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Jerry, I looked at the CROX chart and love it. Bought a few shares here. Thanks
ZRAN day high
SUNNYVALE, Calif., March 26 /PRNewswire-FirstCall/ -- Zoran Corporation (Nasdaq: ZRAN) announced that on March 20, 2007 it received an additional written Staff Determination notice from The Nasdaq Stock Market stating that the company was not in compliance with Marketplace Rule 4310(c)(14) because it did not timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2006 and, therefore, that its common stock was subject to delisting from the Nasdaq Global Select Market.
On March 2, 2007, Zoran filed a Form 12b-25 with the Securities and Exchange Commission reporting that it had delayed filing its Annual Report on Form 10-K pending the completion of its review of its historical financial statements, the resulting tax and accounting impact and the periods that require restatement. Zoran subsequently encountered unexpected delays in the preparation of its financial statements and Annual Report, and now expects to file that report, including restated financial information, as soon as practicable in April. Because unexpected developments may arise, there can be no assurance about any specific filing date.
As previously disclosed, Zoran previously received written Staff Determination notices from the Nasdaq Stock Market stating that it was not in compliance with Marketplace Rule 4310(c)(14) because it did not timely file its Quarterly Reports on Form 10-Q for the quarters ended June 30, 2006 and September 30, 2006.
As previously disclosed, the Nasdaq Listing and Hearing Review Council ("Listing Council") has notified Zoran that it has decided to review a December 28, 2006 decision of the Nasdaq Listing Qualifications Panel ("Panel") that Zoran appealed. The Listing Council has determined to stay the December 28, 2006 Panel decision, and any future Panel determinations to suspend Zoran's securities from trading, pending further action from the Listing Council.
BCRX nose dive
GME surging big on great earnings. Good sign for MCZ.
Wow, nice morning surprise for me. Just sold my FCEL at $9.02 for a big gain.
One seller is almost done. When you least expect it, it will fly.
ATVI thru $18....still in
SAN DIEGO, March 21 /CNW/ - Mad Catz Interactive, Inc. (AMEX/TSX: MCZ), a leading third-party video game accessory provider, announced today that it will produce a new line of officially-licensed accessories to support the launch of BioWare's highly-anticipated game, Mass Effect. Mad Catz has entered into an exclusive agreement with BioWare to produce products for the launch of the title.
<p />"BioWare's Mass Effect, a science fiction role-playing game being launched exclusively for the Xbox 360, is widely regarded as one of the most anticipated interactive entertainment software titles of 2007," said Darren Richardson, President and Chief Executive Officer of Mad Catz. "The addition of the Mass Effect license further expands our portfolio of high-profile entertainment and sports licenses and is consistent with our goal to align ourselves with important, mass-appeal brands and interactive entertainment software launches. We recently demonstrated the success and value of this strategy with our well-received line of officially-licensed merchandise for Epic Games' Gears of War(R) video game. We look forward to delivering stylish accessories to fans of this futuristic epic when it launches."
<p />"Mad Catz has established a strong track record of producing and delivering quality products to coincide with major software launches," said Greg Zeschuk, President of BioWare Corp. "We look forward to the addition of the Mad Catz accessories to Mass Effect's highly-anticipated launch and are delighted that Mad Catz is offering our fans another outlet to show their enthusiasm for the game."
<p />The Mass Effect-themed products will include a faceplate and Console Skinz(TM) combo pack for the Xbox 360 with an MSRP of $29.99 which includes a faceplate and graphics to customize the sides of the console. The products will be available at major video game retailers throughout the United States, Canada, and Europe. For more information visit www.madcatz.com.
<p />About Mad Catz Interactive, Inc.
<p />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 distributes its products through most leading retailers offering interactive entertainment products, as well as through its www.madcatzstore.com website. 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.
Accessories to Support Highly-Anticipated Launch of Futuristic Title on Xbox 360(TM) -
<p />SAN DIEGO, March 21 /CNW/ - Mad Catz Interactive, Inc. (AMEX/TSX: MCZ), a leading third-party video game accessory provider, announced today that it will produce a new line of officially-licensed accessories to support the launch of BioWare's highly-anticipated game, Mass Effect. Mad Catz has entered into an exclusive agreement with BioWare to produce products for the launch of the title.
