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Investing

MRV Communications & Source Photonics Finally Live Up To Promises (MRVC)

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By Douglas A. McIntyre Updated Published
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MRV Communications, Inc. (NASDAQ:MRVC) is finally living up to its promise.  The company is making good on its promise to spin Source Photonics, which used to be Luminent, via an IPO.  An SEC filing yesterday does not have a set amount on the shares or a price indication, but MRV shares rose some 21% yesterday.

The tech outfit has a decent underwriting group for its size.  Cowen & Co and Credit Suisse will be the lead underwriters, and co-managers are listed as Needham & Co. and Merriman Curhan Ford.

MRV Communications has a mere market cap of $261 million based on a $2.50 close yesterday.  Its 52-week trading range is $2.01 to $4.50.  If this sounds familiar it may be because this was a Jim Cramer pick for this strategy, but shares were around $4.00 back then. 

We would caution that many of these smaller deals stay small regardless of the hype.  This small outfitter of communications equipment and optical components is a very thinly followed stock and now the underwriting group may not be able to issue "unbiased coverage" until 45 days after the IPO.

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Jon C. Ogg
December 27, 2007

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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