Yet, those institutional investors overwhelmingly reelected the BOD recently and approved all matters outstanding. What we have here is a case of institutions and index funds diversifying their investment money among many small companies with seemingly inexpensive share prices, HLIT being one of these companies. Also, every stock has its own suckers and some are indeed sort of trapped in HLIT. The overall percentage of the institutional holding in HLIT is rather high because the insiders hold very little (most of them dispose of their shares as fast as they are awarded to them) and most of the retail investors left this stock long ago after many years of nonperformance.
I do not know why there have been large volumes yesterday and today but with little net effect on stock. I have heard nothing regarding the Troponin situation with the FDA. TRIB's price targets have been declining but the ratings are still 'buy' and 'outperform'.
9/3/2015 Raymond James Initiated Coverage Outperform $20
8/28/2015 Craig Hallum Lower Price Target Buy $24.00
7/29/2015 Roth Capital Lower Price Target Buy $22.00 - $20.00
In recent months the short interest has been slowly on the rise. Purely based on technical factors, TRIB's chart is worrisome. May be this has triggered some high-volume trading algorithms.
Favored clients traded ahead of the upgrade and sold the stock? The stock was down yesterday. Today it is up in a strong market but not impressively so.
While global markets may be fretting over Tuesday’s dire China manufacturing PMI print, it was not enough to derail the optimism among iron ore traders. For a sixth consecutive session the spot price has moved higher.
According to Metal Bulletin, the spot price for benchmark 62% grade ore rose by a further 38 cents, or 0.68%, to $56.59 a tonne on Tuesday. The increase, the longest winning streak since early May, left the spot price at its highest level since August 18.
While there was carnage on commodity markets overnight, iron ore futures were yet again rock solid. The most actively traded January 2016 contract on the Dalian commodities exchange fell by just 0.13% to 388.5 yuan. That’s not a bad performance considering many base metals were off by more than 2%.
Trade in Dalian will resume at 11am AEST. Like all Chinese markets, it will be the final trading session this week as the nation takes a two-day break to commemorate the end of World War 2.
The main reason they raised cash is because the cash had been depleted. Trinity has had negative cash flow and they need, like any other company, a certain level of cash for working capital. They might make a small acquisition but their hands are full with integrating and running their recent acquisitions, and executing on their Meritas platform.
Standard & Poor’s Monday revised upwards its price “assumption” for iron ore in 2015 to $50/dry mt CFR, basis Platts 62% Fe, from $45/dmt earlier due to low inventory levels in China and slower-than-expected supply growth from Australia and Brazil.
But the ratings agency downgraded slightly its iron ore price outlook for 2017 to $50/dmt CFR from $55/dmt, while maintaining its 2016 assumption at $50/dmt.
In a Metals Prices Assumptions update Monday, S&P said it expected the iron ore supply and demand imbalance to remain for another two years.
S&P warned that major iron ore producers were bringing on more expansion tons while displacement of Chinese higher-cost domestic supply had occurred more slowly than expected.
S&P has also downgraded its price assumption for nickel to $5/lb in 2015 from $6.50/lb earlier, to $5.50/lb from $7.25/lb for 2016, and to $5.50/lb from $7.25/lb for 2017. It expected a “moderately oversupplied” nickel market in 2016 and 2017, with prices to remain “very volatile.”
S&P anticipated that nickel spot prices would recover from record lows “as high-cost Chinese nickel pig iron producers make significant cuts in production.”
“Given our new pricing assumptions, we will be reviewing our ratings on companies with large exposures to copper, zinc, aluminum, nickel, gold and iron ore production — typically over the coming week,” S&P said.
In May, Laub sold 1.5M shares at an average price of $8.75. He still owns over 3.6M shares and he probably got more for extending his tenure. Laub has been very shrewd with his shares, always selling a large portion near the peaks (and then milking the company for more). Laub is not the man to be the fall guy. He will do his best to push for a buyout (even for a modest premium) and thus realize top money for his shares. He knows that any outcome that is not an outright buyout will crash the stock to where it deserves to be, below $7. Laub already hedged against such an outcome by selling the1.5M shares in May.
The most recent review of Harmonic by an employee on the Glassdoor website:
“Technical Account Manager ”
Current Employee - Anonymous Employee in San Jose, CA
I have been working at Harmonic full-time (More than a year)
like working with my peers
company is not going anywhere
Advice to Management:
need new career
"SAN JOSE, Calif., Aug. 31, 2015 /PRNewswire/ -- Extreme Networks, Inc. (EXTR) today announced the appointment of John Kispert, a highly successful technology executive and proven leader in Silicon Valley, to chairman of the board of directors, effective Aug. 25, 2015. Kispert has served as a member of the board for the previous six years, and with a unanimous decision, will now assume the role of lead independent director."
Since Kispert had sereved 6 years on the BOD, he bears some of the blame for what happened to Extreme in that period.
