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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Diamonds and Dogs

7/2/12

OpenTable Inc. (OPEN)

OpenTable had no seats available today, down 9.33% at $40.81. Shares of the online reservation company plunged after Barclays Capital analyst, Mark May, downgraded the company. May downgraded his rating on the company to "Equal Weight" from "Overweight", saying that his quarterly checks suggest the company is still seeing softer reservations growth and that its addition of new restaurants has trended below his expectations. He has a $43 price target on the company's stock. Furthermore, May stated that the slowdown may be due to cyclical or restaurant industry trends and he remains bullish on the company's long-term growth outlook and its competitive position. Open Table's shares have fallen sharply from a peak almost a year ago of $90.89.

Brightpoint Inc. (CELL)

Brightpoint was shining today, up 66.54% at $9.01. The company saw its stock jump after news was released that Ingram Micro Inc. agreed to buy Brightpoint. Brightpoint, a leading distributor of wireless devices, accepted a deal for a cash consideration of $840.0 million. The purchase price, includes Brightpoint's $190.0 million debt burden, and equates to $9 per share; a 66% premium over last Friday's price. Brightpoint has tie-ups with heavyweights such as Research in Motion, HTC Corp, and Nokia Corp. It has also been winning deals from the likes of Metro PCS Communications and Sprint Nextel Corp. The company has sales operations in 75 countries, accumulating 25,000 customers and generating $5.2 billion in revenue (up 46.0% year over year) and earnings per share of 71 cents (up 65.0%) in 2011.
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