JDS Uniphase - ein Tech-Turnaround?
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| Eröffnet am: | 21.03.05 14:10 | von: Anti Lemmin. | Anzahl Beiträge: | 34 |
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JDSU schreibt zwar seit Jahren leichte Verluste, hat aber immer noch 1,4 Mrd. Cash auf dem Konto. Der Buchwert liegt bei 1,07 Mrd. Dollar, die Marktkapitalisierung (1,39 Mrd. Aktien zu 1,74) liegt z. Z. bei 2,42 Mrd. Dollar. Das heißt: Hinter jeder Aktie zu 1,74 Dollar stehen schon mal 0,77 Dollar allein in Cash!
Die Aktie wurde letztes Jahr von US-Börsendiensten bei mittleren Kursen um 3,50 Dollar ge-hypt und empfohlen. Dann sprach einer der Empfehlungs-Gurus - Jim Cramer, der JDSU bis dahin in seinem kostenpflichtigen Modell-Portfolio "Action Alert Plus" hatte - Anfang 2005 eine Verkaufsempfehlung aus. Grund ist u. a. ein "convertible Bond", der kursverwässernd wirken wird. Die Meute schmiss in Scharen und in Riesenstückzahlen hin (JSDU zählt zu den meistgehandelten Nasdaq-Werten). Sieht schon nach Kapitulationstief aus (Volumen-Verdreifachung!).
Ende der 90-er Jahre erlebte der JSDU im Internet-Boom einen bemerkenswerten Aufstieg - doch dann schwanden die Hoffnungen mit dem Platzen der Dotcom-Blase. Nun aber öffnen sich, wie CEO Kennedy meint (siehe unten, fett), neue Märkte: Hoher Bedarf an Glasfasertechnik entsteht in den USA u. a. durch kommerzielle Breitband-TV-Dienste wie Comcast (jene Kabelfirma, die letztes Jahr vergeblich für Disney geboten hatte).
Als zweite "Anlage" eine Empfehlung zum Kauf bei 1,97 Dollar. Das darin genannte Stopp-Loss wurde gerade unterschritten. Schön für Späteinsteiger...
Charttechnisch könnte sich bei 1,75 Dollar ein langfristiger Doppelboden mit dem bisherigen Tief vom Oktober 2002 herausbilden (siehe Chart).
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JDS Uniphase CEO: Markets It Serves Are 'Healing' (JDSU)
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03-09-05 12:16 PM EST
NEW YORK (Dow Jones)--The markets that JDS Uniphase Corp. (JDSU) serves are "healing," Chief Executive Kevin Kennedy said.
A bulk of the company's business comes from providing equipment for telecom, data communications and cable television networks, a segment he believes is recovering. One the consumer and commercial product side, there is more growth coming from the transition to high-definition television and broadband Internet access, Kennedy told investors at a Wednesday conference hosted by Deutsche Bank.
To reach profitability, JDS Uniphase will have to invest in new products, he said. The company is also working to improve efficiencies as it centralizes operations and lowers spending.
JDS Uniphase is also looking to boost revenue and margins on the consumer and commercial product lines, which will also require investments.
The decline in the average selling price for telecommunications equipment has been "less egregious," while "tension" remains in the data communications segment.
It's unclear how the consolidation in telecommunications service providers will affect JDS Uniphase. The mergers will likely bring greater profitability to the companies, making them more willing to spend on new equipment, Kennedy said. But in the near term, spending may drop as companies sort out operations and integrate after the deals close. In the long term, Kennedy sees it as a positive for capital investments.
JDS Uniphase recently traded at $2.01, up 1 cent, or 0.9%, on volume of 24.2 million shares. Average daily volume is 44 million shares.
- By Roger Cheng, Dow Jones Newswires
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JRC: Aktie im Fokus - JDS Uniphase
15.02.2005 (16:12)
US-Kürzel: JDSU
Börse: Nasdaq
WKN: 890488
Kurs: 1,97 $
Eine interessante Tradingmöglichkeit für spekulativ orientierte Trader bieten aktuell die Aktien des weltgrößten Herstellers von Glasfaserkomponenten - JDS Uniphase (US-Kürzel: JDSU). Die Aktie geriet in den letzten Wochen ordentlich unter Druck - der Aktienkurs gab seit Anfang Januar um knapp 50 % nach. Die Quartalszahlen Ende Januar und vor Allem der Ausblick des Unternehmens lagen unter den Analystenerwartungen. Dennoch bietet sich auf aktuellem Niveau risikobewussten Tradern die Möglichkeit, an einer Gegenbewegung des Aktienkurses zu partizipieren (spekulativ! - nur kleine Position...). Im Tageschart ist eine potentielle Umkehrformation zu erkennen. Der RSI-Indikator zeigt eine deutlich "überverkaufte" Marktsituation. Zudem steht der MACD-Trendfolgeindikator kurz davor ein Kaufsignal zu generieren. Wir empfehlen risikobewussten Tradern die Aktie auf aktuellem Niveau zum Kauf mit einem engen Stopp bei 1,77 $. Erstes Kursziel liegt bei 2,40 $ (Gap-Closing - siehe Chart).
