Saturday, August 12, 2006

No Post

I will be away on vacation and will start posting again on Aug 28.

Weekend Follies Aug 12

The following stocks release information at odd-ball hours over the weekend when investors are typically not looking at their screens. Basically they are sneaking news out and hoping to call it disclosure.

This week three Nasdaq listings Tibco software (TIBY), AERT (AERT), Inter-Tel (INTL); Two NYSE (Embraer (ERJ), Keithley (KEI); and two AMEX Kodiak (KOG), Avalon (AWX)

Keithley Credibility Stretches

Keithley (NYSE:KEI) has formed a separate independent Board committee to investigate stock options. They claim that this decision is not tied to the lawsuit just filed against the company on the same matter. Strange coincidences.

Friday, August 11, 2006

Bally CEO Continues Revolving

Bally Total Fitness (NYSE: BFT) announced the resignation, effective immediately, of Paul A. Toback as Chairman, President and CEO. The Company said that Don R. Kornstein has been appointed interim Chairman, and Barry R. Elson has been appointed acting CEO. The CEO chair continues to swivel around too quickly. You cannot replace CEO’s every twelve months. I blame the Board and the selection process.

NVIDIA Volunteers?

NVIDIA Corporation (Nasdaq: NVDA) releases financial results and slips in a paragraph or two that the Audit Committee of the Board of Directors is conducting a voluntary review of the Company's stock option practices covering the time from the Company's initial public offering in 1999 through the current fiscal year.

Wednesday, August 09, 2006

Sitel Continues To Wiggle

SITEL Corporation (NYSE:SWW) issues new financial statements and attempts to provide information. But the press release is also full of legalese and obfuscation about how they have to wait on the SEC and the IRS for rulings on this and that. This gives the Board wiggle room but they do want you to drink their Cool-Aid. The press release leads with strong positive statements about recent financials and then slides in comments about how they think it’s all fixed. They do comment that they feel that the board is in the clear. Is the investor OK? The numbers that they have released are still subject to review by management and the Board. Just a little too much wiggle for my taste.

Tuesday, August 08, 2006

McAfee's Strategic Rot

McAfee Inc (NYSE:MFE) fires its own General Counsel Kent Hart Roberts as a result of options backdating. The Recorder is reporting that on May 30 the board terminated its own General Counsel. Roberts had missed many other accusations until the greed issue caught him. What is significant is that Roberts is the first McAfee executive to be fired for stock option problems. The board has quite a dilemna. Every issue that they have approved or declined would have been influenced by the General Counsel’s hand. Imagine a key general suddenly becoming and adversary. How deep is the rot.

Monday, August 07, 2006

Google Subverts XM Satellite Radio

Google (Nasdaq:GOOG) subverts XM Satellite Radio (Nasdaq:XMSR) with word ads to be placed on non music channels. Satellite Radio model supposedly was subscription driven and advertising free. Google has cash. XMSR bleeds cash. Google wants a foothold into music and entertainment delivery. Satellite Radio is the new way without legacy costs.