Sun Microsystems (JAVA) just can’t seem to get things right. Sun expects to report revenues for the second quarter of fiscal 2008 of approximately $3.60 billion, an increase of approximately 1 percent as compared with $3.57 billion for the second quarter of fiscal 2007. In other words, the business is not growing at all.

Net income for the second quarter of fiscal 2008 on a GAAP basis is expected to be in the range of $230 million to $265 million, or $0.28 to $0.32 per share on a diluted basis, as compared with net income of $133 million, or $0.15 per share, for the second quarter of fiscal 2007.

Sun also announced that it has entered into a definitive agreement to acquire MySQL AB, an open source icon and developer of one of the world’s fastest growing open source databases for approximately $1 billion in total consideration.

The stock, which is near its 52-week low, trade flat in the pre-market

Douglas A. McIntyre