Rough day, rough times ahead for Systemax

The Port Washington-based owner of online retail operation Tiger Direct hit a snag today.
Systemax’s stock lost more than 13 percent of its value, falling $2.07 to close at $13.52 a share, after a steady stream of complaints claiming the retailer failed to pay rebates it gets from manufacturers caused the Florida attorney general to launch [...]

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Too much of a good thing

Many CA shareholders in November were compensated to the tune of $289 million for all of the wanton fraud that took place within the company several years ago. Unfortunately, they just were asked to give some of that money back.
According to a post in the Wall Street Journal’s Law Blog, because of an administrative error, [...]

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What does Lufthansa get?

Forest Hills-based JetBlue’s decision to sell a 19 percent stake to the German airline stopped, if just for a day, a slide in its stock price that has been going on since the airline’s dreadful response to an ice storm last February. And the $300 million the airline just netted from Lufthansa should help things [...]

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The closer

In case you missed it, the corner-office crowd from Bank of Smithtown rang the closing bell at the Nasdaq last Thursday.
Here’s their statement, including the photo of chief executive Brad Rock and crew:
Brad Rock and Bank of Smithtown employees are pictured performing the “closing bell” ceremony at the NASDAQ Stock Market this past Thursday. [...]

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Place your bets on the Cablevision deal

Is it dead? Could the Dolans’ dream of disppearing a bit from the public’s scrutiny by taking the company private be slipping away? It might be.
Today, another major Cablevision shareholder, ClearBridge Advisors, said it will not vote in favor of the Dolans’ $36.26 per share bid, because, just as investors Mario Gabelli and T. Rowe [...]

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Why is Systemax soaring?

There’s nothing new going on regarding Port Washington-based Systemax as far as we can find today, yet the company’s stock is up nearly 9 percent to trade at $23.35 per share in afternoon trading.
Is this a pre-Cyber Monday surge for the operator of Tiger Direct, a leading online shopping site for tech and computer-related products?
If [...]

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Henry Schein joins Nasdaq-100

Local health care products behemoth Henry Schein announced to day it will tomorrow be added to the Nasdaq-100. That index, according to the Nasdaq’s Web site, is the listing of the top 100 Nasdaq-listed domestic and international non-financial securities based on market capitalization.
The Melville-based company boasts market cap of approximately $5.4 billion.
From the statement:
Henry [...]

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Enzo says patent problem is no biggie

When Enzo Biochem on Sept. 7 announced that a Connecticut judge ruled against it in a patent infringement lawsuit the company’s fell significantly, and to date the company’s stock price is a third less than what it was before announcement.
Before Enzo announced the judge sided with Applied Biosystems its stock traded around $18, but today [...]

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What’s up with Delta Financial?

Mortgage lender Delta Financial seemed OK, at least, before yesterday.
The Woodbury-based company was keeping its head while its competitors, like American Home Mortgage, were losing their footing.
Long Island Business News finance reporter Laura Theis just last week wrote a story about how the lender is staying afloat.
From her story:
For the few originators that stayed [...]

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Zacks says sell OSI stock

Zacks Equity Research thinks OSI Pharmaceuticals stock is not something to hold on to, given the trouble spawned by the company’s acquisition of Eyetech and the resulting failure of its eye-drug business.
Zacks drug industry analyst Jason Napodano places a “sell” rating on the stock because he feels the company needs to prove to investors it [...]

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Intelli-Check to investors: What gives?

Investors have shown little faith in local identification verification maker Intelli-Check recently. The company’s stock has fallen from $7.25 per share on June 4 to trade at $4.80 per share Tuesday morning.
That’s a decline of 34 percent, and the company is baffled as to why the sell-off is occurring.
On June 7, the company announced the [...]

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A bad day for vitamins

Bohemia-based NBTY, which makes all sorts of vitamins and nutritional supplements, is trading quite down today.
The company’s shares are down more than 7 percent, or $3.71 per share, to trade at $45.78 per share.
The sell off stems from an earlier NBTY announcement which says the company’s sales in May only grew by 1 percent year [...]

