One more thing - Do you think T. J. wants SPWR divested?
1) It is so easy for CY management doing nothing and still able to collect on option excercise. SPWR contributed the majority of CY's EPS. SPWR's artificial stock price will keep CY stock price from falling under. The management is happy, so are employees, shareholders, why divest? 2) After divesture, everyone get one-time payment, then T. J. will start to face the serious challenge on CY core. If anything mis-stepped, he might fall back to 90s' misery memory again, why not be a lay-back manager doing nothing at all? I am not saying CY core degrading; EPS is always mediocre, that's for sure.
I believe that TJ is committed to divesting SPWR - but probably not until 2009.
I also believe that CY has been turned into a higher margin, more stable company and that the success of the new CY strategy will become clearer with each quarter. I like both CY core and SPWR long term. I will lighten up a too-large position on the way up, but plan to keep significant holdings in both companies long term.
As for SPWR, it's, of course, hightly speculative. But there's no way I'd want to miss the potential upside. Meanwhile, they're poised for continuing growth and turning a profit as they go.
How are you doing? Nice to see that some patience works out with CY (and with SPWR of course). CY is up 37.5% this year I believe while SPWR is up 59.5% <SMILE>. Nice 1Q reports from both. SPWR is really shining. Does it sound like you finally picked up a few shares of SPWR or are you still waiting to get shares from a spinoff?