Tim, I need some fundamental help on a stock. The ticker is HLIT, the news is...
SUNNYVALE, Calif. (AP) -- Shares of Harmonic Inc. fell sharply during volatile trading Friday after the company announced a big acquisition and a narrow shortfall in first-quarter revenue.
The stock plunged $1.28, or 19 percent, to $5.42 in afternoon trading. Shares have traded between $4.77 and $7.27 over the past year.
After the market close Thursday, Harmonic said it has agreed to buy Omneon Inc. for $190 million in cash and 17.1 million shares of its common stock. Both companies provide technology for delivering digital video.
Based on Harmonic's closing share price Thursday of $6.70, the acquisition is valued at roughly $305 million. Taking out the cash on Omneon's balance sheet, Harmonic would be paying about $273 million.
Harmonic also released first-quarter results Thursday, saying demand has improved in many of its markets. It posted earnings of $5.3 million, or 5 cents per share, compared with a loss of $18.8 million, or 20 cents per share, a year ago.
Stripping out one-time items, earnings in the most recent quarter were a 6 cents per share, matching the average forecast from analysts, according to Thomson Reuters.
Revenue fell short. It was up 25 percent to $84.8 million, while analysts expected $85.6 million.
The chart is...
I'm not saying it's time to buy anything right now, but from the funny mental side, where would be a good place to put a bid?
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