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by   -   February 19, 2014

Megatrends are easiest to recognize in hindsight, which leads many investors to wonder how they missed out on something so big.  How many times have you thought to yourself, “I knew that business or product was going to be huge but I just didn’t do anything about it”? 


by   -   January 27, 2014

singleport_da_vinci

Mini-tender offer:

TRC Capital Corp, a private firm founded by a Canadian securities lawyer, has made a mini-tender offer to purchase 250,000 shares of Intuitive Surgical stock at a price slightly below the current market price.

Mini-tender offers, because they are offers to purchase less than 5% of the company’s securities, are not governed by the Securities Exchange Act and don’t need to comply with the disclosures that are in place for larger tender offers. Intuitive Surgical announced today that it does not endorse the offer and recommends that stockholders reject it by not tendering their shares.


by and   -   December 10, 2013

industries_kivamovementGiven all the chatter on drones and automation, we thought it would be a good time to dive deeper into the Kiva opportunity and potential impact on leverage/margins. For the sake of our analysis, we take a look at what the Kiva margin impact could be if Kiva automation were to be integrated across all of AMZN’s NA fulfillment operations. In short, we estimate that Kiva could drive fulfillment cost savings in the $450-900M range or be 60-120 bps accretive to CSOI margin in NA alone – underscoring a bigger global opportunity.


by   -   November 18, 2013

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Photo: Nasdaq

On Tuesday, a sleek robotic arm rang the closing bell of the Nasdaq stock exchange. It was the first time a robot performed the task.

The event celebrated the launch of Robo-Stox, a stock index focused on robotics, automation, and related technologies. Thanks to Robo-Stox, individuals and institutions can now easily invest in the continuing growth of the robotics industry worldwide. The index, based on an algorithm and database of robotics I helped develop, is something I’ve dreamed of and worked on for almost eight years.


by   -   November 13, 2013

robo-stox-nasdaq-screen
UPDATE 11/12/13: NASDAQ’s 10-story tall sign was all about Robo-stox LLC, ROBO the ETF, and a Universal Robot with a Schunk hand ringing the NASDAQ closing bell. Quite a spectacle. The arm/hand combo was also used to draw the company logo in a neat video.

robologo ROBO-STOX
NASDAQ:ROBO is a new ETF (exchange traded fund) launched at a price of $25. First day volume was over 225,000 shares.

The new ETF uses a specially formulated index which attempts to reflect the global robotics industry. The index is comprised of 77 companies – 38% domestic; 62% international – in the rapidly developing global robotics and automation industry, with operations in over 15 different countries around the world and listings on multiple foreign and domestic exchanges.


by   -   October 23, 2013

Throughout my 35-year career in the computer business, I always read and thought about what disruptive technology was ahead. When I had an IBM mainframe, I was looking at the DEC mini-computers and even the stand-alone word-processors to see if they could do my work without the humongous monthly lease rates and $250,000 computer room (with its special flooring, power supply and air conditioners) that I was paying for at the time.


by   -   October 23, 2013


Last year Congress passed Title III of the JOBS Act to allow smaller companies to get an exemption from the strict and costly rules controlling the sale of securities to individuals.

The SEC has developed equity crowdfunding rules in response to that law – rules that help companies raise capital but also protect investors from scams. Those rules are now out for community review and will be enacted shortly thereafter.

Kickstarter, IndieGoGo and the others can apply to qualify but there will likely be a flurry of new Internet portals just for this purpose.

Let the Wild West begin anew!


by   -   July 31, 2013

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Although the number of procedures using Hansen Medical‘s Magellan and Sensei robotic systems has risen, the number of units sold has fallen slightly and the company continues to operate in the red, hence the need for additional funding.

Hansen’s stock NASDAQ:HNSN, has traded in the $2 to $1.50 range for the last few years and lower this last month.

