Duncan, It's probably not worth any more words, and if you choose to believe that ASND failed to meet earnings that's perfectly ok...Many people believe that and again, it's ok.
Apparently, I have too much time available so I will point out that some (note I say some) analysts stated that ASND made their earnings prediction for the last QTR.
It is also a fact that ASND could declare the merger effective at any point within reason. It is also a fact that had they done so one day later on July 1, their undisputed earnings would have been .35. Therefore, had they waited one day no confusion would have arisen. Some people would have been more happy, temporarily. Confusion probably would have been postponed until the end of this QTR.
Furthermore, the ambiquity did not arise from ASND's drafting a merger document They chose an arbitrary date to state the merger was complete. No one knew for sure what the date would be although they wanted it complete as soon as possible and by the end of the 2nd QTR if possible.
ASND's stock price right down is being driven/crushed by the following issues: competition, the SEC report of yesterday, the question of meeting earnings and revenues, the impact of the merger, as of yet really known, on ASND, its product base, its technology, its sales force, its international presence, its prior successes, its past earnings, its prior growth rate and its perceived future growth rate and the ever changing (many downward) earnings estimates for the NEXT and ensuing QTRS.
Note I acknowledge that its past earnings of which the past QTR was a part, plays some role in the whole scheme, but it's one small drop in an ocean of relevant matters and that one small drop itself is subject to interpretation and your interpretation is legitimate, but not the only legitimate one. |
