I was thinking about buying a few shares of IACI to open a position. I just read this from the report:
"As of September 30, 2009, IAC had approximately $1.8 billion in cash and marketable securities, and $95.8 million in long-term debt."
That means they basically have $1.7 billion in cash. The market cap is only $2.5 billion, meaning the enterprise value is just 800 million.
This seems like its too good to be true. Sure ask.com, match.com, and management are struggling. However, there are quite a few companies (ok- just microsoft), looking to consolidate the search business.