Shares in internet media company blinkx plc (BLNX) have recovered somewhat from near 30p lows to a current 43p. Having consistently warned on the dangers of the valuation here since the shares were 93p in April 2013, I update in the following.
Earlier this year blinkx (BLNX) shares took one hell of a beating when my good friend Ben Edelman exposed them for engaging in business practices which were illegal. Blinkx huffed and puffed and employed bully boy lawyers but has not managed to refute Edelman’s charges which you can see him outline HERE. You would have thought it would have learned its lesson…au contraire.
Having consistently warned on the dangers of the valuation of internet media company blinkx plc (BLNX) since April 2013, I previously updated last month following a profits warning which had seen the shares fall from 65.75p to 33.25p. I now return to this stock as it delivers a new product launch announcement today, which has caused the shares to nudge higher, although only to 31.25p (last seen).
OK so I’m a contrarian and as such I am now long blinkx (BLNX). I bought three times on the day of the crash in my mad punting account. (I have this to remind myself of the pain of self-immolation in trading, so I don’t lose track of my customers.) I bought at 40p, 33p and 29p averaging out at 34.1p. Basically, this is where it sits right now. I think it is going up.
So posted some utter moron in the comments section of this website at the weekend. In fact we get a post a week in that vein. I guess Bulletin Board Morons just do not get it so let me explain once again.
I read with interest a puff piece for blinkx (BLNX) in the Money section of The Sunday Times. For the avoidance of doubt, despite receiving two lawyers’ letters from this company, I have always been a bear and remain so after last week’s dire profits alert as you can see HERE. But what makes newspapers print this shit other, perhaps, than that the journalists might get a cushy job on “the dark side” if they such enough PR cock for long enough.
I am glad to say that the steely glare of reality has alighted on a few stocks this week that should be familiar to readers of this site.
I first warned on this website on the dangers of the valuation of blinkx plc (BLNX) in April 2013 HERE and have consistently reiterated the view since – most recently in May HERE. After yesterday's profit warning, which has seen the shares fall from 65.75p to a current 33.25p, the following updates.
We faced down the bully boy lawyers from blinkx (BLNX) & threats from Bulletin Board Morons to bring you Ben Edelman at UK Investor 2014. At the time the blinkx fan club (step forward Citi– Buy target price 175p, have you guys adjusted that yet?) Bryce Eldercock at the FT, dimwit Harriet Denys at The Telegraph and Roger Lawson of ShareSoc dismissed Ben as saying nothing. You guys all so sure now?
"S. Brian Mukherjee, Ed Bridges at FTI, ultra-thick hackette Harriet Denys, Citi Group, Numis Securities, Richard Eaton of bullyboy lawyer Twobirds, Roger Lawson--we have beaten them all. We have beaten them all. S. Brian Mukherjee can you hear me? S. Brian Mukherjee, I have a message for you in the middle of the share price collapse. I have a message for you: We have been 100% vindicated on your POS stock. S. Brian Mukherjee, as they say in your language in the boxing bars around Madison Square Garden in New York: Your boys took a hell of a beating! Your boys took a hell of a beating." Yes blinkx (BLNX) has served up a disastrous profits warning.
Yesterday my colleague Gary Newman argued HERE that at 66p shares in blinkx (BLNX) were a buy. I respect Gary but disagree with him, this company is not worth £264 million. The shares remain a sell.
Blinkx (BLNX) is a company that I’ve followed for a while now and I think that it has finally found bottom. Its share price has taken a massive tumble over the past year off of the highs of 235p it hit last November to the present day level in the low 60s.
BlackRock Investment Management is one of the biggest and most respected names in fund management and it seems to be dumping blinkx (BLNX) shares at almost any price but it still has a stack more to dump. What is going on?
My piece earlier this week following results from blinkx plc (BLNX) has attracted some ‘interesting’ comments – see HERE. The shares were down meaningfully on the day and the following updates with them continuing to fall.
In the interests of balance I report to you the pre-results “buy” note on blinkx (BLNX) from its house broker Citi. It has a target price of 175p.. The shares are now 86p. However….
Internet media company blinkx plc (BLNX) has announced adjusted basic earnings per share of $cents 7.05 (4.15p at current exchange rates) for its year ended 31st March 2014, from a prior year 6.98 cents. Whilst seeing “many growth opportunities”, it announced that “we are taking steps to reallocate resources to emerging channels, including mobile and connected TV. We expect this shift to incur a marginal incremental operating cost”. The following updates with the shares currently trading more than 8% lower on the day, at 85p.
Not only has Tom Winnifrith received a death threat over his Gulf Keystone (GKP) musings, but it seems that if the nemesis of blinkx (BLNX), Ben Edelman, is also attracting attention. So which Bulletin Board Moron left the following message on Ben’s office voicemail?
ShareSoc does great work campaigning for private investors, for greater boardroom accountability and transparency. But right now with regard to blinkx (BLNX) it is ShareSoc and its deputy chairman Roger Lawson who have the questions to answer*.
When a stock is “hot” it can announce news of no import whatsoever and its shares zoom. When the “believers” start to ask about the Emperor’s new clothes in detail, when faith clashes with uncomfortable reality the reaction to such PR fluffery is negative. Blinkx (BLNX) is now in that phase as it refuses to deal with the fireworks delivered by Ben Edelman on April 5 at the UK Investor Show.
Apparently “pulse-poundings clips of the world's most extreme athletes in action, from insane skating stunts to the wildest surfing wipeouts, are now available at www.blinkx.com”. This is as per an announcement today from the internet media company and, with it the first stockmarket announcement from blinkx (BLNX) since Ben Edelman published further critical analysis of blinkx adware - see HERE, the following updates.
