Sun Microsystems (JAVA) hit a new 52-week low of $12.32. The market has believed for some time that the server company will have a poor year with relatively flat revenue and little or no operating income.
Sun has not been part of the recover in tech stocks. Since the beginning of the year, JAVA is down almost 30%. Shares in HP (HPQ) are off a little over 7% and IBM (IBM) is up 10%.
Wall St. is unlikely to bid the price of the shares up unless the company’s board is prepared to replace management or break the company into pieces. Sun has three core business: hardware, storage, and support and professional services. In the last quarter, product revenue for the company was $2 billion and service sales were $1.26 billion.
Sun’s shares have nowhere to go, if the firm continues to be operated in its current form.
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