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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

7/19/12

Ignite Restaurant Group Inc. (IRG)

Ignite Restaurant Group imploded today, crashing into the red, down 20.75% at $15.11. The company saw its shares get burned today after announcing a restatement and accounting review. Ignite Restaurant determined it necessary to correct non-cash related errors related to its accounting treatment of certain leases. The owner of restaurants such as Joe's Crab Shack, leases 100% of its properties and calculated lease rates incorrectly since its start-up in 2006. Ignite calculated lease rates without a fixed rate increase over the life of the lease, which will lead to an increase in the deferred rent liability for the company. Furthermore, this problem led to a decrease in 2nd quarter revenues; with the company estimating $119.9 million versus analysts' estimates of $120.9 million. Poor accounting principles will force Ignite to answer to many "crabby" investors.

Mellanox Technologies Ltd. (MLNX)

Mellanox Technologies investors aren't feeling melancholy today, with shares up 41.09% at $93.66. The semiconductor company saw a huge increase in its share price after it posted second-quarter results that obliterated Wall Street's estimates. The Israel-based company said earnings per share rose 267% from a year earlier to 99 cents, when analysts were expecting 74 cents. Sales soared 111% to $133.5 million, topping Wall Street's target of $128.3 million. Mellanox also guided Q3 sales estimates sharply higher. At the midpoint of its guidance, Mellanox expects current-quarter sales of $152.5 million, up 124% from Q3 2011. Analysts were modeling for sales of $105 million. Mellanox smashed its previous 52-week high by double digits and was up over 100% year-to-date (not including today's +40% bounce).
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.

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