<p />"BioWare's Mass Effect, a science fiction role-playing game being launched exclusively for the Xbox 360, is widely regarded as one of the most anticipated interactive entertainment software titles of 2007," said Darren Richardson, President and Chief Executive Officer of Mad Catz. "The addition of the Mass Effect license further expands our portfolio of high-profile entertainment and sports licenses and is consistent with our goal to align ourselves with important, mass-appeal brands and interactive entertainment software launches. We recently demonstrated the success and value of this strategy with our well-received line of officially-licensed merchandise for Epic Games' Gears of War(R) video game. We look forward to delivering stylish accessories to fans of this futuristic epic when it launches."
<p />"Mad Catz has established a strong track record of producing and delivering quality products to coincide with major software launches," said Greg Zeschuk, President of BioWare Corp. "We look forward to the addition of the Mad Catz accessories to Mass Effect's highly-anticipated launch and are delighted that Mad Catz is offering our fans another outlet to show their enthusiasm for the game."
<p />The Mass Effect-themed products will include a faceplate and Console Skinz(TM) combo pack for the Xbox 360 with an MSRP of $29.99 which includes a faceplate and graphics to customize the sides of the console. The products will be available at major video game retailers throughout the United States, Canada, and Europe. For more information visit www.madcatz.com.
<p />About Mad Catz Interactive, Inc.
<p />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 distributes its products through most leading retailers offering interactive entertainment products, as well as through its www.madcatzstore.com website. 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.
<p />About BioWare
<p />BioWare Corp. is an electronic entertainment company which develops computer, console, handheld and online video games focused on rich stories and memorable characters. Since 1995, BioWare has created some of the world's best-selling titles including the award-winning Baldur's Gate(TM) and Neverwinter Nights(TM) series, as well as the 2003 Game of the Year, Star Wars(R): Knights of the Old Republic(TM). Original BioWare-created IPs include the 2005 RPG of the Year, Jade Empire(TM), with next-generation titles Mass Effect(TM) and Dragon Age(TM) currently in development. With studios in Edmonton, Canada, and Austin, Texas, BioWare is also hard at work on several unannounced projects including a new title for the Nintendo DS(TM), as well as a massively multiplayer online game. For more information on BioWare, visit www.bioware.com.
<p />BioWare, BioWare Corp., BioWare Eclipse Engine, Mass Effect, Dragon Age and Jade Empire are trademarks or registered trademarks owned by BioWare Corp. in the U.S. and other countries. Elevation Partners is a registered trademark of Elevation Partners. All other trademarks and copyrights are the property of their respective owners. All rights reserved.
<p />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.
Accessories to Support Highly-Anticipated Launch of Futuristic Title on Xbox 360(TM) -
<p />SAN DIEGO, March 21 /CNW/ - Mad Catz Interactive, Inc. (AMEX/TSX: MCZ), a leading third-party video game accessory provider, announced today that it will produce a new line of officially-licensed accessories to support the launch of BioWare's highly-anticipated game, Mass Effect. Mad Catz has entered into an exclusive agreement with BioWare to produce products for the launch of the title.
<p />"BioWare's Mass Effect, a science fiction role-playing game being launched exclusively for the Xbox 360, is widely regarded as one of the most anticipated interactive entertainment software titles of 2007," said Darren Richardson, President and Chief Executive Officer of Mad Catz. "The addition of the Mass Effect license further expands our portfolio of high-profile entertainment and sports licenses and is consistent with our goal to align ourselves with important, mass-appeal brands and interactive entertainment software launches. We recently demonstrated the success and value of this strategy with our well-received line of officially-licensed merchandise for Epic Games' Gears of War(R) video game. We look forward to delivering stylish accessories to fans of this futuristic epic when it launches."
<p />"Mad Catz has established a strong track record of producing and delivering quality products to coincide with major software launches," said Greg Zeschuk, President of BioWare Corp. "We look forward to the addition of the Mad Catz accessories to Mass Effect's highly-anticipated launch and are delighted that Mad Catz is offering our fans another outlet to show their enthusiasm for the game."
<p />The Mass Effect-themed products will include a faceplate and Console Skinz(TM) combo pack for the Xbox 360 with an MSRP of $29.99 which includes a faceplate and graphics to customize the sides of the console. The products will be available at major video game retailers throughout the United States, Canada, and Europe. For more information visit www.madcatz.com.
<p />About Mad Catz Interactive, Inc.
