Archive for June 2nd, 2008
Posted by: in Latest News
Filed under: Deals, International Business Machines (IBM)
 NetSuite Inc. (NYSE: N), which develops web-based enterprise resource planning (ERP) software, is making its first acquisition as a public company. That’s, the firm is shelling out $26 million for OpenAir.
Founded in 1999, the company develops software that helps services companies to manage projects. Of course, the company uses an on-demand model and has some top-notch partners, such as IBM (NYSE: IBM).
Let’s face it, there’s much room for efficiency in the services sector. What’s more, it’s a huge market opportunity.
Interestingly enough, NetSuite will invest in the OpenAir software offering for at least the next ten years. No doubt, this will alleviate some of the potential fears of customers.
Although, the acquisition will weigh on future results. NetSuite has increased its 2008 loss estimate from $0.04 per share to $0.04-0.06 per share.
So far in today’s trading, NetSuite’s shares are down 3% to $22.05.
Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements . He also operates MergerBook.com.
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Posted by: in Business News
Filed under: Business, Internet, Features
 World wide web Service Providers are coming at high bandwidth users from all directions, but mostly poorly. Dave Winer once again is at the forefront with his Comcast controversy where the ISP threatened to cut off his service for using “too much” bandwidth but wouldn’t tell him how much “too much” was. You can hear the DLS podcast here. Comcast is sending out threatening letters labeling customers as abusers, without telling them how much their download or upload caps really are.
The bottom line for Comcast appears to be: you’re using too much. We’re just not going to tell you how much is too much, because we’re the ISP.
It’s not just Comcast, either, back in 2002, CNet wrote that ISPs are considering new pricing plans that would adversely affect file-swapping. Bell Canada customers suffered through a 10Gb cap but complained that the monitoring software wasn’t BC’s responsibility.
World wide web bandwidth usage is growing, some state wildly, for US businesses. Most companies buy broadband with speeds much higher than their workers have at home and with an inexpensive Flash key, a worker can download movies or songs and transfer them to their pockets with tiny trace, except for that pesky bandwidth usage.
ISPs are accused of bandwidth throttling, or traffic shaping, to slow down people using P2P software file sharing. Bell Canada calls it “downgrading the internet services of bandwidth hogs,” and this month the Canadian Association of Internet Providers has asked the Canadian federal regulators to prohibit BC’s throttling of Web traffic on their network.
The implications for small business? Last month, Bell informed smaller World wide web Service Providers that it was bringing in traffic-shaping policies on the network space it sells to them, effectively downgrading the services these smaller companies are able to provide to their customers. How about US businesses? What sort of bandwidth regulation might they be looking toward?
Continue reading Bandwidth Throttling and Small Business
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Posted by: in Latest News
Filed under: Major movement, Deals, Rumors
Bloomberg News reports that Harris Corp. (NYSE: HRS) denied rumors that it is seeking a takeover. The stock is down 16% on that announcement. However, Harris did say that it has received expressions of interest.
This shows how treacherous it can be to invest in takeover rumors. I reported on such a rumor on May 16. Between that report and Friday, Harris stock rose 6% from $62 to $65.78. But with this morning’s denial of takeover rumors, that entire gain is lost — and more. A look at Harris’s stock chart suggests that I was late to the party.
The interesting thing about the denial is that it comes in the wake of reports that Harris had received offers that valued the company at $10 billion — or $74 a share — which is less than the $75 to $85 a share it expected. It looks like Harris could be playing a game to encourage a higher bid. I’ll keep watching.
Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in the securities mentioned.
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Posted by: in Latest News
Filed under: Before the bell, Analyst reports, Deals, Google (GOOG), Apple Inc (AAPL), General Electric (GE), Time Warner (TWX), General Motors (GM), Walt Disney (DIS), Anheuser-Busch Cos (BUD), Ideal Purchase (BBY), Wachovia Corp (WB)
 Before the bell: Futures retreat ahead of data
It has just been announced that Wachovia (NYSE: WB)’s board asked CEO Ken Thompson to retire. With mounting losses at banks and other financial institutions, such moves have actually been more rare than they probably should be.
