Well, the 3Par bidding war saga looks to be coming to an end as HP’s final $33 offer has been accepted and Dell has pulled out of the race.
It makes you wonder about the “efficient market” theory, doesn’t it? I mean, here is a stock that was trading around $10 and basically flatlined for about a year, only to suddenly increase by more than 300% in a period of three weeks. The market certainly wasn’t efficient at pricing 3Par shares.
Here are the latest stats on 3Par at the current near-$33 level:
Market Cap: $2B
Forward P/E: 122
Revenue (TTM) $203M
Price/Sales (TTM): 9.84
Enterprise value/EBITDA: 294
Hmmm. Not sure I’d call that a bargain.
Onto the rest of the news:
- The Atlantic coast of the U.S. is prepping for Hurricane Earl (New York Times).
- Andy Roddick is out at the U.S. Open (Wall Street Journal). But the real reason to cite this story is because of this great line: “Andy Roddick’s early exit breaks the hearts of T.V. producers dependent on repeated Brooklyn Decker reaction shots”
- 3G Capital is acquiring Burger King (Wall Street Journal). Will that yield downloadable mobile burgers?
- Bernanke admits he “wasn’t straightforward” on Lehman (Bloomberg). According to my thesaurus, here are some synonyms for being “not straightforward”: dishonest, crafty, crooked, deceitful, evasive, fraudulent, oblique, shady, shifty, sly, surreptitious, tricky.
- Jobless claims decline (CNNMoney.com). Barely.
- Ten questions and answers on Apple TV (PCMag). Silliest uestion: Does Apple have a Twitter killer?
- In case you haven’t refinanced yet, you might want to note the current 30-year mortgage is at 4.32% which is a new all-time record since records starting being kept in 1971 (did they not have mortgages before 1971?) (Wall Street Journal).
- Most interesting financial headline of the day: “I’m selling the house and piling the proceeds into Greek government bonds.” (Telegraph)
- The verdict is in: People hate the new Digg (Mashable). Yes, I do too.