<p />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 distributes its products through most leading retailers offering interactive entertainment products, as well as through its www.madcatzstore.com website. 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.
<p />About BioWare
<p />BioWare Corp. is an electronic entertainment company which develops computer, console, handheld and online video games focused on rich stories and memorable characters. Since 1995, BioWare has created some of the world's best-selling titles including the award-winning Baldur's Gate(TM) and Neverwinter Nights(TM) series, as well as the 2003 Game of the Year, Star Wars(R): Knights of the Old Republic(TM). Original BioWare-created IPs include the 2005 RPG of the Year, Jade Empire(TM), with next-generation titles Mass Effect(TM) and Dragon Age(TM) currently in development. With studios in Edmonton, Canada, and Austin, Texas, BioWare is also hard at work on several unannounced projects including a new title for the Nintendo DS(TM), as well as a massively multiplayer online game. For more information on BioWare, visit www.bioware.com.
<p />BioWare, BioWare Corp., BioWare Eclipse Engine, Mass Effect, Dragon Age and Jade Empire are trademarks or registered trademarks owned by BioWare Corp. in the U.S. and other countries. Elevation Partners is a registered trademark of Elevation Partners. All other trademarks and copyrights are the property of their respective owners. All rights reserved.
<p />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.
genius? How about this. The stock is now near .70 and by year end it will be trading above $1.50 and by June 2008 it will be above $2.00
Now you can be a genius and buy here near .70:)
I told you to buy MCZ at .42 and now look at it. Guess what? It will triple from here.As for LEND, the whole sector is in trouble. You can't compare the home loan sector with the video game sector here. The game sector is just starting to take off while the home sector is falling apart. Yup, hold MCZ and day trade LEND but don't marry it.
If it were me I wouldn't stay in LEND long. Take profits when you have them. I suspect more bad news may be coming which will take the sector down again.
As for MCZ, Right here is a perfect spot to buy because of strong support near .70
Thought you all would love this. I watched it today and almost fell off my chair cracking up.
http://sandwalk.blogspot.com/2007/03/apple-computer-unveils-new-irack.html
Phil, I totally agree with you.
The latest NPD figures are in. Let's start us a pissing contest! In short, February was nuts. Loco. Seriously. Look at these numbers:
# Game sales and accessories were up 53%, hardware sales up a whopping 98%, giving the total industry a 66% boost. Raining on the parade ever-so-slightly is the fact this year's February figures are a week longer than last year's.
# Between the Wii, DS, GBA and GC Nintendo shifted 980,000 units. In February.
# Crackdown was by far the biggest-selling game, moving 427,000 copies. Next up was the Wii Play/Wii Remote bundle, which sold 371,000 copies.
# With only 127,000 sold, the PS3 was outsold by the Wii. And the 360. And the PS2. And the GBA. Ouch.
MCZ is cleaning up. I'd be buying any weakness in this stock.
The latest NPD figures are in. Let's start us a pissing contest! In short, February was nuts. Loco. Seriously. Look at these numbers:
# Game sales and accessories were up 53%, hardware sales up a whopping 98%, giving the total industry a 66% boost. Raining on the parade ever-so-slightly is the fact this year's February figures are a week longer than last year's.
# Between the Wii, DS, GBA and GC Nintendo shifted 980,000 units. In February.
# Crackdown was by far the biggest-selling game, moving 427,000 copies. Next up was the Wii Play/Wii Remote bundle, which sold 371,000 copies.
# With only 127,000 sold, the PS3 was outsold by the Wii. And the 360. And the PS2. And the GBA. Ouch.
The numbers are impressive if, you know, you like numbers. But what I like best is the post-numbers spin.
Here's Nintendo's, and it reads, from the pen of Reggie:
We're gratified that the explosive appeal of Wii, in terms of both new players and new ways to play, has created unprecedented demand, substantially beyond supply.
No kidding. 335,000 units shifted means 335,000 units shipped. Gotta kick it up a notch, Reggie. People, by their very nature, are impatient.
I like Sony's better, though:
According to NPD data, February 2007 showed a 67% increase in retail dollars generated year-over-year for SCEA in the US with total sales of $377 million. With this increase, the PlayStation brand remained the number-one revenue driver for the month in the industry owning 38.5% of total sales.
