Wednesday, February 28, 2007

A Look at Activist Targets Following Tuesday's Sell-Off

After yesterday's dramatic sell-off we decided to put together a list of interesting activist targets that have yet to break to shareholder pressure.

Motorola, Inc. (NYSE: MOT): Carl Icahn is trying to get on the company's board of directors and wants a large stock buyback. The stock was down 3.4% yesterday and is down 0.7% this afternoon.

Flow International Corp. (Nasdaq: FLOW): Dan Loeb's Third Point LLC wants the company to be sold. The stock was down 4.8% yesterday and is up 1.2% this afternoon.

New York Times Co. (NYSE: NYT): Morgan Stanley pushed for, but failed to the get the company to end the dual class share structure. The families controlling NYT retaliated by pulling their money from Morgan brokers. The stock was down 4.06% yesterday and is down 0.3% this afternoon.

Energy Conversion Devices, Inc. (Nasdaq: ENER): Coghill Capital said the Board should consider making changes to current management and enterprise structure. The stock was down 6.9% yesterday and is down 1.4% this afternoon.
CSK Auto Corp (NYSE: CAO): Karsch Capital is pushing for an immediate sale. The stock was down 2.1% yesterday and is up +0.6% this afternoon.

Cypress Semiconductor (NYSE: CY): Chapman Capital wants a reorganization. The stock was down 4.8% yesterday and is up +0.6% this afternoon.

Electro Scientific Industries Inc. (Nasdaq: ESIO): Holders Third Avenue Management and Nierenberg Investment Management want a special one-time cash dividend. The stock was down 4.7% yesterday and is down 0.4% this afternoon.
IHOP Corp. (NYSE: IHP): Not an activist target yet, but Dan Loeb's Third Point LLC has a 7% stake in the company. The stock was down 3.5% yesterday and is up +0.9% this afternoon.


Post a Comment

<< Home