information regardless of however slight the risks are of data intrusion of customer info being sent over the web. As we now see, the expense of only one data intrusion can far exceed any savings from reduced IT departments. Salesforce’s shortcoming is that it doesn’t offer fully featured in-the-box solutions along with its on-demand service, something which Oracle (ORCL) and, soon, Microsoft (MSFT) do offer.
The conventional wisdom for on-demand software it is that its recurring revenue. And Salesforce’s less than 1% churn rate adds huge credibility to that claim. However, on-demand software has one disadvantage to it which is not being adequately priced: with recurring revenue comes recurring obligation to maintain the service. Conventional wisdom also says that low earnings are OK for stocks with strong potential growth. So instead of earnings, we can look to revenue and its growth, right? Salesforce.com’s revenue may be recurring but so is its cost of revenue. A much more accurate measure of Salesforce’s value is gross profit because it will never be the case that Salesforce receives revenue for which is doesn’t provide on-demand service or pay a cost of goods sold. On a good day, Salesforce’s Enterprise Value-to-Revenue ratio is around 9.5. So what, Salesforce has 3 times the revenue growth of other techs, right? The problem is that the other techs that Salesforce is being priced in comparison to are profitable operations. Yes, Google has an EV/Rev of 13, but it also has a P/E of 50 in comparison to Salesforce’s P/E of 11,500.
The future P/E ratio of Salesforce is also riding quite high as well. So maybe Salesforce’s 2-year forward P/E of 60 makes it a bargain? If the analyst earnings forecast were written in stone, I might agree with you; however, the $5 billion question is whether these forecast can adequately predict the effect of the two barbarians knocking at the gate, Oracle and Microsoft. Salesforce may go on to do well in the world, but there is tremendous risk that isn’t being priced into the stock.
CLN is cooking here
Upgrades (Latest 5) Updated: 9:05 am ET Apr 18
Date Symbol Company Broker New Old Comments
4/18/2007 CMA Comerica Incorporated
Last: 62.56
+1.75 RBC Capital Markets Sector Perform Underperform Price target raised to $62 from $58; broker cites solid 1Q, well managed credit
4/18/2007 JNC Nuveen Invts Inc
Last: 49.62
-0.32 Banc of America Securities Buy Neutral Price target raised to $58 from $52; broker cites end of margin compression and re-acceleration in flows
4/18/2007 IBNK Integra Bk Corp
Last: 22.87
-0.37 Stifel Nicolaus Buy Hold Broker cites 'solid' quarterly results
4/18/2007 CAT Caterpillar Inc
Last: 67.66
+0.76 Wachovia Securities Outperform Market Perform Broker expects earnings growth to re-accelerate in 2008
4/17/2007 CMA Comerica Incorporated
Last: 62.56
+1.75 RBC Capital Markets Sector Perform Underperform Price target raised to $62 from $58; broker cites positive Q1 results
Complete list of upgrades
Downgrades (Latest 5) Updated: 9:27 am ET Apr 18
Date Symbol Company Broker New Old Comments
4/18/2007 XRTX Xyratex Ltd
Last: 24.4
-0.12 A.G. Edwards Hold Buy Broker cites valuation and mounting HDD-related concerns
4/18/2007 XPRSA U S Xpress Enterprises Inc
Last: 16
+0.04 A.G. Edwards Sell Hold Broker cites valuation
4/18/2007 STX Seagate Technology
Last: 22.15
-0.39 WR Hambrecht & Co. Hold Buy Broker cites 'extremely disappointing' gross margins and outlook
4/18/2007 WDC Western Digital Corporation
Last: 17.23
-0.17 WR Hambrecht & Co. Hold Buy Broker cites lack of catalysts and increasing risks as industry conditions worsen
4/18/2007 VIVO Meridian Bioscience Inc
Last: 30.15
-0.15 Hilliard Lyons Neutral Long-Term Buy Broker cites valuation
Complete list of downgrades
Initiations (Latest 5) Updated: 8:48 am ET Apr 18
Date Symbol Company Broker New Comments
4/18/2007 WTSLA Wet Seal Inc
Last: 6.37
+0.03 Cowen & Co. Outperform
4/18/2007 CA Ca Inc
Last: 26.59
+0.12 Needham & Co. Hold
4/18/2007 FIRE Sourcefire Inc
Last: 12.6
+0.3 Morgan Stanley Overweight Price target set at $15
4/18/2007 RIO Companhia Vale Do Rio Doce
Last: 41.78
-0.12 Morgan Stanley Overweight Price target set at $50
4/18/2007 FIRE Sourcefire Inc
All I know is the chart looks interesting so I'm watching for a breakout.
