Selected clips from Chet White's latest report:
SEPTEMBER 18, 2000 NETWORKING/COMMUNICATIONS
MRV COMMUNICATIONS, INC.
(MRVC - $54 1/8)
.......
We believe that, within the next 30 days, MRV Communications should drive significant value for its shareholders as it delivers incremental news on its portfolio of investments and subsidiaries.
I guess nirvana will be a little late this year. In fairness to Chet, I am sure his projection of 30 days assumed that LMNE would be trading within that timeframe, or that, at least, the road show would be well along. Nevertheless, the stock is down 25% since that report was issued, aided by some major hurt in the NASDAQ.
In full disclosure, I am very long MRVC. But I find puzzling the delay caused by CSFB on this IPO. Market conditions, press of other IPOs, I understand. But if there is no news on the road show prior to earnings announcement and the cc, that is the next 10 days, my guess is that LMNE will be pulled until next year. If that happens, only the real insiders will know why. And if it is indeed pulled, I doubt that 30 will hold.
Please note that this opinion comes from a concerned long, not a raging bear, and someone who, pending performance results to the contrary, is still convinced of the long term value of the MRVC operations and holdings. Nevertheless, I reiterate my opinion that LMNE, if and when it comes, is more likely to be in the 20s or 30s in 6 months than in the 50s.
BP |
