Diamonds and Dogs
NetSuite (N) is moving up to the penthouse suite. The cloud software firm is up 18% to a two and a half year high after agreeing to be acquired by Oracle (ORCL) for $109/share. Netsuite also reported earnings today beating estimates, but the scheduled conference to discuss the financial results has been canceled. One less software firm to review. With Apple earnings yesterday, Facebook's earnings today and the Netsuite buyout, tech is back in favor.
One tech company not participating in the tech rally. Infinera Corp (INFN) is down 33% not far from a 52 week low following disappointing earnings guidance. The optical transport networking equipment, software, and services company actually reported a stronger than expected quarter but dropped the bottom out of the guide, below worst case expectations from many analysts. The analyst at Needham thinks or hopes that the disappointing guidance is only temporary. Let's hope so.