SNDK
By Mark Boslet Of DOW JONES NEWSWIRES (This article was originally published Thursday)
PALO ALTO, Calif. (Dow Jones)--SanDisk Corp.'s (SNDK) shares have been beaten down, but Wall Street appears to be looking beyond the bruises and welts.
In the past five months, the volatile stock has tumbled 36%, tracking the sinking price of the NAND flash memory chips the company makes for MP3 music players and digital cameras. Over the last two weeks, however, the shares have risen from an intraday 52-week low of $35.82 to $40.90.
The tentative recovery comes as NAND chip pricing shows signs of stabilizing. Investors also are excited about promising new uses for NAND memory - replacing the disk drives inside laptop computers and providing the memory for Apple Inc.'s (AAPL) new iPhone.
"At under $40 (a share), I think that SanDisk has bottomed out," asserts Ruben Roy, an analyst at Pacific Crest Securities. With a price-to-earnings ratio of 41, compared with 22 for Intel and 18 for Micron, the stock is not inexpensive. But news about the company should be more positive than earlier in the year, Roy says.
Indeed, SanDisk is a company with lots of potential. The low-cost producer in a rapidly growing $12 billion market, the Milpitas, Calif., high-tech firm is riding the wave of digitalization around the world. Music players, such as Apple's iPod, are hot products as people download digital music over the Internet. Flash cards for digital cameras sold better than expected last year, and sales of similar slide-in cards for cellphones are growing smartly.
SanDisk shows no signs of slowing the expansion of its manufacturing plants despite the industry-wide overproduction that led prices down roughly 50% since early December. To adjust to the declines, the company cut prices of its retail and OEM products, trimmed its work force by up to 10% and reduced salaries for executives.
Now with the market looking more stable, better times could be ahead. "We have seen signs of prices leveling out in the last week," says Judy Bruner, SanDisk's chief financial officer. "Perhaps by the second half of the year, the market could be in an under-supply situation."
Some analysts say they noticed stable prices for NAND chips since early February, when 8 gigabit chips leveled out at just under $5 a piece, down from more than $7 in December. Overall NAND flash prices could be down 67% for the year, says Alan Niebel, chief executive of the research firm Web-Feet Research of Monterey, Calif., but most of the decline may have taken place already.
The stability, if it lasts, would be good news for SanDisk and other memory producers, such as Samsung Electronics Co. (005930.SE), Micron Technology Inc. (MU), Intel Corp. (INTC) and Hynix Semiconductor Inc. (000660.SE). Anticipating an improved environment, UBS analyst Alex Gauna on Tuesday lifted his rating on SanDisk to buy from neutral.
"I kind of doubt we'll see sharp (price) declines in the next several months" similar to the ones the industry saw in December and January, says Michael Sadler, a vice president at Micron. Yet, "we continue to be in a state of oversupply," and Micron is shifting modest amounts of NAND production to another kind of memory - DRAMs - at its Manassas, Va., plant and to CMOS sensors, chips that measure the intensity of light, at its Idaho fab, Sadler says.
SanDisk's decision to keep its foot on the manufacturing pedal, despite the oversupply, appears to make sense for the company. Executives say demand for NAND in their USB storage drives, MP3 players and other products continues to outstrip their ability to make the chips. Demand should be up more than 170% this year, not far from the extraordinary 221% rise in 2006, they say.
One piece of positive news for SanDisk is the interest computer makers have shown in using NAND-based memory in notebooks. The price declines this year make NAND a more attractive alternative to the still lower cost disk drives installed today.
Greg Rhine, senior vice president at SanDisk, says industry projections forecasting that 1 million to 2 million notebooks will sell this year with NAND flash are reasonable. Sales should jump from there. By 2010, as many as 30 million notebooks could be made with NAND, or about 15% of the market.
The price drop is "driving a lot more applications into the market sooner than they would have been" expected, explains Shawn Sackman, director of marketing at Intel. "A while back I would have said 2008" for NAND flash in personal computers. "Now I would say the second half of 2007," says Sackman.
Still, some analysts suggest caution. "I think 2007 and 2008 will be educational years" for the NAND computer market, says Joe Unsworth, a principal analyst at research firm Gartner Inc. Volumes won't rise until after that, but even then, cost differences could remain significant. By 2010, Unsworth estimates, a 400 GB disk drive will cost the same as a 48 GB NAND drive, largely limiting the selection of flash chips to ultra portable machines where its compact size is worth the price.