General Electric Co. (NYSE: GE) stated Monday it finished a definitive agreement to exchange European banking assets with Banco Santander SA where GE Commercial Finance will acquire Banco Santander’s Italian commercial bank Interbanca. Santander will take over some GE Money’s businesses Europe. Each company is receiving operations that are valued at about 1 billion euros ($1.56 billion).
Also, there was a large fire at GE’s Universal Studios in LA which destroyed several buildings.
In deal news, seems that InBev is one step closer to acquiring Anheuser-Bush Cos Inc. (NYSE: BUD) as the former is close to securing a $50 billion financing package to enable it to launch the takeover bid for the latter, according to the Sunday Telegraph. The paper said InBev had held talks with several banks about a financing package. The was no official confirmation of this bit of news.
General Motors (NYSE: GM) shares are up 3.5% in premarket trading after a positive article from Barron’s, which argued the stock could rise to $30 and possibly $45 once huge cost reductions impact earnings in 2010.
Ideal Buy Co. (NYSE: BBY) is testing a free e-waste recycling program that’ll help consumers dispose millions of obsolescent TVs, old personal and other unwanted gadgets in a more environmentally safe manner. Stores will collect a wide variety of unwanted and old electronic appliances and gadgets at no charge, even if wasn’t originally purchased at Best-Buy.
Time Warner (NYSE: TWX)’s Warner Bros. movie Sex and the City, the film version of the television series, had $55.7 million in ticket sales at U.S. and Canadian theaters this weekend, ousting last week’s top film, Indiana Jones and the Kingdom of the Crystal Skull from Disney (NYSE: DIS)’s Paramount.
While The Times On the internet reports that Apple (NASDAQ: AAPL)’s next-generation iPhone could be available in Britain for about £100 next month, it seems that Google (NASDAQ: GOOG) Gphone could be delayed to 2009, according to a source of TheStreet.com.
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Posted by: in Latest News
Filed under: Before the bell, Earnings reports, Deals, Toyota Motor Corp. (TM), Market matters, Genentech Inc (DNA), Economic data, ImClone Systems (IMCL), Recession
After quite a positive week, U.S. stocks indicated a lower opening Monday morning as investors heard of trouble from the biggest U.K. lender to landlords, as well as awaited data on U.S. manufacturing, expecting a contraction.
U.S. stocks completed with gains last week as oil prices dropped from highs of over $135 a barrel. On Friday, too, stocks were mostly higher with the exception of the Dow industrial, which dropped almost 8 points, or 0.06%. The S&P 500 and the Nasdaq composite finished 2 points, or 0.15%, and 14 points, or 0.57%, higher respectively.
This morning, two indicators are due for release, but investors will keep their eye mostly on one.
April construction spending will be reported at 10:00 a.m. EDT, and will likely show further decline in spending.
At the same time, the Institute for Supply Management will issue its monthly report for May. Wall Street gives much weight to the results of this indicator, which shows manufacturing activity and is thus a superior gauge for economic activity than many other indicators. Already the index is below 50, and this month is expected to decline slightly more.
Making the headline news this morning is British biggest lender to landlords, Bradford & Bingley Plc, which suffered its biggest drop in London trading after the company announced plans to sell shares at a 33% discount and said the housing market is worsening. The company had a pretax loss of 8 million pounds.
Meanwhile, oil dropped below $127 a barrel Monday on worries that soaring prices have eaten away at demand in the U.S. and other nations, and a U.S. probe into futures trading continued to weigh on the market.
In deal news, Mobile service provider China Unicom Ltd. is acquiring fixed-line China Netcom Group Corp. in a share swap valued at $56.3 billion, based on Unicom’s stock last traded price.
In other corporate news, ImClone (NASDAQ: IMCL) shares are down 2.5% in premarket trading, while Genentech (NYSE: DNA)’s are up 2.3%. Erbitux, ImClone’s drug, was found to extend life by five weeks for lung cancer patients in a study that may help its partners win regulatory approval for the new use. The results could make Erbitux the preferred therapy for half of non-small-cell lung cancer patients who can’t take Genentech’s Avastin because of side effects. Meanwhile, second phase 3 study of Avastin plus chemotherapy showed improved progression-free survival in women with advanced HER2-negative breast cancer
Toyota Motor (NYSE: TM) may cut its U.S. sales forecast due to disappointing truck sales, the Financial Times reported.
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