In edit - Jnpr trading down another nickel at 6.0 ah after a terrible day (-7.77%). Looks like it could be gapped down to run stops just under 6.
They actually had some decent news today, but looks like nobody cared:
17-Sep-02 RBC Capital Markets (US)
Sanjiv Wadhwani
Marketing With Juniper - Asia Helping Quarter
Geographic details and the current quarter:
* In terms of geographies, the Asian market is doing particularly well. The performance of the Asian market (in particular Korea and China) is exacerbated due to the acquisition of Unisphere (Unisphere had a big presence
in Asia through Siemens). Bottom line is that there is good traction with Unisphere's customers and we are receiving early signs of Unisphere's current customers purchasing Juniper's M-series routers.
* Both the U.S. and Europe, as expected, are performing poorly this quarter.
* In terms of the U.S. market, we expect Juniper to announce an RBOC customer by year-end.
* We believe Juniper has been buying some of its convertible bonds, which should reduce interest expense going forward.
The Unisphere acquisition:
* Juniper is expected to report its third quarter earnings on October 10th. We believe that the company will provide some details of revenues from Unisphere during its conference call, which should offer some visibility into the performance of Juniper and the (old) Unisphere.
* In terms of differentiation, most customers are using Juniper's edge routers dedicated access. Unisphere's routers on the other hand are being used for shared access.
* The sales integration between the two companies has been largely completed, with Jeffrey Lindholm (formerly from Unisphere) being appointed vice president, worldwide sales. The two companies are going through the process of integrating other parts of the organization, but we believe that any remaining integration issues and nuances are quite minor.
Products:
* Juniper has shipped the J20 to numerous customers; however, many of these customers have not been announced. In many networks, the J20 is being used to replace existing routers (mostly Cisco) that do not have (wireless) signaling technology. We continue to rate the J20 opportunity as a wild card for 2003.
* The company recently expanded its agreement with Scientific Atlanta to include all M-series routers. The previous agreement called for SFA to only resell Juniper's G10 routers.
* The T-640 is doing a little better than expected due to the investment protection it offers services providers.
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