Me too, as I covered at an average of around $35.
Still have the puts, which are way, way, way out of the money. But, I wouldn't be surprised to not see a deal. The management of this company is questionable, in my opinion. I will watch it, and if a deal is not announced and insiders sell after the earnings announcement, I will short it again.
As far as longs, I have really been having a difficult time. I do small and microcap techs, which is not in fashion now. I think the best short-term idea I have is SYNX. Former high flyer that really crashed. Got almost down to cash value. Has a very strong balance sheet. The company says they have turned the corner with new products and claimed they would do 25% seqeuntial revenue growth this quarter. During a conference call a month ago to announce a new CEO, they said they would have no trouble making the 25% goal. Robertson Stephens covers them and says there is potential upside to the 25% revenue growth forecast.
Another interesting micro-cap is APMC. They are profitable with about half their market cap in cash. They have a stock buyback which seems to be putting a floor on their stock price at $4.00. They were as high as $12 last year. I recently spoke to the CFO, and he was more optimistic than he had been in the last 8 months. Seem to have some promising new products.
But, if SRCM can get bought out, I don't know much about anything.
Keep in touch, I like how you think,
Archer |
