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Intel Corporation Message Board

c757172 117 posts  |  Last Activity: 6 hours ago Member since: Nov 22, 2008
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  • Down 8.4% following the Brexit result. Like the banks and France's CAC 40.

  • 6/15/2016 9,420,553
    5/31/2016 9,032,084
    5/13/2016 8,811,322
    4/29/2016 8,887,188
    4/15/2016 9,650,711
    3/31/2016 9,633,598
    3/15/2016 9,461,055
    2/29/2016 9,773,559

  • Reply to

    All sounds good

    by needinfo117 Jun 22, 2016 8:37 AM
    c757172 c757172 Jun 22, 2016 11:58 AM Flag

    Of course it is for their benefit to drive the stock higher but they lack vision and are incompetent at running a profitable company. Unfortunately for the shareholders, the management and BOD are entrenched. They are good at issuing new stock for their compensation even though the stock is worth less and less.

  • Reply to

    All sounds good

    by needinfo117 Jun 22, 2016 8:37 AM
    c757172 c757172 Jun 22, 2016 9:18 AM Flag

    The BOD meetings are periodic, not daily. The BOD of Harmonic is likely more interested in its compensation package rather than restructuring the company and striving for any return to its shareholders.

    The recent PRs are meant to serve notice that Harmonic does have some advanced products that are actually marketable. However, this means little because there are no dollar figures for these sales which are mostly to comparatively small operators. The fact is (as it is revealed in the quarterly reports) that the revenues are stagnating and the company operates at a loss. Harmonic has poor top-heavy management and low revenues per employee. Under Harshman and its captive BOD, HLIT has become a neglected microcap stock.

  • The following recent employee review rings true.

    "Poor mangement and very top heavy".

  • c757172 c757172 Jun 14, 2016 8:28 AM Flag

    "More news of sales" - Sporadic news of small sales like the one mentioned today about a sale for use in New Caledonia TV services. There has been no significant growth in sales despite acquistions. The organic R&D of Harmonic has generated little of commercial value. The proof is in the sales figures. Most of Harmonic's technology has come from acquistions and has had short life span . Again, the proof is in the stagnating revenues and stock price. The claim for being "the worldwide leader in video delivery infrastructure" is a joke. As a tech company, Harmonic is rather old. It was incorporated in 1988 and yet it is only a micro cap company.

    The BOD of Harmonic is a captive board, mostly hand-picked by Harshman. The BOD will keep Harshman in power while milking the company for as long as possible. In board meetings, shareholder value is probably an afterthought.

  • Stockholders elected seven (7) directors to serve until the earlier of the 2017 Annual Meeting of Stockholders or until their successors are elected and duly qualified.

    NAME
    FOR WITHHELD BROKER NO VOTE
    Patrick J. Harshman
    55,439,027 2,329,385 14,251,403
    Patrick Gallagher
    55,446,135 2,322,277 14,251,403
    E. Floyd Kvamme
    55,098,164 2,670,248 14,251,403
    Mitzi Reaugh
    55,442,622 2,325,790 14,251,403
    William F. Reddersen
    55,141,704 2,626,708 14,251,403
    Susan G. Swenson
    52,675,050 5,093,362 14,251,403
    Nikos Theodosopoulos
    55,437,780 2,330,632 14,251,403

    2. Stockholders approved, on an advisory basis, the compensation of the named executive officers.

    FOR AGAINST ABSTAIN BROKER NO VOTE
    56,661,897 937,517 168,998 14,251,403

    3. Stockholders approved an amendment to the Company’s 2002 Employee Stock Purchase Plan to increase the number of shares of common stock reserved for issuance thereunder by 1,500,000 shares.

    FOR AGAINST ABSTAIN BROKER NO VOTE
    56,453,890 1,261,605 52,917. 14,251,403

    4. Stockholders approved an amendment to the Company’s 1995 Stock Plan to increase the number of shares of common stock reserved for issuance thereunder by 2,000,000 shares.

    FOR. AGAINST ABSTAIN. BROKER NO VOTE
    51,201,519 6,516,887 50,006. 14,251,403

  • Reply to

    What a bunch of BS

    by golfshoeson2001 Jun 9, 2016 12:41 PM
    c757172 c757172 Jun 9, 2016 1:42 PM Flag

    It is because of the new NAB's prediction that iron will be $40 in 2017.

    "The iron ore price has snapped its three-day winning streak as one analyst warned the commodity is set to fall more than 20 per cent from current levels.

    Iron ore slipped 0.4 per cent to $US52.10 a tonne overnight, edging back from yesterday’s two-week high of $US52.30.

    The fresh fall comes as National Australia Bank predicted the price would drop to $US40 a tonne from 2017 as Chinese steel consumption continues to decrease.

    Although the largest players BHP Billiton and Rio Tinto can still turn a profit at such a price, smaller producers would likely struggle to keep up.

    Gina Rinehart’s Roy Hill mine needs a price at least in the low $US40s to make a profit, according to Korean steelmaker POSCO, a partner in the project.

    The NAB forecast follows a more optimistic update this week from Citi, which increased its projections slightly to an average price of $US49 a tonne this year and $US42 in 2017.

    Both the NAB and Citi projections are well below government forecasts in the May Budget of $US55 a tonne.

    Many analysts have remained sceptical about the commodity’s surprising strength in recent months, given the market remains in oversupply.

    Despite iron ore’s fall, Australia’s mining giants got a boost in London trade from rising oil prices. BHP shares bounced 2.4 per cent, while Rio rose 1.3 per cent."

  • Can Harmonic repurchase a modicum amount of stock just to prevent the stock from ignominiously dropping back below $3?

