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Sun Microsystems Continues To Tinker with its Stock

CFO Michael Lehman told Reuters, 'It doesn't mean the quarter is bad'
By Java News Desk
Article Rating:
September 18, 2007 10:30 AM EDT
Reads:
 14,547
Having just changed its ticker symbol, belatedly, to Java, Sun now wants to do a one-for-four reverse stock split to give its shares, stuck in the doldrums for years now, more heft. It would have 25% fewer shares, but each would be worth four times more, say a more presentable, peer-like 20 bucks a share. Meanwhile its results for its fiscal first quarter, ending in September, are going to be delayed until November 5 because it's wrestling in a new accounting system and wants to make sure it's working right before it posts any numbers. CFO Michael Lehman told Reuters, "It doesn't mean the quarter is bad."

Published September 18, 2007 – Reads 14,547
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Sun News Desk 09/18/07 10:46:50 AM EDT

Having just changed its ticker symbol, belatedly, to Java, Sun now wants to do a one-for-four reverse stock split to give its shares, stuck in the doldrums for years now, more heft. It would have 25% fewer shares, but each would be worth four times more, say a more presentable, peer-like 20 bucks a share. Meanwhile its results for its fiscal first quarter, ending in September, are going to be delayed until November 5 because it's wrestling in a new accounting system and wants to make sure it's working right before it posts any numbers. CFO Michael Lehman told Reuters, 'It doesn't mean the quarter is bad.'