To be competitive in the broader notebook market, the price of NAND needs to drop further - both a boon and a bane for the industry. Each price decline increases the attractiveness of NAND flash. But it also puts pressure on profits and margins.
To some, the recent ascent in SanDisk shares may be premature. The company could have several more difficult months before sales surge with the back-to-school and end-of-year holiday seasons.
"We think pricing will be under continued pressure for the first half of the year," says Unsworth. "I think it will go lower over the next couple months."
(Mark Boslet is a special writer covering technology for Dow Jones Newswires.)
Nope, will now stay away from it. Don't like the recent China news.
I'm not sure I will hold longer term yet. I bought ATVI as a play on Spiderman 3.
Also added to MCZ at .71
SIMO monster....see chart
Bought some ATVI. Will buy more lower and cost average into a big position.
Also bought more MCZ near the close on Tues.
DOW JONES NEWSWIRES
Biolase Technology Inc. (BLTI) swung to a fourth-quarter profit of $1.04 million, or 4 cents a share, from a year-ago loss of $1.23 million, or 5 cents, helped by increased revenue and reduced costs.
The Irvine, Calif., dental-laser company said revenue rose 4.7% to $19.8 million from $19 million a year earlier.
See Shasta, I'm not sure if he posted on SI. Also, smart move getting into MCZ. I bought more here today near the close at .71
MCZ is a no brainer and should be bought at this .70 area. Hell, the CFO bought a bunch near .80 just a few weeks ago. MCZ is now trading under book value. I expect more insider buying soon so use this general market correct to set yourself up on pullbacks. Good luck
Hello Jim, I couldn't respond to you via e-mail. Hope you're well. Please say hi to Dave Steckler for me. Rich
Well homeowners here don't seem to be concerned. San Diego housing is ridiculously priced. I also paid $3.15 for gas this morning. Every single gas station here is charging north of $3.
Believe it or not, home prices in San Diego went up last month.
HERB GREENBERG
Take-Two: If Icahn is selling...
Why would investors be trying to seize control of the company?
By Herb Greenberg, MarketWatch
Last Update: 6:33 AM ET Mar 12, 2007
This story ran over the weekend in the Wall Street Journal.
SAN DIEGO (MarketWatch) -- The bizarre tale of Take-Two Interactive Software gets more bizarre by the week, if not day. The latest twist came this past Wednesday, when a group of investors holding nearly half the company's shares, including hedge fund SAC Capital, suggested it wanted to hijack the board and replace top management.
Considering that Take-Two's chief executive, Paul Eibeler, was my MarketWatch column's Worst CEO of the Year for 2005, I'm not surprised.
But this isn't just any company that appears to be in need of new management and a turnaround: This is Take-Two (TTWO :
Take-Two Interactive Software
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TTWO20.27, +0.81, +4.2% ) , a company that has seen a steady stream of top-level executives and well-connected directors come and go; a steady stream of well-connected and well-known investors come and go; and a steady stream of controversy come and not go.
Best known for the crooks-beat-the-cops series of Grand Theft Auto games, Take-Two, ironically enough, has had its own share of scrapes with the law. Two years ago, while not admitting or denying anything, the company agreed to pay a slap-on-the-wrist fine in connection with Securities and Exchange Commission claims that it fudged its accounting several years earlier to make results look better than they really were. Among the charges, in not so many words, were claims that it sold product to itself.
Then, last year, Take-Two disclosed several times that it had received grand-jury subpoenas from the New York County district attorney regarding a smorgasbord of items, including acquisitions, partnering arrangements, earnings results, changes in auditors and activities of its directors. (But not to worry: the company says it hasn't been advised it is the focus of an investigation.) Last year, Take-Two's board launched an investigation of stock-options backdating, leading to a criminal conviction of founder and former CEO Ryan Brant, who pleaded guilty; he avoided jail by agreeing to help investigators.
In the past few months, three directors have departed, the most notable being independent film producer Steven Tisch, best known for "Forest Gump." His addition to the board in 2002 was hailed for his ability to bring "a wealth of valuable experience and relationship in the entertainment industry." He offered no explanation for his departure and couldn't be reached to comment.