CROX breakout may be in the works soon.
http://www.wallstrip.com/theshow/2007/04/17/4-17-07-crocs-inc-crox/
Short Sellers Target Small-Company Shares as U.S. Growth Slows
By Michael Patterson
April 12 (Bloomberg) -- Short sellers are increasingly betting against shares of America's smallest companies, and some of the biggest U.S. investors are equally pessimistic.
Short positions in companies in the Russell 2000 Index, which have a median market value of $669 million, jumped last month to the highest since at least September 2003, according to Citigroup Inc. Short sellers, who bet on stock declines, are targeting so-called small-cap companies after they outperformed the Standard & Poor's 500 Index for the eighth straight year.
Bank of America Capital Management, JPMorgan Private Bank and LPL Financial Services, which manage about $1 trillion, are bearish on smaller companies too. They say large-company stocks are cheap relative to earnings and will outperform small caps this year as the U.S. economy slows. Decelerating growth at home favors bigger companies, which get more of their revenue from abroad, the investors say.
``The greater the growth scare here in the United States, the more pressure on small caps,'' said Joseph Quinlan, who helps oversee $540 billion as Bank of America's chief market strategist in New York. ``You want to be in large-cap stocks.''
The percentage of shares sold short in the Russell 2000, a small-cap benchmark, was more than five times greater than in the S&P 500, consisting of companies with a median value of $13.6 billion, according to Citigroup. Short sellers borrow shares from stockholders and sell them, hoping to repurchase them at a lower price later to return to the holder.
Shorts' Targets
Their biggest targets among small caps as of mid-March included Accredited Home Lenders Holding Co., a mortgage lender, and Take-Two Interactive Software Inc., a video-game maker, according to monthly data from stock exchanges.
The Russell 2000 has outperformed the S&P 500 every year since 1998. Since the current bull market began in October 2002, the small-company index has climbed 147 percent, almost double the S&P 500's 85 percent gain. This year, the Russell 2000 has gained 2.6 percent, while the S&P 500 has advanced 1.5 percent.
Companies in the Russell 2000 sell on average for about 40.1 times earnings for the past year. S&P 500 members are valued at about 17.2 times. The gap between those two price- earnings ratios is the widest since May.
``It's not a surprise to me that some smart guys on the other side may be selling or shorting some of these stocks with the anticipation that they'll come back to a more reasonable price level,'' said Mark Keeley, who helps manage the $4.2 billion Keeley Small Cap Value Fund, which has beaten 98 percent of its peers in the past five years. ``That's not a bad bet.''
Thiel's Bet
About 9.6 percent of the shares available for trading in the Russell 2000 were sold short in March, according to data compiled by Nicholas Gulden, head of U.S. portfolio trading strategies at Citigroup. That compares with a 1.9 percent short interest in members of the S&P 500.
Peter Thiel, chief executive officer of Clarium Capital Management in San Francisco, is among the hedge fund managers who are betting the S&P 500 will outpace the Russell 2000.
``The way to trade equities at this point in the U.S. is short the Russell and go long the S&P,'' said Thiel, who manages about $2.1 billion. ``The S&P 500 is more multinational, and to the extent that we have a slowdown in the U.S. but not globally, it's probably going to do better than the smaller-cap stocks.''