Quelle: JRC Capital Management Consultancy & Research GmbH
Angehängte Grafik:
big.gif (verkleinert auf 88%)
big.gif (verkleinert auf 88%)
Hab mich für Lucent entschieden. Lucent erzielt im Gegensatz zu JDSU Gewinne (KGV: 13) und wird im Konkurrenzkampf mit Nortel, JDSU, und Ciena am ehesten von allen überleben.
Vor allem gilt Lucent als Übernahme-Kandidat: Mögliche Käufer sind Cisco oder Alcatel. Dabei dürften mindestens 3,50 bis 4 Dollar pro Lucent-Aktie bezahlt werden. Lucent erreichte gestern bei 2,50 Dollar ein 52-Wochen-Tief (KK: 2,53 Dollar).
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FORBES
Lucent Seen As Attractive Buyout Prospect
03.28.05, 4:05 PM ET
Prudential Equity Group downgraded Lucent Technologies (nyse: LU - news - people ) to "neutral weight" from "overweight" and said it expects sluggish growth in the wake of several major telecom mergers. "We continue to expect Lucent to deliver 2005 sales growth near the mid-single digit range, in line with carrier capital expenditures growth, but believe the cyclical recovery for the group has been completed and spending may slow as carriers consolidate," said Prudential. "Some of the carrier M&A deals won't close in 2005, but we may still see capital expenditures slow ahead of these closings."
The research firm also lowered its price target to $3.50 from $4 and trimmed its 2005 earnings-per-share estimate to 17 cent from 19 cents. The research firm said that while a possible buyout of Lucent would attract a price of more than $4 per share, the timing of such an event is hard to predict. "We have looked at several possible combinations involving Lucent, including partnerships with Alcatel (nyse: ALA - news - people ), Nortel (nyse: NT - news - people ) and Cisco (nasdaq: CSCO - news - people ). While each combination would have its own benefits and obstacles, we think Lucent would be an attractive partner for each of these companies based on its established market position, technology portfolio and geographic exposure," it said. "We are leaving the door open to consolidation acting as a positive catalyst to the stock as we would not be surprised to see Lucent acquired for $3.50 to $4.00 or more, but it is difficult to predict when consolidation may take place."
Der Tech-Sektor ist momentan größtenteils ziemlich angeschlagen. Schon verblüffend, wie dagegen bestimmte deutsche Nebenwerte aus dem M- und S-Dax zielstrebig nach Norden laufen .....und laufen .....und laufen! (Warum: Gewinne sprudeln)
MfG bauwi
Optionen
| Boardmail an "bauwi" |
Wertpapier: JDS UNIPHASE CORP |
MfG bauwi
Optionen
| Boardmail an "bauwi" |
Wertpapier: JDS UNIPHASE CORP |
For the current quarter, JDS expects sales of $165 million. Analysts' consensus estimates had called for a top-line total of $168 million, according to Reuters Research.
The optical parts maker has been squeezed by the collapse of the telecom network construction business over the past five years. Last week, the company said it would fire 700 people and shut down several North American production facilities.
trading after the company said late Monday it will buy privately held Acterna
Inc. for $760 million.
In acquiring Acterna, a fast-growing developer of products used to test and
manage optical networking gear, JDS has sent the signal that its cost-cutting
phase is largely over and that the company is now focused on increasing sales,
analysts say.
A onetime high-flyer during the late 1990s Internet boom, JDS has struggled in
recent years to cut debt and curb costs amid a drastic decline in revenue. Sales
plunged to $636 million in fiscal 2004 from $3.2 billion in fiscal 2001 in the
wake of an industry glut.
While Acterna never reached the dizzying heights of JDS, its post-bubble plunge
was just as painful. The company lost its Nasdaq listing in early 2003, filed
for bankruptcy protection in May of that year and emerged five months later as a
privately held business.
