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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

5/23/13

Cirrus Logic Inc. (CRUS)

Cirrus Logic is making investors question their logic for purchasing the company, with shares down 19.44% at $17.78. The semiconductor (for audio purposes) saw their shares get crushed after Cirrus held an investors conference. At the Barclays tech conference, Cirrus Logic CEO Jason Rhode gave a presentation that warned of margin pressures. The company also notes that the smartphone market that comprises its core business is maturing and remains very competitive. The increased competitive nature of the smartphone market has led management to believe that margins will drop into the "mid-40's." Shares of Cirrus Logic traded down near their 52-week low of $17.33.

Rue21 Inc. (RUE)

Rue21 is exploding today, up 23.01% at $41.97. The apparel retailer saw its shares spike on news that the company has accepted an offer for a buyout. Apax Partners wanted to take Rue21 private and offered the company nearly $1 billion. Apax will pay $42 per share, a 23 percent premium to Rue21's Wednesday closing price of $34.12. Rue21's board of directors approved the transaction based on unanimous recommendation by a special committee. The deal will be reviewed prior to settling and Rue21 will have time to search for better offers. Rue21 traded to a new 52-week high of $41.98 intraday.
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.