Posts for Ticker ‘FLEX’

Soros Fund Holdings

Yesterday Soros Fund Management Filed a 13-F outlining the fund’s long portfolio as of September 30th, 2009.  The total value of the holdings reported in the filing is $6,198,089.  Twenty holdings represented roughly 50% of the value.  Soros Fund Management is a hedge fund management company that invests primarily based on macroeconomic analysis.  It should be noted that the fund’s equity portfolio likely contains significant short positions, which are not reported in 13-F filings.  Some of the positions in the filing may be in place as hedges or part of a multi-part trade, rather than a directional bet.  With that in mind, a glance at this firm’s major holdings provides clues to its macroeconomic outlook.  

Total stakes in Petroleo Brasileo Brasileiro (NYSE: PBR) represent 9.23% of the value of the positions reported in the filing, with just over 13 million shares held.  This is down from by 2.3 million from the fund’s last filing. Read More »

Posted on: November 17, 2009 – 10:52 am in Uncategorized, , , , , , , , , , , , , , , , , , , , ,

Top Day Trader Alerts (AEZS, KERX, AGCO, ACAS, CTIC, C, FLEX, CLS, SANM, JBL, OMTR, ADBE)

Money Stack ImageThese are this Wednesday morning’s top pre-market day trader alert and active trader alert stocks moving on unusual trading volume.  We have a link through to more color and analysis on price and volume over at VSInvestor.com on each stock:

AEterna Zentaris Inc. (NASDAQ: AEZS) and Keryx Biopharmaceuticals, Inc. (Nasdaq: KERX) are both ramping higher an FDA orphan-drug designation news.

Agco Corp. (AGCO) is trading lower by 7% on lower guidance.

American Capital Ltd. (NASDAQ: ACAS) is surging almost 20% after Corning Incorporated (NYSE: GLW) paid $400 million in cash for shares of another portfolio company.

Cell Therapeutics, Inc. (NASDAQ: CTIC) is up 5% on very active volume on more pixantrone for non-Hodgkin’s lymphoma news, but this is on positive data.

Citigroup, Inc. (NYSE: C) is up again on strong volume… we have color on prior day’s price levels here for inference.

Flextronics International Ltd. (NASDAQ: FLEX) is surging by almost 9% this morning after a Jim Cramer tout last night.. we are watching EMS rivals like Celestica Inc. (NYSE: CLS), Sanmina-SCI Corp. (NASDAQ: SANM) and Jabil Circuit Inc. (NYSE: JBL) on this.

Omniture, Inc. (NASDAQ: OMTR) is the biggest volume stock in the pre-market at NASDAQ after getting acquired by Adobe Systems, Inc. (NASDAQ: ADBE).

You can join our open email distribution list which goes out several times per week for top analyst upgrades and downgrades, top day trader alerts, IPO’s, key secondary offerings, guru investor data on Buffett and others, mergers, and more.

JON C. OGG
SEPTEMBER 16, 2009

Posted on: September 16, 2009 – 9:15 am in After-Hours Activity, Pre-Market Activity, Trading Alert, , , , , , , , , , , ,

Nortel Finally Free of CEO (NRTLQ, FLEX)

Nortel Networks Corp. (NRTLQ) is just about done.  This morning came the final announcement which we have been expecting for longer than imaginable.  We named CEO Mike Zafirovski as one of our Top CEOs To Go for 2009, but that was back when there was at least some value left in the company.  We started hearing rumors last week that Zafirovski was on the way out, and this morning it was confirmed.

The statement was simple: “Nortel Board of Directors and President & CEO Mike Zafirovski conclude company has reached natural transition point for reduction in the Board size and for Mike Zafirovski to step down.”

Amazingly, the unsecured creditors were even complimentary in the release. “As a substantial creditor and Nortel’s largest supplier, I appreciate his efforts,” said Mike McNamara, CEO of Flextronics (NASDAQ:FLEX), chair of Nortel’s Official Committee of Unsecured Creditors, said “…As a substantial creditor and Nortel’s largest supplier, I appreciate his efforts.”

