Bove of Raymond James came out with an update report on SWS late last week, with Buy - 1 maintained. He was "restricted" about making comments, and is no longer. The speculation on why he was "restricted" was that Raymond James was in on investment banking deal for SWS, and he couldn't comment for that reason. IMHO, and again this is mere speculation, I believe that the i-banking deal has been shelved due to market conditions - i.e. I conjecture this was to be a secondary offering which would have been done at higher prices.
This is good, in that we once again have the only firm on the Street commenting again. The report is glowing, mentions the NITE holdings, also values CSS at about $2/share, feels the stock is significantly undervalued at these levels.
IMHO, the Newman sales may have been pressuring the stock recently, as well as the uncertainty surrounding the stock being "restricted". Hopefully, these two issues have been resolved.
Reviewing the annual report, these are smart cookies running this company, a full service brokerage firm with a heavy interest in the world of technology. |
