晷注：VRSO
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OUR TAKE
Hot Sector Perils
Sector investing in ultra hot segments -- think now of nanotech and voice over Internet protocal (VoIP) -- has been particularly good for momentum traders. This does not mean, however, that there's no danger or that negative news is ignored.
Consider Verso Technologies (Nasdaq: VRSO), a player in the VoIP space. The 52-week range for the stock is a remarkable $0.35 to $5.22.
But one slip -- one miss of investor expectations -- can be an instant buzz kill. Last week, Verso projected fourth-quarter revenue of $15 million (plus or minus $500,000). The problem: The prior estimate was $19 million to $20 million. As a result, the stock plunged 40% (not even an Olympic champion could ski the stock's near-term chart).
In fact, the revenue short fall will mean negative EBITDA and, of course, negative earnings per share.
This is by no means to imply that Verso is a bad company. Likely, it is merely experiencing the gyrations typical of a small, growing company. The recent lengthening of its sales cycle, for example, is fairly common when a product becomes more complex.
There's little dispute that VoIP is undergoing a growth spurt, which should last for many years. But there will be ups and downs. It's unfortunate that a company like Verso is missing out on the opportunities because of problems with execution.
And certainly, there will be big winners in the small-cap sector for VoIP. But execution risk, especially for smaller operations, is a very clear threat. To play the odds, investors might place the bulk of their money on businesses and managements that have demonstrated that they know how to execute, like Nortel (NYSE: NT), Lucent (NYSE: LU), and Cisco (Nasdaq: CSCO).
Tom Taulli is the author of six books on investing, such as Investing in IPOs (Bloomberg Press), as well as a professor of finance at the USC School of Business. You can reach him at tom@taulli.com
呃文章翻诅是：
我们的作为
热的区段危险
给这页发电子邮件
格式化为打印
成为傻瓜!
Reuse/Reprint
相关链接
杂色的傻瓜作为档案
其它VoIP 优胜者
Nortel 的VoIP 金钱电话
VOIP 淘金热
讨论委员会
杂色的傻瓜作为
由 汤姆・Taulli
2004 年1月12 日
区段投资在超热的段-- 现在认为nanotech 和声音结束互联网protocal (VoIP) -- 是特别好的为动量贸易商。这不意味, 然而, 没有危险或消极新闻被忽略。
考虑 Verso 技术 (那斯达克: VRSO), 一个球员在VoIP 空间。52 星期范围为股票是一卓越$0.35 到$5.22 。
但一滑动-- 投资者期望一错过-- 能是立即蜂声杀害。上星期, 左页射出了第四季度收支$15 百万(加上或减$500,000) 。问题: 预先的估计是$19 百万到$20 百万。结果, 股票浸入了40% (不平衡奥林匹克冠军能滑雪股票的近期图) 。
实际上, 收支亏空将意味消极EBITDA 和, 当然, 消极每股盈余。
这绝不将暗示, 左页是一个坏公司。可能, 它仅仅体验旋动特点一个小, 增长的公司。最近加长它的销售循环, 例如, 是相当共同当产品变得更加复杂。
有一点争执, VoIP 接受成长喷射, 如果持续许多年。但有将是高潮和低谷。这是不幸, 一个公司象左页是缺掉在机会由于有施行的问题。
并且一定, 有将是大优胜者在小盖帽区段为VoIP 。但施行风险, 特别是为更小的操作, 是一个非常清楚威胁。演奏可能性, 投资者也许安置大多数他们的金钱在显示出的企业和管理, 他们会执行, 象 Nortel (NYSE: NT), Lucent (NYSE: LU), 和 Cisco (那斯达克: CSCO)。
汤姆・Taulli 以及财政学教授是六本书的作者在投资, 譬如投资在IPOs (Bloomberg 新闻), 在事务USC 学校。您能到达他在 tom@taulli.com。
大家有什么见解？?提。
Hot Sector Perils
Sector investing in ultra hot segments -- think now of nanotech and voice over Internet protocal (VoIP) -- has been particularly good for momentum traders. This does not mean, however, that there's no danger or that negative news is ignored.