Also effective today, the Boards of Directors of NNC and Nortel Networks Limited (NNL) will reduce from nine to three members: John A. MacNaughton, Jalynn H. Bennett and David Richardson, with Mr. Richardson serving as Chairperson. These individuals will also serve as members of NNC’s and NNL’s audit committees.

Nortel also reported its results.  But the company is in bankruptcy and there is essentially nothing left here for investors.  As for the rest, perhaps the answer is “Who cares?”… Nortel may ultimately have a fraction of the company surviving when the entire sale and divestiture process is complete.  But we still believe the name of the company is no No-Tel.

JON C. OGG
AUGUST 10, 2009

Posted on: August 10, 2009 – 12:27 pm in Management Change, Technology Companies, Telecom, ,

Surprise Short Selling Changes (DNDN, DRYS, ETFC, FLEX, GRMN, SIRI, AMTD)

After looking through the short interest changes for the end of May.  We saw unusual gains in short selling increases in Dendreon Corporation (NASDAQ: DNDN), DryShips Inc. (NASDAQ: DRYS), E*TRADE Financial Corp. (NASDAQ: ETFC), Flextronics International (NASDAQ: FLEX), Garmin Ltd. (NASDAQ: GRMN), Sirius XM Radio Inc. (NASDAQ: SIRI), and TD Ameritrade Holding (NASDAQ: AMTD). As you will see below, we included the stocks and the short interest changes:
Read More »

Posted on: June 10, 2009 – 11:02 am in Short Interest, , , , , , ,

Top 10 Analyst Upgrades & Downgrades (ANF, CE, FLEX, FCL, HD, HMIN, LNC, MRO, OSG, SON)

These are ten of the top analyst upgrades and downgrades from Wall Street we have seen early this Wednesday morning with more than two hours until the market opens for trading:

Abercrombie & Fitch (ANF) Raised to Buy at Jefferies.
Celanese (CE) Cut to Hold at Citigroup.
Flextronics (FLEX) Cuto Sell at Collins Stewart.
Foundation Coal (FCL) Cut to Hold at Jefferies.
Home Depot (HD) Raised to Buy at Citigroup.
Home Inns (HMIN) Raised to Outperform at Oppenheimer.
Lincoln National (LNC) Raised to Outperform at Wachovia.
Marathon Oil (MRO) Cut to Market Perform at Bernstein.
Overseas Shipholding (OSG) Cut to Perform at Oppenheimer.
Sonoco Products (SON) Cut to Hold at KeyBanc.

JON C. OGG

Posted on: May 13, 2009 – 6:27 am in Analyst Calls, , , , , , , , , ,

Outlining Flextronics Exposure To Nortel Bankruptcy (FLEX, NT)

Burning_money_pic_5We have already highlighted that Nortel Networks Corp. (NYSE: NT) has filed for Chapter 11 bankruptcy protection.  But the fallout from the filing continues to reverberate in the industry. For instance, Flextronics International Ltd. (NASDAQ: FLEX) is an electronics manufacturing services company ("EMS") that has exposure to Nortel.

Read More »

Posted on: January 14, 2009 – 9:36 am in Law, Technology Companies, ,

EMS Earnings War: Flextronics Vs. Celestica (FLEX, CLS)

After today’s close, we got to see earnings from two key electronics manufacturing services firms.  Flextronics International Ltd. (NASDAQ: FLEX) and Celestica Inc. (NYSE: CLS) both look cautious on the surface as the economy is slowing down, but the valuations here are signaling some astronomical and historic readings which are almost unheard of.  That is the state of the market today, so calling for any bottom just on valuation would be an amateur’s game.  Traders are at least taking some notice after the reports.

Read More »

Posted on: October 23, 2008 – 4:13 pm in Earnings, Technology Companies, ,

The Value Case For Flextronics (FLEX)

Flextronics_logoThis weekend we issued updated targets and scenarios for our favorite stocks in the under $10.00 universe, and Flextronics International Ltd. (NASDAQ: FLEX) was one of the value names that came in the screen out of the EMS universe in our screen for technology companies with low multiples in expected sales, earnings, and book value.  During the current market turmoil there are of course many caveats that would not be quite as strong. Regardless of the environment, there were some very low valuation when we screened this company.