  • Reply to

    Zika Olympic Games

    by cash.mccall Jun 6, 2016 4:45 PM
    c757172 c757172 Jun 7, 2016 11:19 AM Flag

    Yes, one should be very impressed with Cash's analysis like when Cash prodded us into buying Vale when it was on the way down at $13+, and into buying RIG and SDRL when they were at $30+ and $20+ respectively on the way down... Of course the same Cash neglected to tell us to buy Vale when it was at $1.9 recently...

  • For whatever the reason, the stock is not allowed to stay above $5 for long. Are the manipulators the Notes' holders that had massively shorted the stock?

  • Reply to

    Pathetic CEO

    by darrellwar Jun 1, 2016 8:58 PM
    c757172 c757172 Jun 2, 2016 8:10 AM Flag

    He is not pathetic. To the contrary, Harshman has been quite successful for himself. He is entrenched in Harmonic despite having failed in all of his managerial jobs. He had never worked for another company. He is greedy, full of self importance, and has successfully enriched himself while hoodwinking the investors for over a decade. He had shrewdly hand-picked supportive BOD members that will forever let him continue as a CEO.

    The Harmonic Annual Shareholder Meeting is on June 9. You can be assured that all items on the proxy will be approved by huge margins, and Harshman will be reflected to the BOD and continue to be compensated to the tune of almost $2M (cash + stock options and awards). So far, the institutions holding HLIT have shown no signs of activism and only few second rate analysts still bother covering the company. Such was the situation with the old SGI that had some great technology but poor management and eventually filed for chapter 11 bankruptcy.

  • Reply to

    Who will be right?

    by c757172 May 31, 2016 10:29 AM
    c757172 c757172 May 31, 2016 1:58 PM Flag

    Actually 5.6 euro = $6.23. Current book value is $5.41. Current tangible book value is $5.14. As I suggested in the past, accumulate patiently the stock below $5.5.

  • 5/19/2016 JPMorgan Chase & Co. Set Price Target Sell 5.60 euro
    5/18/2016 BNP Paribas Set Price Target Buy 8.30 euro

  • Reply to

    this should help

    by myownstimulusplan May 27, 2016 2:26 PM
    c757172 c757172 May 30, 2016 8:21 PM Flag

    This is not what I said. NBC did pick a first rate boutique solution from Harmonic, as it had done in the previous olympics. The problem is that it has not translated into sales growth in the larger and more diverse markets while profitability has gone to nil. Harmonic reminds me of the old SGI that also had great technology and prided itself on selling unique solutions to large institutions but eventually went under. In a way, Harshman reminds me of the long entrenched CEO of the old SGI. Harshman should be removed from power now.

  • Reply to

    this should help

    by myownstimulusplan May 27, 2016 2:26 PM
    c757172 c757172 May 30, 2016 4:37 PM Flag

    NBC chose Harmonic's products for coverages of previous olympics (Google "Harmonic and olympics"). So every couple of years (winter and summer olympics), Harmonic gets a sizable contract for video products covering the olympics. It is all very nice but has not made the Harmonic much profitable and growing because Harmonic is being managed by an inept visionless reactive (not proactive) CEO - Harshman. As technology evolves from 1080P video to 4K and video software becomes more important than hardware, Harmonic's competitors are not sitting idle. They are more proactive and execute better because they have better management. Their financial reports and stock charts are the evidence.

  • 5/13/2016 8,811,322
    4/29/2016 8,887,188
    4/15/2016 9,650,711
    3/31/2016 9,633,598
    3/15/2016 9,461,055

  • c757172 c757172 May 22, 2016 12:13 PM Flag

    All sounds very good. Synergy, technology, scale, efficiency, customers, eliminating a competitor - the usual claims of an acquiring company. Alas, not all acquistions turn out successful as claimed initially, and Harmonic has a bad track record under Harshman.

    What Harshman means: don't judge me on my past mismanagement and destruction of your shareholder value for I've just acquired a company and has given you new hope. Look forward, not backward. Leave me in power and give me a couple of years to prove myself...

  • c757172 c757172 May 22, 2016 8:28 AM Flag

    As I suspected, TVN's book value is nil. This is OK if TVN were actually an efficient profitable growth company. This is not the case. For either Q1 2015 and Q1 2016, TVN generated meager $10M in revenues, and with workforce that is 40% the size of Harmonic's. For 2014, TVN had almost $80M in revenues. Conclusion: TVN is a company on the decline and its private owners were probably happy to let it go for $80M.

    So why did Harmonic acquire TVN with its 430 (mostly) French employees? In a country notorious for its restrictive labor laws.

    Has Harmonic "the worldwide leader in video infrastructure delivery" fallen behind in technology that it needed the help of TVN's R&D? Has Harmonic's marketing had become so ineffective that it needed the help of TVN's marketing? If that were the case, how come TVN's sales have been stagnant or even contracting?

    Was the acquisiton of TVN a ruse by Harshman to keep him in power?

    Goodwill and intangibles assets are valuable assets as long as they result eventually in significant growth and profits. This is not the case with respect to Harmonic's acquistions. In the case of Harmonic, the goodwill and intangibles represent waste of shareholder value and their GAAP writedown losses are very real.

  • Total assets of TVN (thousands): $68,884
    Total liabilities. of TVN: $67,174

    The TVN acquisition cost: $84,586

    Of which: Goodwill - $39,206, Intangibles - $43,670

    Pro Forma Financial Information:

    The following unaudited pro forma summary presents consolidated information of the Company as if the acquisition of TVN had occurred on January 1, 2015, the beginning of the comparable prior annual period.

    Three months ended: April 1, 2016 April 3, 2015

    Net revenue (millions): $90.6 $114.8

    The contribution of TVN would be about $10M for Q1. It is not clear what it would be in Q2, Q3 ,Q4.
    TVN has about 430 employees.

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