That would be only $60 million market cap - pocket change for a device maker. This is incredibly cheap for the potential.
Looks to me like they factored them out to boost cash to hide these accounting tricks. Their cash flow should fall off a cliff in another quarter or two. Look for insiders to be selling heavily in a few days.
I went through their statements and it's all accounting tricks. Even though they supposedly sold $600 million more in product YoY, their cost of product went down by $500 million YoY. We all know that is impossible! What they did is dump product that they had already written off - probably for 50 cents on the dollar to some EM telco and they had little to no cost in it. Their cash flow statement also shows they had much less cash flow than the same quarter a year ago (while they bought back less than half the stock). Accounts receivable are down this quarter by $600 million while inventories are up $300 million - that's not good. I have no position but if I did I'd be dumping into the bounce . I just wanted to see what games these guys were playing.
The head of Spain’s anti-austerity Podemos party has warned that the European project could unravel if Greece is not given fresh help by its partners.
Writing for our Comment Is Free site, Pablo Iglesias argues:
Austerity has shattered the political space historically occupied by social democracy, so it would be in the interests of these parties to rectify this and support the Greek government.
It seems that Italy’s Matteo Renzi, despite his lukewarm support, is alone in fully grasping what is at stake in Greece. Or do people perhaps think that if Europe’s leadership refuses to budge in its attitude, then the “normality” of austerity can be restored? It is unwise to put a democratic government between a rock and a hard place. The wind of change that is blowing in Europe could become a storm that speeds up geopolitical changes, with unpredictable consequences.
The viability of the European project is at stake. Pro-Europeans, especially those in the socialist family, should accept the hand offered by Tsipras and help curb the demands of the pro-austerity lobby. It’s not just their own political survival that is at stake but that of Europe itself.
Should be released in 15 minutes
(Reuters) - Oil prices at current levels may have reached a floor and could move higher very soon, OPEC's secretary-general said on Monday, his first public comment that oil's second-biggest decline on record may have run its course.
Abdulla al-Badri also warned of a risk of a future price spike to $200 a barrel if investment in new supply capacity is too low.
"Now the prices are around $45-$50 and I think maybe they reached the bottom and will see some rebound very soon," Badri told Reuters on the sidelines of a conference at Chatham House.