Oracle Investment Management, a med-tech investment management company headed by Larry N. Feinberg, did the deal and gains a seat on the Hansen board.


by   -   July 25, 2013


Stock drops 13% on news that 3Q and next quarter revenues were and will be static.

Everything else was fine.

Go figure!


by   -   April 24, 2013

irobot-stock-jumps-on-q1-news2

iRobot’s stock (ISRG:NASDAQ) jumped 15% today on yesterday’s earnings report which exceeded analysts’ expectations for both the quarterly earnings and the annual projections.


by   -   February 25, 2013

ADEP-stock-history


Rob Cain replaces John Dulchinos as CEO of Adept Technology. Cain has worked with Adept for the past few months as an advisor and representative of Hale Capital Partners and crafted a restructuring plan approved by the company and it’s financial partners.


by   -   February 21, 2013

Before I start bashing bankers, I’d like to congratulate the ExOne Company on a successful initial public offering (IPO).  I haven’t seen much about ExOne [NASDAQ:XONE] on the robotics sites, but if we’re calling Stratasys [NASDAQ:SSYS] a robotics company, we should call ExOne a robotics company.  It is wonderful to see another company in our industry succeeding and listing their stock in the public markets.  Hopefully, this will encourage more investment of both capital and entrepreneurial energy in our industry.

Last time I checked 26 is a lot more than 18.

Last time I checked 26 is a lot more than 18.

[Image Source:  Google Finance]

By the criteria of the market commentators, the ExOne IPO was a huge success.  You can Google things like “3D printing red hot.”  The IPO was priced at $18, at the top of the range $16-18, it opened around $26 before shooting up over $33.  Almost a week later it is trading roughly at its opening price.

Now this is all fine and dandy as far as it goes, unless you were an ExOne shareholder.  One shareholder sold 300,000 shares in the IPO.  This shareholder transferred a gain of $2.4M to some connections of the underwriters–great if you know the underwriters, not so great if you’ve built the company from nothing.  This shareholder is getting $5.4M, less fees and discounts–call it $5M–from the IPO, so $2.4 is not exactly a rounding error.  Presumably, this shareholder is also more inclined to build companies with the capital than whatever speculators are hovering around the IPO.  Similarly, the company lost out on $40M of capital that could be invested in projects.  Think about that!  The company is worth less than $350M and the IPO mis-pricing cost it $40M of cash.  Cash!  That is cash that could be invested to grow the company and make even more money.

I’m not familiar with the track records of FBRBB&T, and Stephens, the underwriters for the ExOne IPO, but I’d think twice or three times about hiring them if I was making an initial offering.  They seem to have not only underpriced the IPO, but also floated too much of the company–almost 40%.  Underpricing the IPO might be tolerable if the bankers had only floated 5-10% of the company.  To raise additional capital, the company could have done a secondary offering once the stock had a well established market price instead of getting ripped off during the IPO.  However, the large offering certainly did do one good thing for the bankers: it increased the underwriting fee.

It is hard to explain an IPO price that is so far below the fair market value of the company.  There are a lot reasons why bankers and even executives try to justify under pricing an IPO, but giving-up over 10% of the firm’s market value in a single transaction is really hard to justify no matter what.  Some small part of the economic gains from listing publicly could be given to financial intermediaries and incoming investors to get a deal done, but giving up more than 10% of the company is excessive.  These new shareholders have no restrictions on ownership and are quite likely to flip their shares instead of taking an active roll in growing the company, which seems to further erode any claim they might have to extraordinary gains.

If my company ever goes public, I hope I’ll have the good sense to hire Morgan Stanley–because unless an underwriter is involved in litigation for overpricing an IPO, how can you be sure they’re any good?  Heck, they even give discounts.  What’s not to like?

UPDATE:  This post is adapted from the original posted on robocosmist.com following the ExOne IPO.  At market close on March 4th, a bit less than a month after the IPO, ExOne shares were priced at $27.26–more than 51% over the IPO price and very close to the opening price.





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