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Simons says it’s scientists, silly

James Simons, Long Island’s richest man, runs one of the most successful hedge funds in the country. However, the billionaire says the success of Renaissance Technology Corp. can’t be attributed to sharp financial minds. The brainpower at the hedge fund runs on a different wavelength.
Simons hires scientists, he told online magazine HedgeFund.net. According to Simons, [...]

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Swish! Dolans succeed in private plan

So much for “best and final offer.”
The big news of the day: Cablevision is going private, something it tried to do two times before.
So what worked this time? How was the Dolan family able to convince its independent directors that Cablevision’s best course for future success would be forged as a private, not public, company.
Money [...]

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Could be a rough day for AHM

American Home Mortgage was pummeled by the recent subprime lending train wreck, losing more than a third of its value on the New York Stock Exchange over the course of four months. However, the market’s been kinder to AHM for the past five days.
Yesterday, the mortgage originator posted a 44 percent drop in first quarter [...]

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Fonar mashes its shares

Our local, grandstanding maker of upright magnetic imaging resonators announced today a reverse stock split of company shares.
Effective today, 25 shares of Fonar are worth 1 share, and that move pushed the company’s stock price into the $6 realm, instead of the 30 cents range its had hovered around for some time.
Fonar made the decision [...]

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Broadridge’s first days in the public

Payroll processing president ADP spun off its brokerage business as its own public company this week.
Broadridge Services Group, which leased a new headquarters in Lake Success, started trading on the New York Stock Exchange on Monday.
So how’s it been?
Well, the company opened Monday at $19.70 per share and has fallen steadily since. Currently, the stock [...]

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Fonar’s prez sends letter to shareholders

Fonar Corp., the struggling maker of upright magnetic resonance imaging machines you stand up in — as opposed the to boring and ubiquitous lie-on-your-back scanners — asked stockholders Thursday to hang on because the company will overcome its challenges.
Raymond V. Damadian, president and founder of the company, sent a letter to shareholders outlining FONAR’s recent [...]

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DFC move changes Nasdaq rules

Delta Financial Corp.’s move from the American Stock Exchange to the Nasdaq means a lot to the Woodbury-based company. But, it turns out, the move means big changes for the Nasdaq.
Today, Delta Financial announced it will keep its DFC ticker symbol when it jumps indexes on March 21. Now, that’s only possible because the Nasdaq [...]

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DFC jumps indexes

Two days after Delta Financial Corp. posted strong fourth-quarter gains, setting it apart from an otherwise slumping mortgage industry, the Woodbury-based loan originator announced it’s jumping to another stock index.
Shares of the company will cease trading on the American Stock Exchange on March 21. Instead, the stock will trade on the Nasdaq.
Check out the [...]

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Aeroflex is sky high

News that two private equity funds offered $1 billion in cash for Aeroflex Inc. has the Plainview-based company rising fast in Monday trading.
General Atlantic LLC and Francisco Partners offered $13.50 per share for the company, a bid 23 percent higher than Friday’s closing price of $11.01 per share.
But traders on Monday have pushed the company’s [...]

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It’s a bloodbath for LI stocks

LI Biz Blog each day monitors the stock activity for all public Long Island companies. Today, the news is pretty bad for all stocks.
Only six Long Island companies are up on the day.
Bridge Bancorp is up less than a percent, defense contractor EDO Corp. is up nearly 2 percent, vending machine dollar validater Global Payment [...]

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LI stocks are up and down today

The street is being kind to a few local companies today. But only a few.
Gyrodyne Co. of America, which manages orange groves in Florida and 67 acres in the Flowerfield in St. James, is having a great day. It’s a mystery, but the company’s stock price is up $4.28 per share, more than 6 percent. [...]

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A healthy rebound

The Associated Press this morning reported on the nosedive shares of local vitamin maker NBTY took when the stock price fell more than $1 to $49.81 per share. But things have since cooled off.
The dip is surprising considering the company on Friday posted a first quarter profit nearly double than it did in the same [...]

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California fund appreciates Delta Financial

Financial blog Seeking Alpha says Mohnish Pabrai, managing partner of Irvine, Calif.-based Pabrai Investment Funds, is gobbling up shares of Delta Financial Corp., a Melville-based originator of mortgage loans.“Delta Financial is not your average subprime lender. With conservative accounting, an undervalued book value, and disciplined lending practices, Delta Financial appears to be an undervalued security,” [...]

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