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2018 week two +1

09:56 08-Jan-18


Lots of companies are restarting their PR machines now that the holidays have passed and slightly positive press releases from MagnaChip and Covanta are likely to get lost in a deluge of announcements from the increasingly unimportant CES show this week.  eMagin's release about demonstrations there also contained word of a new partnership with a U.S.-based chip maker to

provide supply chain development assistance for eMagin to enable prototype and mass production of OLED microdisplays.  As part of this agreement, eMagin’s partner will provide raw materials sourcing support necessary for scaling to mass production while helping the Company meet the cost requirements of high volume consumer segment original equipment manufacturers (“OEMs”).
That's interesting, but not enough to make me chase EMAN shares.  Similarly, Fitbit's first startup investment and community growth aren't enough to lift my $6 fair value guess.  I see it as similar to UDC's work with Adeisis: tentative steps towards diversification given signs of trouble in the main business.

There's also the start of a trial in Wisconsin over the now-ancient IP-theft from Sinovel.  I'm curious, but not bullish: I think the chances of a win are good, but meaningful monetary recovery poor.

We can also expect some coverage on NMRK from the analyst community starting tomorrow, as the quiet period expires.  As with Goldman's CTL upgrade to neutral, though, there's usually not much worth saying about such actions.  Given how much passive investing there is out there, the effect of sector reconstitution is something I'll spend more time looking into

One company that hasn't made a press release yet is AES Corp.  I continue to expect something soon.  Perhaps they are working up something more than a simple announcement, or maybe coordination with Siemens is simply on a European work schedule.