Latest From Joan
The Sirius XM annual meeting was marked by airport scanners, bag checks and bodyguards for CEO Mel Karmazin. One wonders what they were so scared about. It appears that Karmazin is fairly lacking in defensive actions he can take to ward off an "unfriendly" takeover by largest shareholder Liberty Media.
Competition over Facebook's IPO led to overpricing of the deal. Competition over Facebook's listing led to a NASDAQ opening that the Exchange couldn't handle. And, investors disproved the old adage that "There's a sucker born every minute."
In the Mother of all short squeezes, Groupon has been forced higher by its quarterly results. Remember the lockup on these shares expires on June 1 and only 5% of the stock is floating now. It has been reported that almost half of the present float was held short. No wonder the stock spurted higher when they all tried to cover at once. Meanwhile, quarter on quarter improvement at Groupon is only 10% and it still can't earn a profit on lots and lots of revenues.