Seemingly lost in the shuffle: The sad state of Take-Two's business. The loss-plagued company, which in March 2006 said it expected a "return of profitability" by last year's fourth quarter -- it didn't succeed -- is now saying profits won't come until this year's fourth quarter. (Ground Hog Day, anyone?) The year as a whole, meanwhile, will be "break-even," which is 49 cents a share less than analysts were expecting two months ago, according to Thomson Financial -- and $1.65 a share less than they were expecting a year ago.
The year's forecast includes the expected October rollout of the latest version of Grand Theft Auto. "Take-Two management has proven itself to be exceedingly poor at forecasting results," Wedbush Morgan Securities analyst Michael Pachter, who rates Take-Two a "sell," wrote to clients. A spokesman didn't respond to my inquiry about the firm's forecasting abilities but did refer me to a prior press release about coming games.
There's no guarantee that new management will do a better job, or that it will like what it sees, if it gets a chance to dig deeper into the numbers and business. Furthermore, investors pushing for change don't have a history as activists. Noticeably absent among them is the current ace of activists, Carl Icahn, whose ownership of the stock helped catapult it higher last year. He has since reportedly sold or is in the process of selling his stake. Could it be that his research suggests this is one company that all of the activists in the world can't truly help? He didn't respond to my inquiry. Maybe he figured actions speak louder than words.
* * *
Market Mania: In the wake of the market's recent unrest, I was wondering why investors always seem to get so blindsided by upheavals in individual stocks and the market? Doug Wakefield, of financial-planning firm Best Minds Inc. in Dallas, thinks he knows. After years of studying the research and writings of some of the world's smartest investors, he concludes: "The reason that we don't believe the markets will crash, is because we do not want to. Simply put, we enjoy the illusion of wealth that easy credit creates. And, who wouldn't? With easy credit, there's no need to work for years and save, no need for politicians to ever say no, and no need to wait or do without. We like the status quo and are resistant to change. We don't want to look below the surface and examine the foundation of our markets and economies. If the system experiences a problem, liquidity is always the answer. If we encounter a slowdown, just add more liquidity: After all, it's been working for years. And the longer this arrangement persists, the more this belief is reinforced." Amen. End of Story
Herb Greenberg is senior columnist for MarketWatch and contributor to CNBC television based in San Diego. He does not own stocks (except for shares of his employer), and he does not sell individual stocks short or invest in hedge funds.
I also went to see it and was blown away. Great movie, should do $55-60million this weekend and break records.
Here is a guy who is almost always wrong.....
David Tice, Perennial Bear, Predicts 50 Percent U.S. Stock Drop
By Nick Baker and Connell McShane
March 9 (Bloomberg) -- David Tice, whose bet against U.S. stocks the past four years punished his Prudent Bear Fund, says the market is headed for a drop of as much as 50 percent.
The bull market probably ended last week, when shares suffered their biggest weekly slide since January 2003, according to Tice. The Standard & Poor's 500 Index retreated 4.4 percent and $837 billion of value was wiped out on concern more Americans will default on home loans, slowing economic growth.
``We see the first crack,'' said Tice, 52, whose Dallas- based Prudent Bear Fund is always positioned for a decline. ``I've never been more confident in our economic theories.''
His $651 million fund lost 21 percent since stocks began rallying in October 2002. The S&P 500 almost doubled investors' money, including the reinvestment of dividends, during the same period. ``We are bloodied, but not out,'' Tice said.
About 73 percent of the 11-year-old fund is allocated to short sales, Tice said. Short-selling is when investors borrow stock from a shareholder on the expectation of profiting by buying the securities later at a lower price and returning them to the holder.
This week he initiated a short position on General Motors Corp., the world's largest automaker, and estimates the shares may fall as low as $15. GM rose 29 cents to $31.06 yesterday. The automaker's spokeswoman Renee Rashid-Merem declined to comment when contacted by Bloomberg News.
Tice also owns U.S. Treasuries and shares of gold miners, whose prospects may improve should investors turn to bullion as a haven in a market decline.
Last Week's Slide
A worldwide rout in stocks that started in China on Feb. 27 accelerated amid concern defaults by the riskiest U.S. borrowers would reduce profit growth for financial companies. A gauge of banks, brokerages, and insurers accounts for 22 percent of the S&P 500's value, the biggest among 10 industry groups.
