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Resonant schedules 4Q17 report and more ?3

Resonant has scheduled the report on its fourth quarter to take place after the bell on February 27th.  A total of 3 analysts now cover the company and on average they expect a loss of 23 cents per share from $267K in revenue, with that figure rising to $430K in the current quarter.

I continue to think there is at least one more capital raise ahead for Resonant, but the longer management can put it off, the happier I'll be.  I'd hope to see it done without warrants or similar contracts next time.  If management could arrange debt at a reasonable rate instead of dilution I would be overjoyed, but that may be asking too much.  Even without such measures, though, my sense is that Resonant is a good long-term GRoDT buy below $5.

I'll close with some pre-earnings notes on events we'll see this abbreviated week.  First comes Garmin earnings, on Wednesday morning.  I probably won't report on the event separately, but I will be looking in order to be ready with context for Fitbit.  Fossil already reported growth, but its market share is small.  Overall wearable growth has been expected and should continue.  Garmin will be a more important data point, about which subscribers can always ask in advance of the Fitbit report the following week.  The uncertainty and high shorted float (over 20%) make me completely happy to have gotten to the sidelines a couple months and dollars ago.  The small recovery in FIT shares in recent days just looks like covering to me.

One market that has stopped growing, some say for good, is smart phones.  Again, my opinion is that this is a pause of a year or so ahead of foldable phones.  Samsung's adjustments for Apple's flawed entry into AMOLED models does indicate that we're headed into an era of more price sensitivity, but I think that the market's reaction is either overdone, or simply belated recognition of OLED shares being overpriced.

Finally, Covanta confirmed the closing of GIG's stake in Dublin, as expected.  Recent CVA weakness was a little surprising, but the speed and strength of the recovery in advance of this important first post-JV report shows that the market understands how transformational the larger deal is.  Although the current attitude and poor decision making in the Covanta's legacy U.S. market is a minor concern, I see waste processing as a business that can only grow globally, and the relative efficiencies of recycling metals in the process are entirely compelling.  It will take time, but Covanta should now have capital and development experience from Macquarie to fully take advantage.