Iron ore is holding above $50. Just don’t bet on it lasting.
Ever-expanding supplies from the world’s largest producers mean prices will fall through the end of the year, according to Capital Economics Ltd. The London-based research firm joins banks including Goldman Sachs Group Inc. and UBS Group AG in predicting lower prices.
The steel-making ingredient will drop to $50 a metric ton at the end of September and $45 by the end of the year, said Caroline Bain, a senior commodities economist at Capital Economics. Ore with 62 percent content advanced 3.9 percent to $56.04 a ton on Friday, according to Metal Bulletin Ltd. It’s 4.9 percent higher this month, having bottomed at $44.59 a ton on July 8.
“The catalyst for the renewed decline will mainly be on the supply side as the Australian producers continue to ramp-up output,” she said by e-mail. Mining giants Rio Tinto Group and BHP Billiton Ltd. are increasing production to boost sales volumes and cut costs, expanding a glut even as China, the biggest buyer, slows.
Then there’s new supply due to appear on the market, in the form of ore from Australian billionaire Gina Rinehart’s A$10 billion ($7.1 billion) Roy Hill mine that will come on line later this year, Bain said. Rio Tinto is forecasting new supply will total 110 million tons this year.
Iron ore has got a fillip in recent weeks as steelmakers in China increased output ahead of government-mandated production cuts at some mills to ensure clean air in Beijing for its Sept. 3 World War II victory parade, according to Wu Zhili, an analyst at Shenhua Futures Co. in Shenzhen.
Looming steel production cuts of as much as 2.5 million tons will weaken demand for the raw material, Barclays Plc said in a note received Monday.
Goldman forecast iron ore averaging $48 a ton in the final three months of 2015, according to a report dated Aug. 14. Jeremy Sussman, an analyst at Clarksons Platou Securities Ltd., is more bearish, estimating an average of $40.
Every few years there is a spike in the share price to $20+, followed by 60-80% decline. This is a pattern of promises unfulfilled, dreams broken. If history repeats, the stock might drop below $10 unless there is a timely approval of the Troponin test by the FDA.
The BOD of HLIT is not an independent one. It was hand-picked by the management. The only solution is for an activist to raid the company or a hostile takeover. However, is Harmonic really an attractive takeover target? A decade ago, HLIT was mentioned occasionally to be a takeover target; in recent years, not.
Carl Icahn is a sophisticated investor. He probably hedged his long RIG position by trading options and perhaps even plain shorting the stock in separate accounts.
1. Low trading volume.
2. The stock is weak when the general market is strong.
3. The PR was not about an actual sale.
3. The German partner of Harmonic refers to it as "one of the industry's leading providers of video compression solutions", So Harmonic is merely a "leading" provider. However, Harmonic refers to itself bombastically as "the worldwide leader in video delivery infrastructure for emerging television and video services". Pay attention to the qualifier "emerging". Will Harmonic have emerging growth and profits?
Why was VPG spun off? To give the Zandman family extra income as directors? There are incestuous relations between VSH and VPG, and VPG has performed worse than it did when it was under VSH. VSH can acquire VPG now for less than its stated book value and make it more profitable by saving on G&A.
The price of iron ore was trading sideways on Wednesday with the market for the steelmaking raw material appearing to be relatively insulated from the rout in metals.
The benchmark 62% Fe import price including freight and insurance at the Chinese port of Tianjin lost $0.20 or 0.4% at $53.10 a tonne, according to data provided by The SteelIndex.
That's up 20.4% from record lows hit July 8 and therefore technically still a bull market defined as a one-fifth rise from a low.
The iron ore price has held above the psychologically important $50-level for six weeks while over that same period most base metals have endured double digit declines (copper fell to a fresh 6-year low on Wednesday while the decline in nickel year to date is now 30%).
Marc Zandman, the son of the late founder of Vishay (Felix Zandman), is Exec. Chairman, Chief Bus. Devel. Officer, Chairman of Exec. Committee and Pres of Vishay Israel Ltd. He is essentially responsible for Vishay's acquisition plans.
Capella, an optical sensor design house, was on the decline when it was bought last year for over 3 times its revenues. It has contributed little to Vishay's revenues although it has had some design wins for industrial applications. The $150M spent on Capella could have been used to repurchase about 10% of VSH shares.
Since the passing of Felix, the $0 share options for management and BOD have become numerous. This in addition to the rather lavish salaries. Yet, the performance of the company and its stock has been poor in this cycle compared to previous cycles. Long-term shareholders have seen little value creation for many years.
Do you mean that it might be a great chance to buy at $10's and $9's because the $11's & 12's won't last? Be careful with your wish.
On the other hand, the saving for Rig from eliminating that $0.15 "small dividend" is only about $50M per quarter, so the elimination indicates some despair on the part of Rig. This is why the stock will be pummeled tomorrow.