The U.S. economy probably grew at an annual pace of 2 percent last quarter, according to a Bloomberg News survey of economists, down from a 2.5 percent rate in the fourth quarter.
Weathering a Slowdown
Government and private reports over the past two weeks showed consumer confidence fell for a second straight month, while manufacturing growth slowed more than forecast.
Jack Caffrey, an equity strategist at JPMorgan Private Bank in New York, says large companies may weather a slowdown better because they tend to sell more goods and services overseas.
Sales in the U.S. accounted for about 84 percent of the revenue reported by companies in the Russell 2000 last year, according to data compiled by Bloomberg. Members of the S&P 500 relied on the U.S. for 73 percent of sales.
Economies elsewhere are growing faster than the U.S. Mexico probably expanded at a 3.7 percent pace in the first quarter, according to economists in a Bloomberg survey. China, the world's fastest-growing major economy, probably grew at a 10.2 percent rate, according to an estimate from the country's central bank.
``Multinationals -- generally the larger companies -- are better positioned to capture that growth,'' said Caffrey.
Growing Employment
Still, the economy may surprise investors with its strength. Hiring in the U.S. last month rose more than forecast, and the unemployment rate unexpectedly fell, indicating slumps in housing and manufacturing may be having limited impact.
And small caps may get a boost from mergers and acquisitions. About $635.9 billion in takeovers involving U.S. companies have been announced this year, 38 percent more than during the same period last year, according to data compiled by Bloomberg.
``The key positive for small-caps right now is all the M&A activity, whether it's from private equity money that needs to be invested or big corporations that have amassed a lot of cash,'' said Dwight Cowden, who manages the $660 million Mellon Small Cap Stock Fund in Pittsburgh. He said three companies in his fund received merger offers in the past four weeks.
The potential for buyouts may already be reflected in the share prices of many small-cap stocks, said Jeff Kleintop, chief market strategist at LPL Financial in Boston. At the same time, more large companies may get takeover offers as private equity funds collaborate on deals.
`Overvalued Market'
Jack Ablin, chief investment officer at Harris Private Bank, bought securities that increase in value if the S&P 100 index of the largest U.S. companies rises more than the Russell 2000. He expects the bet to pay off over the next two years.
``This is an overvalued market that can't sustain itself,'' said Ablin, who oversees $50 billion at Harris in Chicago. ``The only piece of the puzzle we're missing here is a little momentum. All the other pieces are in place for small cap to underperform.''
To contact the reporter on this story: Michael Patterson in New York at mpatterson10@bloomberg.net .
Wow, that CFPC is a monster.
MCZ is the front-runner for would be exclusive accessories for the new grand theft auto game.
MCZ....”Conversation with IR
Spoke to MCZ Investor relations today, and am hoping to set up a meeting with management later this week. Overall, call was very positive. I am getting comfortable with the thesis, and am increasingly confident that the gross margin and revenue recovery will play out as I expect it to.
Gross Margins
A big focus of the call was getting a better sense of the reasons for the fluctuations in gross margins. As was apparent in the scenario analysis I posted in my longer write-up, the GM % is crucial going forward in determining an ultimate valuation for the company. Should we expect GM as experienced in Q1 and Q2 FY07 (~22%), that experienced in FY04 (25%), or that we say in Q3 FY07 (29%?). Though not stated explicitly, my impression is that going forward we can expect margins between 25-29%, based largely on managements focus on releasing more higher margin products. Though I was not able to get specific gross margin numbers by product, I did get a sense of what products are high v. low margin:
High Margin
This includes hardware and software bundles (e.g. Xbox arcade game stick, real world golf, dance pad + game) and licensed accessories, including console/controller skins, and other licensed accessories like, for example, Philadelphia eagles controllers. Madcatz currently has exclusive agreements with several large sports associations for accessory rights, and is hoping to sign several companies to longer term deals.
