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Resonant win, Ebix update & Iraq +2

09:46 06-Jan-20


Resonant has announced 3 new license agreements with an existing customer for RF filters in China.  The text implies that these are relatively low-value parts:
This customer, with its own front end processing and back end packaging for SAW filters, represents the filter expertise of a cost effective vertically integrated supplier serving the domestic mobile devices market in China.
RESN had already risen back above my $2.53 minimum fair value, and I don't see this as having much further effect, but there is still much more long-term potential.  Expect more technology announcements like this, and those we've seen from Vuzix as CES runs its course this week, but most will be fundamentally unimportant and not deserving of mention.

Of even less effect is an Ebix press release that does little more than document the hiring of (un-named) domestic and legal counsel for the EbixCash IPO.  It also adjusts the plan on hiring international investment bankers to add possibly adding a second and say it will formalize the appointment(s) "soon".  I think that it's definition of soon is already impacting the stock price, since not having done so already makes it likely that the IPO will slide towards late 2020.

Brent topped $70 over the weekend as Iraq's parliament passed a non-binding vote to expel U.S. troops.  This is a first step, but the executive branch has different sympathies and will have to solidify from the current caretaker government, perhaps not until the election in April, before any actual decisions are made.  However, the real trading ramps today and tomorrow and major institutions return from holiday.  I'll be watching to see if any of this can help BGCP regain some lost momentum after a slow December.