There used to be a time when a 25% drop in a price of a stock within several trading sessions was associated typically with significant news. As a sign of the times, Spyglass' market capitalization has gone through that fluctuation and there is nothing meaty with which to explain it. The price is now lower than the Sony and Inktomi announcements, which is amazing. With the market volatility of the past few years and day traders and MMs piling on, I do not believe there are many efficient-market theorists left.
Looking ahead to the next thirty days, I observe two events of notice on Spyglass' Web site.
(1) They will be participating in the National Association of Broadcasters' NAB2000 (hospitality suite--Hilton 1630). The event will be April 10-13 in Las Vegas. The event is described by NAB as "the world's largest trade show focusing on all aspects of television, radio, video, film, entertainment, interactive media, satellite/telecommunications and the Internet. NAB2000 is The Convergence Marketplace -- an emporium covering all the critical technologies for content creation, management and delivery. Visit our official web site for all the latest news and information" (http://www.nab.org/).
(2) Second Quarter financial results will be announced on April 19, 2000, 6 a.m. CST, followed by a conference call at 1000.
During the last conference call in January, CEO Doug Colbeth said that Device Mosaic 4 will be released in March. He said it would be the most modular, best footprint, and most flexible product, I presume in the entire market, allowing the product to work in analog to digital boxes and with legacy operating systems. He said with all the software engineering necessary to customize a set-top system, Device Mosaic allows for value added system integration. Device Mosaic was certainly significant for the completion of the Sony deal and may be for others.
I thank Bruce for his advice on tax ramifications of companies merging.
All my best,
Osman. |