Low Margin
Lower margin products include unlicensed 3rd party accessories (e.g. Madcatz Xbox controller), as well as iPod accessories and cables where MCZ competes primarily based on price. Going forward, it is clear that these will not be abandoned, but that the high margin products are the focus of management’s attention.
Console Transition & FY06 numbers
Confirmed that console transition, combined with price protection terms given to retailers contributed to the abysmal FY06. As console makers slashed prices and consumers held off accessories consoles they were about to replace, there was too much inventory in the pipeline and prices fell considerably. This hit margins, though most all this product has now been sold off, contributing to the rebound in gross margins in Q3. If past trends hold true, FY08 should be much stronger, and FY09 and beyond should show the true earnings potential of this business at peak earnings.
New Opportunities
--CFO actually left Rockstar in 2006, not 2005 as I previously reported. He was not involved in the accounting issues at TTWO at all, and will be taking on a very active role at MCZ. This is an exciting opportunity, as Halpern brings with him a wealth of experience and success at one of the hottest gaming companies out there, in addition to valuable experience on the street and with the sell-side.
--MCZ is still mum on the Iniar technology and specific products to be launched from this, though they are very excited about its potential and believe they can create a very valuable business out of it. If this is a hit, its all gravy. If not, MCZ confirmed that it is a low risk/high reward play. They purchased the technology on the cheap, and will not need to outlay much capital to launch the product.
--MCZ was also mum on future licensing deals for accessories alongside upcoming major product launches. That said, a very logical, big deal that MCZ would appear to be the front-runner for would be exclusive accessories for the new grand theft auto game, given Halpern and his connections there. I think this could be a huge catalyst going forward, if such a deal were to be announced. MCZ alluded to a meeting later this week to discuss the possibility of such a deal.
http://researchinvesting.blogspot.com/se...
April 16, 2007, 9:18 am
Corning: UBS Ups EPS Ests On Improving Performance From Telecom Business
Posted by Eric Savitz
Nikos Theodosopoulos, an analyst at UBS, this morning raised his EPS estimates for the first quarter, 2007 and 2008 for Corning (GLW). The analyst raised his first quarter revenue estimate on the glass maker to $1.29 billion from $1.28 billion; EPS goes to 26 cents from 25 cents, based on “likely better than expected performance in Telecom, and possibly LCD.”
Theodosopoulos asserted in a research note this morning that Verizon (VZ) is showing “stable-to-improving” fiber trends; he says there is “strong demand for optical fiber globally. He now sees 11.5% growth in the company’s telecom business, up from 9.4% previously. He also says that “the LCD environment is looking better than expected.”
For 2007, Theodosopoulos ups his EPS estimate to $1.29 from $1.26; for 2008, he goes to $1.42, from $1.40. He maintains a Neutral rating on the stock, but increases his price target to $25 from $24.50.
Corning today is up 7 cents at $23.81.
April 16, 2007, 9:30 am
KLA-Tencor: RBC Downgrades; Concerns On June Orders
Posted by Eric Savitz
Mahesh Sanganeria, an analyst at RBC Capital Markets, this morning cut his rating on KLA-Tencor (KLAC) to Sector Perform from Outperform. “After the recent run-up powered by accelerated share buyback and head count reduction…the stock has made significant advance towards our price target,” he wrote in a note this morning.
Sanganeria says he is cautious on the stock for three reasons:
* Near-term concerns related to June order expectations.
* Slowdown in operating expense reductions.
* Long-term concerns related to process control spending as a fraction of overall semi equipment spending.
He says March orders should be better than company guidance of down 5% sequentially, but that June expectations for orders may be too high. He expects the company to guide to orders flat to down 5% for the quarter.
KLA this morning is down 55 cents at $54.17.
