Category Archive for "TMT"

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TMT in 2Q11: Debt Crisis Aftermath Leaves Value Opportunities in Growth Themes

The 2Q11 earning season was obviously eventful, with wrangling over the US debt limit a catalyst for a major rerating of the entire market.  Against this, technology, despite its unusually low relative valuation, performed in line vs. the broader index. 

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Quick Thoughts: The DoJ vs. AT&T – What Does it Mean for the Merger?

  The DoJ’s announcement that it will sue to block AT&T’s acquisition of T-Mobile USA should come as no surprise for several reasons: -Justice, under the Obama administration, has been active with a strong anti-trust agenda, having blocked NASDAQ’s proposed

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Mobile Platforms: Integrating Everything

  The days of stand-alone devices may soon be behind us, as mobile platforms integrate functionality into a seamless experience across access venues.  Consumers will access profiles, applications and content in a consistent and intuitive manner whether via smartphone, tablet,

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Quick Thoughts: Hello Moto

Google’s $12.5B acquisition of Motorola Mobility was a jolt on what would have otherwise been a typically sleepy mid-August trading Monday.  While the all-cash price tag seems hefty at first look, MMI’s balance sheet is strong with $3B in net

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Quick Thoughts: Wither Hulu?

Disney, News Corp and Comcast have put their internet streaming venture Hulu on the block for sale.  At first glance, the service, which boasts 28 million users enjoying exclusive on-line access to the current programming line-ups from 264 content partners,

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On-line Payments: Cut Up Your Credit Cards!

As the Internet economy has become an ever larger part of consumer transactions, the payments industry has slowly adapted to fill its needs.  Today, with the Internet accounting for roughly 5% of US retail transactions, and with new technology poised

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Quick Thoughts: Dot Com – The Next Generation?

The success of the recent LinkedIn and Pandora offerings, the heady multiples for cloud services stocks like Open Table and Netflix, and the rumored valuations for innovators still private, like Facebook, Groupon, Zynga and Twitter, have prompted the media to

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Mobile Devices: Flying in the Clouds – Who Will Make it Through?

It has been just 4 years since the introduction of the iPhone.  In that short time, Apple, joined in bitter competition by Google and its Android ecosystem, has laid waste to the traditional cell phone industry and with the popularity

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Cheap Tech: A Guide for Cautious Bottom Fishing

Historically, bottom fishing has not been a successful strategy for tech investors.  However, the extreme nature of the current market calls this truism into question.  Today, nearly 20% of all technology companies with market cap of more than $3B trade

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TMT in 1Q11: The Curse of Great Expectations, Launching a Model Portfolio

1Q11 was an odd quarter for large cap TMT – growth in sales and earnings were well above historical norms, while the distribution of surprises was unusually poor.  Against this, valuations remain near historic lows.  Parsing out the quarterly results,

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