In the past year and a half, the Germantown, Md., company has experienced a
resurgence of sorts. The company makes test equipment for large communications
providers and cable TV network vendors. In the 12 months ending in March 2005,
Acterna had $440 million in sales with gross margins above 50%, based on
preliminary figures.
JDS said the acquired assets will immediately add to earnings once the deal is
completed, most likely by the end of September. Under the agreement, JDS will
pay $450 million in cash and $310 million in stock.
On Tuesday, JDS stock climbed 9 cents to $1.64 The brokerage firm Needham & Co.
upgraded JDS to a buy from hold, saying "there remains much work to do and there
could be bumps in the road, but we think the stock has turned the corner."
JDS, based in San Jose, Calif., said the deal will also accelerate its goal of
becoming profitable. The combined companies would have annual sales exceeding $1
billion.
In the quarter ended March 31, JDS reported a loss of $38.6 million on $166.3
million in sales. Revenue has hovered below $200 million for 10 straight
quarters.
Last month, JDS said it would close two U.S. manufacturing plants, ship those
operations to China and cut more than 700 jobs to reduce expenses.
26.5.05
Can JDS Uniphase Buy Black Ink?
By Olga Kharif
Losses have been the norm at the optical components outfit -- a situation that a spate of recent acquisitions will do a lot to improve
One of techdom's high fliers during the dot-com days of the late 90s, JDS Uniphase has spent the past several years searching mightily for greener pastures. Revenues in its bread-and-butter optical components business have dropped 80% since 2001, as the telecommunications industry confronted overcapacity.
So JDS (JDSU) is diversifying at the speed of light. On May 24, it acquired, for $760 million in cash and stock, an outfit called Acterna, which manufactures gear used in testing communications networks. That purchase comes on the heels of its Apr. 29 acquisition of Lightwave Electronics, which makes lasers for use in biotech and semiconductor fabrication. And last August, with a smaller acquisition, JDS expanded its presence in components for HDTVs.
JDS has dabbled in all of these product areas before. But all three combos expand its product portfolio and customer base.
WELCOME ADDITIONS. These purchases -- and with more likely to come in the next 12 months -- promise to change the company's image from that of an optical components company to a jack of all trades. Which is a good thing, most analysts believe. "Their current markets are just dead in the water," says Susan Eustis, president of consultancy WinterGreen Research. "So they need to look for something else."
Essentially, JDS is emulating its rival Agilent (A), which, despite declining sales, has been posting profits by diversifying its product mix. Agilent now makes everything from semiconductors to optical components to testing equipment. If one aspect of the business has faltered, its other product lines have been there to keep Agilent afloat.
JDS could sure use that kind of buoyancy. It posted losses of $38.6 million on $166.3 million in revenues in the third quarter of 2005, which ended on Mar. 31 -- way more than the $7.3 million it lost on $161.4 million in sales in the year-ago period. It's also burning through $21.6 million in cash a quarter.
BIG BOOST. The purchase of highly profitable Acterna alone should lift gross margins from the high teens into 35%-or-so range, figures Ari Bensinger, an analyst with rating service Standard & Poor's. Perhaps more important, it could significantly hasten JDS's long-awaited return to profitability. Before the Acterna deal, most who follow the stock figured JDS couldn't scramble back into the black until well into next fiscal year. Now, profitability by the end of calendar 2005 is looking like a real possibility.
The acquisition could also buoy JDS's slumping shares. Acterna lifts the combined outfit's annual sales to more than $1 billion -- music to Wall Street's ears. While Acterna is No. 2 to Agilent in the $2.64 billion global communications test and measurement field, the overall market should grow 11% this year, according to WinterGreen. No wonder JDS stock rallied, rising 6% on May 24, to $1.64.
That said, it's crucial that JDS treat acquisitions like Acterna as diversification, not as part of a cosmetic makeover. Many trace JDS's woes to poor performance, rather than market conditions. The overall optical components market grew nearly 20% last year, and it is projected to grow 10% in 2005, according to telecom consultancy RHK.
SHRUNKEN MARGINS. Even in such a fast-growing market, JDS's sales declined 6% in 2004. And its market share in optical components fell from nearly 30% in 2001 to 14% today. RHK analyst Daryl Inniss says it has been unable to compete effectively in the high-growth segments of its market.
Moreover, after years under water and supposedly cutting costs, margins have fallen from slightly more than 20% to the high teens over the past year. "They could have done more progress with their cost-cutting," says Bensinger, of S&P.