April 16, 2007, 9:39 am
Sigma Designs: ThinkEquity Ups Price Target, Estimates On “Continued Strong Outlook”
Posted by Eric Savitz
Sigma Designs (SIGM), which makes chips used in IPTV set-top boxes, is higher this morning after ThinkEquity’s Anton Wahlman raised his price target on the stock to $40 from $30, and sharply raised EPS estimate on the company.
For the January 2008 fiscal year, his EPS forecast jumps to $1.52 from $1.18; for fiscal ‘09, he’s now at $1.97, up from $1.56.
Wahlman says the revised estimates and higher target price reflect “ongoing strong design wins and deployment activity.”
“The driver for the stock over the last five quarters has been IPTV in the form of set-top boxes from companies such as Motorola (MOT),” he wrote in a research note this morning. “We believe this will continue to be the main driver for the next 12 months, but that it will also be augmented by strong design wins in other areas, including digital media adapters, DVD players, portable media players and TV sets.”
Sigma this morning is up $1.04 at $27.08.
Watching FUEL
Bullish Patterns
Triple Top/Bottom:
COMS GWW CLZR PRGO OS
CDWC PLXT CW EQY FLS
Triangle Breakout:
CTXS CINF PKI EDS MMC
TXT KEA FDRY TQNT ARTC
CLZR PNK MANH XOMA SHOO
Cup-With-A-Handle:
INFY BECN
Range Breakout:
XOMA ASX WMGI COT AFR
VLTR CVA
Trend Reversal:
PENX FMFC CWBS
Stochastic Combo:
T
Bearish Patterns
Triple Top/Bottom:
RI
Triangle Breakout:
PPDI
Trend Reversal:
IEM
Stochastic Combo:
PG CTAS LNCR MCHP AMD
CA DDS GPS MDT THC
Watch
Triple Top/Bottom:
EDS EMR IKN MMC SLM
TWTC OATS ALKS XLI
Triangle Breakout:
AMGN WWY
Trend Reversal:
UN SPSS VPHM CERS QDEL
ASIA IMMU LDL CSG UL
WOC AKO.A SSRI PKOH BP
Moving Average Crosses:
AXP CPB CSCO GE IBM
WFC ADBE CNET GENZ SSCC
TECD CINF CAG EMR FLE
FO
Stochastic Combo:
INTC JNJ FAST MLHR PMTC
BOL CCU NYT PBI
Those charts were by Claud Baruch.
Jim Cramer's Mad Money: The Imminent Collapse of the Jim Cramer Show: Issue # 588
By Dr. Mark Skousen, Chairman, Investment U
I predict the Jim Cramer show will bite the dust…
I ran into an exec at CNBC last week, and asked him about Jim Cramer’s Mad Money show. Cramer gets so excited that he could collapse from exhaustion at any time. I asked, “Do you think he'll last another five years?" “Oh, less than that!” he confided.
If you are like me, you can take only so much of Jim Cramer and the Cramer Effect. (I personally can’t watch his show for more than five minutes before getting a headache.) This wild man of CNBC is a walking disaster, who willy-nilly makes speculators millionaires one day and bankrupts them the next.
I’ve never seen anything like it in my 40 years on Wall Street. I’m surprised the government hasn’t shut him down. A good company with solid earnings can crash in a day if Cramer pushes the “sell, sell, sell” button, or a lousy company with no earnings can skyrocket if Cramer hits the “bull” horn on the screen.
Madness, you say? Boo-yah! This pied piper is not only mad, he’s an egomaniac. Harvard Law School must be terribly embarrassed by its most outlandish graduate. As a colleague on Wall Street, I certainly am...
In short, Cramer has taken Wall Street down a drunken road ever since the refined and eloquent Louis Rukeyser sadly left the scene. Lou, come back and save us from this crazy bobble-head!
What's Wrong With Jim Cramer?
Why would I oppose the likes of a Jim Cramer on CNBC? What’s wrong with a little entertainment? Plenty. We here at Investment U aim to help you become better investors yourself. In each issue, we preach against relying on one financial guru for your investment decisions, or following the latest hot tip. Too many naïve investors are hooked on the likes of Cramer and his dog-and-pony show.
