Couldn't there be more big investor unhappiness, putting pressure on management for mergers? I wonder, though, if any merger would get US government approval.
Hurco looks like it is undervalued, especially given its cash balance. What worries me, is how much it has benefited from FX derivatives as Euro has sunk. On the line "Foreign exchange forward contracts" in the 10-Q 3.045 million is reported as "amount of gain recognized in operations" for the 6 months, which I equate to 31 cents eps. However, the format is very confusing, so this makes me very unsure if this should be subtracted from eps in trying to get a basis for some sort of extrapolation. The Euro has sunk only about a penny since the end of the quarter so I don't need to worry about that.
In the period after the merger "offer" I bought some more SLI thinking Steel Partners clearly was not worried about quarterly results and EPA, especially after company buying back stock at $42. Now, original idea of signing an agreement in less than a month was probably not realistic, and would look bad for fending off lawsuits. Still, no one else seemed to embrace my logic.
Was your desire to short the reason for your incessant posting about how price would be forced up by short sellers trying to close out their positions? I wonder if anyone took that seriously.
From abc news:
Two top veterinary officials with the U.S. Department of Agriculture and farmers affected by the bird flu outbreak said Tuesday it will take increased surveillance, improved farm security and more money to fight off a possible fall return of the disease that devastated chicken and turkey flocks.
The U.S. Senate Agriculture Committee held a livestreamed hearing to discuss the response to the outbreak that has killed 48 million birds since early March in 15 states, including hardest-hit Iowa, Minnesota and Nebraska.
With no new outbreaks in three weeks, it appears the virus has been eradicated for now, said Dr. David Swayne, director of a USDA poultry research laboratory in Georgia.
Their dividend is considerably less than their eps. Sales per store are higher on average than for most of their competitors.
Average of 10 years earnings 2006-2015 (projected for 2015) is $3.68 You certainly don't want to estimate PE for a stock like this based on current year earnings - earnings are too variable for that. I don't know logic of shorts.
Their rationale for why "go shop" is required is laughable: "but without a “go shop” given the Company’s knowledge of the market and the fact that the Transaction provides for SLI’s stockholders to have a continuing interest in the combined company rather than constituting an outright sale." Does that mean than any deal which is not all cash doesn't require a "go shop"?
Interesting that they did not provide a press release until after market closed, hours after HNH filed the SEC dcoument.
UFPT slated to be dropped, but changes can be made until June 26, cob. Normally final change should cause selling by index funds and a price drop. Good opportunity for UFPT to make its stock repurchase.
Threshold for inclusion is expected to be 176.7 mil market cap. However, they exclude privately owned shares and I am not clear on what that means in this context.
I base this solely on this statement from Mar 10-Q for HNH:
As of March 31, 2015, SPLP owned directly or indirectly through its subsidiaries 7,131,185 shares of the Company's common stock, representing approximately 66.1% of outstanding shares. In other words, Steel owns a greater % of HNH that it does of SLI.
On the other hand, as SLI shareholders they are not requesting cash. If we accept stock, it will be in a company completely controlled by Steel, and we have to rely on the SEC and the law to protect us.
There argument for no "go shop" which I take to mean seek a higher price elsewhere has no merit. I hope that Steel Partners are subject to same pro ration if too many SLI shareholders want all stock.
Market cap is 149 mil and they are buying back 10 mil of shares. 10/149 = 6.7% (1./(1.-..067) = 7.2% is impact on eps, disregarding a bit of lower interest earned). Unfortunately, I always adjust for extra cash when I compute PE so it doesn't make stock look cheaper to me.
UFPT needs to start increasing revenue! more color in their earnings releases would be nice. Also, their blog hasn't been updated since 9/14/2014, or about 7 months ago. At least they have an interesting news items posted. in May: "Innovative Automotive Components Designed to Reduce Noise and Vibration on Display at SAE 2015"
What world are they in? Today the increment is a penny, but various traders are able to make bids like $13.049. Are they going to eliminate that kind of thing? The auction idea was more appealing.
I see an analyst report saying basically the same thing has moved the stock down over 2% on an up day. He is figuring on about 25 million extra inflator sales.
It beast me why a statement of fact gets 3 thumbs down. Dimensional, at least the major fund I am familiar with, is an index fund, although they do some sampling because of the illiquidity of small cap stocks which makes it hard to exactly replicate any index. At one time I was interested in investing, but at least at that time they were not open to smaller private investors.
Get, You are right, I overlooked that the number was for 2014. Couldn't 6% last year mean a tough comparison this year?