While the S&P 500 has rebounded 1.1 percent this week, Tice said the earlier slide was just the beginning of a tumble that will reach 40 percent to 50 percent within 18 to 30 months. The decline will be propelled by a waning appetite for risk among investors, who will also find it harder to leverage their market bets with cheap credit, he said.
The phenomenon is showing up in the subprime lending market, according to Tice. Shares of New Century Financial Corp., the second-largest U.S. home lender to people with blemished credit histories, have lost 88 percent this year. The company yesterday said it stopped accepting loan applications after some lenders refused to let it tap credit lines.
Higher Rates
More than two dozen mortgage companies have gone bankrupt, closed operations or sought buyers since the start of 2006, according to data compiled by Bloomberg.
Global borrowing costs are also climbing.
The European Central Bank yesterday announced its seventh interest-rate increase since December 2005, pushing its key refinancing rate to 3.75 percent. The Bank of Japan doubled its benchmark overnight lending rate to 0.5 percent last month, while the Federal Reserve's rate has been at 5.25 percent since June, the highest since January 2001.
``Subprime is a microcosm of the whole credit system,'' Tice said. ``People are now paying attention to risk.''
Created more than a decade ago to allow investors to bet against the market, the Prudent Bear Fund has succeeded during prior downturns. The S&P 500 lost 22 percent in 2002, helping Tice generate a 63 percent return, including dividends, according to Bloomberg data. The fund gained 2.8 percent last week, the biggest weekly advance since July.
`A Mistake'
Still, investors who have stuck with the Prudent Bear Fund since its inception have lost about 41 percent. The S&P 500 doubled in the same period.
On May 2, 2003, Tice incorrectly predicted the Dow Jones Industrial Average would sink to 4000 within the next year and a half. The 30-stock gauge closed above 9000 about a month after the forecast and reached a record 12,786.64 this year.
``We know we're going to lose money when the market goes up,'' Tice said. The fund exists as a way for investors to make a bearish bet against stocks whenever they choose, he added.
``Being perpetually bearish is a mistake,'' said Rob Arnott, who oversees $20 billion as chairman of Research Affiliates LLC in Pasadena, California. ``It's not smart to be positioning yourself for a market decline all the time because the market goes up far more often than it goes down.''
Nonetheless, Arnott agrees with Tice that U.S. stocks are going to slump. ``Right now, tactically, I'd agree with his view,'' Arnott said. ``I view the market as vulnerable.''
Tice and Arnott are at odds with all 15 Wall Street strategists tracked by Bloomberg News, who stuck with their forecasts that the S&P 500 will advance in 2007 even after last week's tumble. The group includes advisers from Citigroup Inc., Goldman Sachs Group Inc. and Merrill Lynch & Co.
``People ask me, `Doesn't it get lonely out there? Don't you feel like you're wrong?''' Tice said. ``It doesn't. I feel very, very comfortable going to sleep at night knowing we're going to be right.''
To contact the reporters on this story: Nick Baker in New York at nbaker7@bloomberg.net ; Connell McShane in New York at cmcshane1@bloomberg.net .
DOW JONES NEWSWIRES
Jones Soda Co.'s (JSDA) fourth-quarter net income more than tripled to $2.06 million, or 8 cents a share, from $580,245, or 3 cents a share, a year earlier.
Earnings before interest and taxes was $1.75 million.
The Seattle soda company's revenue for the quarter rose 15% to about $10 million from $8.75 million due to sales of its CSD concentrate .
Jones Soda's stock closed up 35 cents, or 2.6%, at $13.95.
-Nicholas Hatcher; 201-938-5400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
DOW JONES NEWSWIRES
Geron Corp. (GERN) said Friday it will restate annual financial statements for fiscal years 2003 through 2005 as well as for all four quarters of 2005 and the first three quarters of 2006 to reclassify some warrants as debt.
The Menlo Park, Calif., biopharmaceutical company said the restatement of its balance sheets won't affect its previously reported revenues, operating expenses, total assets or cash position.
In the past, Geron accounted for certain warrants to purchase common shares issued in connection with equity financings from a shelf registration statement as permanent equity in the consolidated financial statements.
Geron said it will report its restated financial information in its 2006 annual report.
-James DeWeese; 201-938-5400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
March 09, 2007 07:46 ET (12:46 GMT
News hitting on ATVI
Take a guess.
Institutions can and have bought. 10% of the stock is held by Institutions now.
Bought more shares of MCZ during this low volume pullback. Love it