Instead, we urge you to become educated, and make your own investment decisions. This is fundamental. We recommend that you read the best books and attend the best conferences to learn everything there is to know about the business of investing.
One of my favorite financial books is J. Paul Getty’s How to Be Rich. (Note: The title is distinct from Donald Trump’s ramshackle How to Get Rich). Getty’s book is an educational powerhouse of business and investment wisdom from cover to cover. He must have had Mad Money in mind when he wrote years ago in his must-read chapter “The Wall Street Investor"...
"...Get-rich-schemes just don’t work. If they did, then everyone on the face of the earth would be a millionaire. This holds true for stock market dealings as it does for any other form of business activity.
Don’t misunderstand me. It is possible to make money – and a great deal of money – in the stock market. But it can’t be done overnight or by haphazard buying and selling. Thus big profits go to the intelligent, careful and patient investor, not to the reckless and overeager speculator.
The seasoned investor buys his stocks when they are priced low, holds them for the long-pull rise and takes in-between dips and slumps in his stride."
Let me tell you something: Jim Cramer is no J. Paul Getty.
As many of you know, for the past 26 years I’ve been making predictions in my newsletter. Well, I have a forecast for all you crazy Cramer fans out there. The Terror of Wall Street is about to run out of gas. Everybody is talking about it. He works up such a sweat that people are wondering when he’s going to collapse and end his show for good.
First of all, I don't want to be crass, or wish anyone any ill will, but this madness has got to stop sometime – for his own good and for the good of all investors.
Anyone who has watched his show knows that Cramer goes ballistic during his 10-minute “lightning round,” when listeners eager for a hot tip call in and Cramer gives a 10-second summary of the stock. During this crazy segment, his blood pressure goes through the roof.
I predict Jim Cramer will soon run out of gas and collapse in exhaustion during a future “lightning round." This gives new meaning to the word D-Day.
May Jim Cramer recover and repent of his wicked ways!
Good investing,
Mark
weekly Investment U e-Letter by Dr. Mark Skousen.
The American Association of Individual Investors
Bulls 32.3% Bears 39.8% Neutral 28%
32.3/(32.3+39.8) = 44.8%
Four Week Average = 51.35%
Historic dates for comparison:
7-16-98 44.3% S&P 500 Close 1186.75
10-12-98 36.76% S&P 500 Close 984.39
4-3-00 77.78% S&P 500 Close 1505.97
1-1-01 58.82% S&P 500 Close 1320.28
4-4-01 51.35% S&P 500 Close 1103.25
9-10-01 47.34% S&P 500 Close 1085.78
9-17-01 42.11% S&P 500 Close 1038.77
9-21-01 41.08% S&P 500 Close 965.80
7-19-02 32.88% S&P 500 Close 847.75
7-23-02 32.88% S&P 500 Close 797.70
10-9-02 42.36% S&P 500 Close 776.76
Sideline Money Bears + Neutral = 67.8%
Four Week Average = 62.08%
For more info on AAII check out their web site. http://www.aaii.com/index.cfm
As of April 5, 2007 close
The CBOE Put/Call ratio 10 day moving average is at 1.04. http://stockcharts.com/def/servlet/SC.we... The VIX Market Volatility Index closed Friday at 13.23. http://quote.yahoo.com/q?s=%5evix&d=t
K-Swiss's New Sneakers Could Move It to the Fast Track - Barron's
Posted on Apr 15th, 2007 with stocks: KSWS
Abby Carmel submits: Annotated article summary from this weekend's Barron's.
