Our world is never static, but as I write this, we are going through a particularly nasty period of upheaval.
Print publications are dying left and right. The latest examples are US News & World Report and The Christian Science Monitor, which have thrown in the towel on their print editions. Forbes magazine just merged its print and online divisions, resulting in 43 more journalists looking for work. Happy holidays.
Likewise, the tech industry is working through some wrenching change, some more than others in the difficult economy.
Take Sun Microsystems (NASDAQ: JAVA), which recently announced that it would cut its workforce by 6,000 people, or 15 to 18 percent. The company hopes its restructuring plan will save $700 million to $800 million annually. Is it enough to stay the course or does Sun need a buyer?
Friday, November 14, 2008
Sun Microsystems (JAVA) was covered in a Bloomberg Video Report today and the stock is now at $4.11, up $0.03 (0.74%) on volume of 5,387,934 shares traded. To see the video report go to http://www.marketintelligencecenter.com/VideoNews . Over the last 52 weeks the stock has ranged from a low of $3.50 to a high of $21.55. Sun Microsystems stock has been showing support around $3.31 and resistance in the $4.47 range. Technical indicators for the stock are bearish and S&P gives JAVA a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on JAVA the stock seems like it could be a candidate for a January covered call above the 4 range. [ABR-Seven Summits Strategic Investments NewsBite]