Read More »

Posted on: September 30, 2008 – 11:24 am in Technology Companies, Value Investing,

The 52-Week Low Club 9/2/1008 (CDE)(NFX)(MDR)(INGN)(HERO)(FLEX)

Sad_clownCoeur d’Alene Mines (CDE) Bad day for commodities stocks. Drifts down to $1.62 from 52-week high of $5.18

Newfield Exploration (NFX) Crude down $6. Bad day for oil exploration stocks. Falls to $39.98 from 52-week high of $69.77.

McDermott International (MDR) Oil and gas equipment supplier. Drops to $31.14 from 52-week high of $67.14.

Read More »

Posted on: September 2, 2008 – 2:59 pm in HI/LOW, , , , , ,

Other EMS Stocks Holding Up Better Than Jabil (JBL, BHE, CLS, FLEX, PLXS, SANM)

Jabil Circuit Inc. (NYSE: JBL) is one of the big losers today as sharesa are down and out due to missed earnings and forecasts.  This is a new 52-week low.  The electonic manufacturing services company posted quarter losses of $24 million last, compared to profits of $13.9 million this quarter last year. The losses were due to restructuring and impairment charges reaching $41 million.  EPS were -$0.12 on $3.1 billion in sales, compared to $0.07 EPS a year ago. Without the one-time charges, the company would have had $0.20 EPS. Thomson Financial analysts estimated an average of $0.18 EPS on $3.05 billion in sales, although one-time charges were excluded. The company also stated that third quarter results will undershoot analyst projections.

Downgrades by Deutsche, JPMorgan, and Thomas Weisel have not softened the blow.  In mid-day trading, the stock is down by $1.77 per share, over 15%, to $9.61 compared to a high of $25.80.  This also has the other electronic manufacturing service players faring not so well today, although it interestingly enough isn’t hurting them nearly as much as Jabil took heat.  You will see with notes below:

  • Benchmark Electronics (NYSE: BHE) is also down today by over 5% to $18.49. The 52-week range is $14.90 to $27.01.
  • Celestica Inc. (NYSE: CLS) is down almost 6% today to $6.40, although only $1.00 away from its 52-week high of $7.35.
  • Flextronics International (NASDAQ: FLEX) is down by $0.45, 4%, to $9.71 today, only $0.65 from its 52 week low reached January 23. The 52-week high sits at a far $13.60.
  • Plexus Corp. (NASDAQ: PLXS) isn’t down by as much compared to the others. The stock is down only 2% today to $27.53, still very far from its 52-week low and high of $16.62 to $32.47, respectively.
  • Sanmina-SCI Corp. (NASDAQ: SANM) also down by 5% today to $1.71. The 52-week range is $1.15 to $3.88.

What is interesting about these is that Jabil has been by far the worst one of the group by far, although Sanmina-SCI has been in a turnaround that has taken longer than most should be happy with.  Many of the others have been down and out as well as an overall spending climate is probably slowing more orders.  The good news is that many are diversifying away from being pure technology outsourced manufacturers to more broad-based outsourced manufacturing companies.  The bad news is that the slowdown isn’t just limited to tech.  If Jabil’s trend is systematic rather than symptomatic, then the others in the group  might see more pressure after today.

Jon C. Ogg
March 26, 2008

Jon Ogg produces the Special Situation Investing Newsletter and can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers

Posted on: March 26, 2008 – 12:13 pm in Technology Companies, , , , , ,

Many Major Tech, Media, Telecom Hitting New 52-Week Lows

With about 20 minutes to go into the close and on one ugly day, we have the DJIA down nearly 300 points, the NASDAQ down almost 40 points, and even the S&P 500 down over 35 points.  We have been commenting about the recession for some time now and this is going from the good to the bad to the fugly.  Of course financials, REIT’s, retail, and other classic sectors had more than their fair share of 52-week lows.  But Telecom, Media, and Tech reached these critical 52-week lows and these are looking horrible. 