Turning Tennis White Into Green by Richard Phalon
Summary: Sneaker maker K-Swiss (KSWS) realizes that it must run with the times or be left behind. Its all-white tennis shoe, a classic since 1966 and its best selling product, is being outdone by snazzier, more modern brands. Late February the company reported an 18% drop in last year's Q4 domestic sales and the stock fell to its current $27, down over 25% from its 52-week high in October. It's now trading at 13.8x estimated earnings for 2007. CEO Steven Nichols is determined to create a turnaround by sharpening design, widening product development and going deeper into the sports arena. Bulls believe these moves could push the stock to $32 and that selling has been overdone. $115 million in new buys by some of the Street's best bargain hunters, including Third Avenue Management, reflect a conviction that the stock is probably in better shape than it looks.
I'll look it over. Could be an interesting play during a slowing economy.
Mike, what is the float on this stock?
KKD worth watching
Well don't feel bad buddy, I jumped in Wed but got stopped out. Then today it surges up while I was away in meetings.I think it moves even higher.
MVL,,,,Chit, already stopped out at 28.55. Will soon try again.
Bought back into MVL at $28.68
Nightmare on BLTI street
Thanks, I'm surprised you're not trading it.It is a sure double or triple from here.
Paul, you need to get back into MCZ in the low 80.s before the big breakout comes. Once it drives thru .89 it is clear sailing north. It will also attract others as it makes a 52wk high. Just buy and hold it.
You're going to see much more news going forward. MCZ will soon breakout to a 52wk high.
Customized NBA Team Controllers and Accessories for Current Generation Consoles to Complement Existing Product Offerings -
SAN DIEGO, April 10 /CNW/ - Mad Catz Interactive, Inc. (AMEX/TSE: MCZ), a leading third-party video game accessory provider, announced today that it has renewed its license agreement with the National Basketball Association (NBA) to produce a new line of customized team video game controllers and other related accessories.
Mad Catz will develop new stylish video game controllers, faceplates and Console Skinz(TM) for all 30 NBA teams, each featuring the team's colors and logos. The Mad Catz NBA products will be available for the PlayStation(R)2, PlayStation(R)3, Xbox(R), Xbox 360(TM), PSP, Nintendo DS Lite, and Nintendo(TM) Wii gaming consoles.
Darren Richardson, President and Chief Executive Officer of Mad Catz, commented, "Basketball has proven to be an extremely popular genre for gamers and we are thrilled to announce the continuation of our license agreement with the NBA. Our new NBA line will offer fans more ways than ever to demonstrate their support for their favorite teams and we look forward to launching controllers and other quality accessories that enhance the gaming experience of our customers."
Mad Catz originally unveiled NBA video game controllers and accessories during the 2004-2005 NBA season. The new controllers and related accessories will be available through NBA.com, NBA arena stores, online video game retailers and wherever video game accessories are sold.
For more information or for high definition photos of the products, please visit www.madcatz.com or www.nba.com.
About Mad Catz Interactive, Inc.
Mad Catz is a worldwide leader of innovative peripherals in the interactive entertainment industry. Mad Catz designs and markets a full range of accessories for video game systems and publishes video game software, including the industry leading GameShark brand of video game enhancements. Mad Catz has distribution through most leading retailers offering interactive entertainment products. Mad Catz has its operating headquarters in San Diego, California and offices in Canada, Europe and Asia. For additional information go to www.madcatz.com.
Safe Harbor for Forward Looking Statements: This press release contains forward-looking statements about the Company's business prospects that involve substantial risks and uncertainties. The Company assumes no obligation to update the forward-looking statements contained in this press release as a result of new information or future events or developments. You can identify these statements by the fact that they use words such as "anticipate," "estimate," "expect," "project," "intend," "should," "plan," "goal," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Among the factors that could cause actual results to differ materially are the following: the ability to maintain or renew the Company's licenses; competitive developments affecting the Company's current products; first party price reductions; the ability to successfully market both new and existing products domestically and internationally; difficulties or delays in manufacturing; or a downturn in the market or industry. A further list and description of these risks, uncertainties and other matters can be found in the Company's reports filed with the Securities and Exchange Commission and the Canadian Securities Administrators.
News Provided by Acquire Media Corporation