Consider Verso Technologies (Nasdaq: VRSO), a player in the VoIP space. The 52-week range for the stock is a remarkable $0.35 to $5.22.
But one slip -- one miss of investor expectations -- can be an instant buzz kill. Last week, Verso projected fourth-quarter revenue of $15 million (plus or minus $500,000). The problem: The prior estimate was $19 million to $20 million. As a result, the stock plunged 40% (not even an Olympic champion could ski the stock's near-term chart).
In fact, the revenue short fall will mean negative EBITDA and, of course, negative earnings per share.
This is by no means to imply that Verso is a bad company. Likely, it is merely experiencing the gyrations typical of a small, growing company. The recent lengthening of its sales cycle, for example, is fairly common when a product becomes more complex.
There's little dispute that VoIP is undergoing a growth spurt, which should last for many years. But there will be ups and downs. It's unfortunate that a company like Verso is missing out on the opportunities because of problems with execution.
And certainly, there will be big winners in the small-cap sector for VoIP. But execution risk, especially for smaller operations, is a very clear threat. To play the odds, investors might place the bulk of their money on businesses and managements that have demonstrated that they know how to execute, like Nortel (NYSE: NT), Lucent (NYSE: LU), and Cisco (Nasdaq: CSCO).
Tom Taulli is the author of six books on investing, such as Investing in IPOs (Bloomberg Press), as well as a professor of finance at the USC School of Business. You can reach him at tom@taulli.com
呃文章翻诅是：
我们的作为
热的区段危险
给这页发电子邮件
格式化为打印
成为傻瓜!
Reuse/Reprint
相关链接
杂色的傻瓜作为档案
其它VoIP 优胜者
Nortel 的VoIP 金钱电话
VOIP 淘金热
讨论委员会
杂色的傻瓜作为
由 汤姆・Taulli
2004 年1月12 日
区段投资在超热的段-- 现在认为nanotech 和声音结束互联网protocal (VoIP) -- 是特别好的为动量贸易商。这不意味, 然而, 没有危险或消极新闻被忽略。
考虑 Verso 技术 (那斯达克: VRSO), 一个球员在VoIP 空间。52 星期范围为股票是一卓越$0.35 到$5.22 。
但一滑动-- 投资者期望一错过-- 能是立即蜂声杀害。上星期, 左页射出了第四季度收支$15 百万(加上或减$500,000) 。问题: 预先的估计是$19 百万到$20 百万。结果, 股票浸入了40% (不平衡奥林匹克冠军能滑雪股票的近期图) 。
实际上, 收支亏空将意味消极EBITDA 和, 当然, 消极每股盈余。
这绝不将暗示, 左页是一个坏公司。可能, 它仅仅体验旋动特点一个小, 增长的公司。最近加长它的销售循环, 例如, 是相当共同当产品变得更加复杂。
有一点争执, VoIP 接受成长喷射, 如果持续许多年。但有将是高潮和低谷。这是不幸, 一个公司象左页是缺掉在机会由于有施行的问题。
并且一定, 有将是大优胜者在小盖帽区段为VoIP 。但施行风险, 特别是为更小的操作, 是一个非常清楚威胁。演奏可能性, 投资者也许安置大多数他们的金钱在显示出的企业和管理, 他们会执行, 象 Nortel (NYSE: NT), Lucent (NYSE: LU), 和 Cisco (那斯达克: CSCO)。
汤姆・Taulli 以及财政学教授是六本书的作者在投资, 譬如投资在IPOs (Bloomberg 新闻), 在事务USC 学校。您能到达他在 tom@taulli.com。
大家有什么见解？?提。
Why do you love so ugly stock ? You might be right, but the risk is TOO high. Risk/profit is not good. In my watching list, there are many stocks with beautiful curves and charts. Give you one randomly. That is CCBL. This stock will be a star next week.