JDS is just now getting around to drastic restructuring measures. It recently announced another 1,350 layoffs -- although the total workforce, currently 5,600 people, could actually grow as Acterna's 1,770 employees are added. It's still in the process of divesting and selling its North American facilities as it moves its manufacturing to lower-cost China. Integrating acquisitions while undergoing a massive restructuring can be both tricky and risky.
FINGERS CROSSED. Those who know its history realize that the JDS of today is really an amalgam of a dozen acquisitions over the years. "We have a very strong integration team and very strong integration processes, which we have already been using," says Enzo Signore, the outfit's director of corporate marketing. And even after its latest acquisition, JDS believes it will have a cushion of about $900 million in cash and equivalents.
Perhaps JDS will continue to find growth in acquisitions. But right now, it doesn't have much choice but to hope that the strategy works.
The Street.com
Happy Couple
A fistful of cash can make even JDS Uniphase (JDSU:Nasdaq) look OK.
Optical component maker JDS this week agreed to pay $760 million in cash and stock for Acterna, a closely held network-testing outfit. JDS didn't hide its motives, saying the deal would "accelerate JDS Uniphase's path to profitability" and be "immediately financially accretive."
Of course, adding to JDS' sorry financials shouldn't be hard. For its latest year ended last June 30, San Jose, Calif.-based JDS lost $118 million, while sales declined to $635 million from $675 million a year earlier. For the most recent quarter, the news didn't get much better, as JDS posted a $38 million loss.
So what's in it for profitable and growth-minded Acterna? Well, joining up with JDS (headed by CEO Kevin Kennedy, at right) will bring Acterna a list of complementary customers, says a spokesman.
But don't forget JDS' healthy bank balance, listed by Yahoo! Finance at $1.38 billion as of last quarter. That's a nice chunk of cash. Recall too that Acterna emerged last year from bankruptcy after a telecom bubble-induced trip through Chapter 11.
Indeed, an Acterna spokesman, Jim Monroe, cites "access to capital" as one incentive for the Germantown, Md., company to make the deal. He says the deal will help Acterna to "make investments in new growth opportunities and expand our business."
Sounds like a perfect match.
JDSU bleiben nach der Übernahme noch immer über 900 Mill. Dollar in Cash (vorher: 1,38 Mrd.), so dass noch Kapital für weitere strategische Aquisitionen bleibt. Auf der anderen Seite verkauft JDSU nicht-profitable US-Geschäftsbereiche (2. Artikel) und verlegt die Produktion ins billigere China.
Daher ist ziemlich wahrscheinlich, dass JDSU noch bis Ende diesen Jahres wieder schwarze Zahlen schreibt. Dann sehe ich die Aktie bei mindestens 3,50 Dollar (Verdoppelung).
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Markt&Technik - Business
27.05.05
von Andreas Knoll
JDS Uniphase kauft Acterna
Für 760 Mio. US-Dollar, davon 450 Mio. in bar und 310 Mio. in Stammaktien, erwirbt der Kommunikationskomponenten-Hersteller JDS Uniphase den Netzwerkmesstechnik-Anbieter Acterna.
Durch die Übernahme ergänzt JDS Uniphase sein Angebot an aktiven und passiven Komponenten für drahtgebundene und optische Netze um Acternas Messgeräte und -systeme. Spätestens am 30. September soll Acterna als »Communications T&M Product Group« vollständig in JDS Uniphase eingegliedert sein. Geleitet wird der neue JDS-Uniphase-Geschäftsbereich von John Peeler, bisher President und CEO von Acterna.
JDS Uniphase erzielte im Bilanzjahr 2003/2004 (1. Juli bis 30. Juni) einen Nettoumsatz von 635,9 Millionen US-Dollar und verbuchte dabei einen Nettoverlust von 118,1 Millionen. Die nicht börsennotierte Acterna Inc. schrieb dagegen im Geschäftsjahr 2004 (1. April bis 31. März) mit einem Umsatz von über 440 Millionen Dollar schwarze Zahlen. Nicht von ungefähr erwartet das Management von JDS Uniphase, durch den Kauf von Acterna schneller wieder die Gewinnzone zu erreichen, als dies sonst möglich wäre.
Acterna ging im Jahr 2000 aus dem Zusammenschluss der Firmen TTC und Wavetek Wandel Goltermann (WWG) hervor und überstand 2003 ein Entschuldungsverfahren nach Chapter 11 des US-Insolvenzgesetzes.