The markets are hostage to the ratings agencies now.  Here is what happens when you look at "VALUE INVESTING" in technology:

Alliance Data (ADS), Answers (ANSW), ATMI Inc. (ATMI), BigBand Networks (BBND), British Sky ADR’s (BSY), CA inc. (CA), CBS Corp. (CBS), Century Tel (CTL), Cincinatti Bell (CBB)…

Cisco Systems (CSCO) is a new entrant, this was surprising but those teen prices were in 2006.

Cogent (COGT), Cohu Inc. (COHU), Computer Science (CSC), Compuware (CPWR), DireTV (DTV),
Echostar (DISH).. unsure because of reorg…, Emulex (ELX), Epicor Software (EPIC), General Electric (GE), Getty Images (GYI), Gluu Mobile (GLUU), Hungarian Telecom (HTC), Internet Capital Group (ICGE), Interactive Intelligence (ININ), J2 Global (JCOM), ML Internet HOLDRs (HHH), ML Telecom HOLDRs (TTH), PlanetOut (LGBT), Liberty Media (LINTA), Loral Space (LORL), Live Nation (LYV), Sourcefire (FIRE), Flextronics (FLEX), Monster Worldwide (MNST)….

Motorola (MOT), Martha Stewart (MSO), Mattson Tech (MTSN), Network Appliance (NTAP), Orbitz Worldwide (OWW), Plantronics (PLT), Powershares Dynamic Media (PBS), Qwest Communications (Q), RCN Corp. (RCNI), RF Micro Devices (RFMD), Riverbed Tech (RVBD), Savvis (SVVS), Sprint Nextel (S), SiRF Tech (SIRF), Stamps.com (STMP), Time Warner (TWX), Trimble Navigation (TRMB), Veeco Inst. (VECO), Vishay (VSH), Voltera Semiconductor (VLTR), Xinhua Finance Media (XFML) ,

Yahoo! (YHOO) ouch.

This is almost enough to make many people cry.  The VIX is trading at 27.34 and is up 2.96 points but we aren’t even at 30 yet meaning that massive critical oversold and true panic levels haven’t yet been reached.

Jon C. Ogg
January 17, 2008

Posted on: January 17, 2008 – 3:51 pm in HI/LOW, Media, Technology Companies, Telecom, , , , , , , , , , , , , , , , , , ,

Mergers Closing For Vote (FLEX, SLR, PYX, ENR, NWRE, HPQ, AGE, WB, AV, RARE, DRI)

This week we have many mergers coming up for approval from shareholders, and many of these will no longer be trading after this week.  Here is a partial list of the more active stocks up for shareholder approval this Thursday and Friday:

Flextronics (NASDAQ:FLEX) and Solectron (NYSE:SLR)… Election Deadline 5:00 P.M. EST on Thursday, September 27, 2007.  Playtex Products Inc. (NYSE:PYX) shareholders will vote Thursday on the firm’s $2 billion acquisition by Energizer Holdings Inc. (NYSE:ENR) during a special meeting.  The acquisition of Neoware (NASDAQ:NWRE) by H-P (NYSE:HP) should be approved handily and gladly by holders on Thursday.

Friday is perhaps the last day we’ll ever see A.G.Edwards (NYSE:AGE) trade independently as Wachovia (NYSE:WB) is taking this over; shareholders expected to approve and no regulations in the way.  Avaya (NYSE:AV) special meeting is September 28 over its sale to Sierra, formed by Silver lake Partners and TPG Capital.  Rare Hospitality (NASDAQ:RARE) should also cease trading after this Friday as well as it becomes part of Darden Restaurants (NYSE:DRI).

If these have changed, it has been very recently.  There is always a chance that these will have been temporarily delayed.  We have been covering many of these for our BAIT SHOP list of merger candidates in our "Special Situation Investing Newsletter" that is available on trial.

Jon C. Ogg
September 26, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he produces the Special Situation Investing Newsletter and he does not own securities in the companies he covers.

Posted on: September 26, 2007 – 9:06 pm in Calendar, Mergers and Buy Outs, Private Equity, , , , , , , , , , ,