WWG war 1998 aus der Fusion des traditionsreichen Messtechnik-Herstellers Wandel & Goltermann mit Wavetek entstanden.
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Yahoo Finance
Emcore Buys JDS Uniphase's CATV Business
Tuesday May 31, 8:57 am ET
Emcore Acquires Analog Cable TV Operations From JDS Uniphase for $1.5 Million Plus Orders
SOMERSET, N.J. (AP) -- Emcore Corp., a provider of compound semiconductor-based parts for the broadband, fiber optic, satellite and wireless communications markets, said Tuesday it acquired the analog cable TV and radio frequency-over-fiber specialty businesses from JDS Uniphase Corp.
Emcore paid JDS Uniphase $1.5 million at closing and agreed to purchase between $2.8 million and $3.8 million of components and parts over the next two years. Emcore will also assume some open purchase orders for inventory components, and will pay JDS Uniphase a royalty on licensed intellectual property.
The company said assets of the CATV business had revenue of about $20 million over the prior four quarters, and the transaction is expected to boost Emcore's 2006 revenue by $10 million to $15 million.
As part of the deal, Emcore and JDS Uniphase also entered into a bilateral "preferred supplier" commercial agreement, under which the companies will supply various optical components to each other.
The acquired businesses will be integrated into Emcore's fiber optic operating segment, and a team will be hired from JDS Uniphase. Emcore plans to establish a small design center in northern Pennsylvania shortly, near several major CATV product customers.
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26.05.2005 16:57
JDS Uniphase Upgrade (Smith Barney Citigroup)
Rating-Update:
Die Analysten von Smith Barney Citigroup nehmen für die Aktie von JDS Uniphase (Nachrichten) (ISIN US46612J1016/ WKN 890488) ein Upgrade von "sell" auf "hold" vor.
allerdings Report offenbar verzögert
Sep 16, 2005 (Wall Street Horizon via COMTEX) -- Earnings Quarter: Q4
Next Earnings Date: 10/27/2005
JDS Proposes Reverse Stock Split
Friday September 23, 9:06 am ET
JDS Proposes Reverse Stock Split to Shareholders; Shares Rise in Premarket Trading
SAN JOSE (AP) -- Fiber-optic parts maker JDS Uniphase Corp. said Friday it will seek shareholder approval of a proposed reverse stock split ranging from one-for-eight to one-for-10 at its annual meeting in December.
JDS said the proposed split would lower the number of authorized shares of common stock from 6 billion to 1 billion, and affect outstanding shares of the company's common stock, and outstanding exchangeable shares of subsidiary JDS Uniphase Inc.
JDS's annual meeting is scheduled for Dec. 1. If shareholders approve the reverse stock split, the board of directors will have discretion over the timing and ratio of the split, which may happen at any time before Dec. 1 next year, JDS said.
JDSU shares were up 3 cents, or 1.9 percent, to $1.79 in premarket trading.
Optionen
| Boardmail an "joker67" |
Wertpapier: JDS UNIPHASE CORP |
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Scott Moritz
JDSU Reversing Course
By Scott Moritz
Senior Writer
9/23/2005 11:49 AM EDT
JDSU (JDSU:Nasdaq) is looking for a reversal of fortune.
The long-struggling tech company has asked shareholders to approve a reverse stock split that would finally lift its stagnant shares out of the doldrums.
With JDSU shares stuck below $2 for most of this year, the company says it needs to consolidate the share base to move into a price range more attractive to institutions. Many big mutual funds and other investors are prohibited from buying so-called penny stocks, those that trade for a dollar or two.
The move comes as JDSU has made a flurry of moves aimed at revitalizing its business and its image. Just this month it has dropped the JDS Uniphase name and acquired tunable laser maker Agility.
The optical networking parts maker has 1.6 billion shares outstanding and traded recently at $1.82. If shareholders approve the plan, which calls for a 1-for-8 or 1-for-10 reverse split, the company could reduce its share count to about 160 million, presumably bumping the share price into the midteens. JDSU hasn't traded there since the tech bubble popped several years ago. The stock fetched as much as $124.48 back in August 2000.
JDSU is one of several tech shops that issued shares by the wheelbarrowful in acquisitions and did a number of stock splits during the Internet building boom, back when the sky was the limit for telecom stocks. But the industry's fortunes collapsed in 2000 as big network spenders closed their wallets. As a result, JDSU is among a roster of big tech shops that finds itself saddled with an enormous share count and a low stock price.