Sell Satyam: Target Suspended

New York London GMT Tokyo Singapore

Sell Satyam: Target Suspended

By Abdul Saleh on March 19, 2009 | More Posts By Abdul Saleh | Author's Website

With the arrest of both Satyam Computer Services Ltd.’s (SAY) ex-CEO and ex-CFO, the interim management announced that it’ll make all attempts to clean up its books and appoint a new auditor. A new Board has been formed to spearhead the task of salvaging the company, and three members have already been appointed by the Government of India itself.

A majority stake sale is currently being undertaken, and the Board of Directors announced that it will release the Request for Proposals (RFP) to all registered bidders. Previously, the Indian government announced that it would not step up to help Satyam with any financial assistance, citing the company’s current receivables of approx. $350 million.

Given the recent developments, we had earlier downgraded SAY shares to a Sell and have suspended our estimates and target price.

Check Out These Related Posts:

If you like this article please...

Subscribe by RSS Subscribe by Email

Email This Post To A Friend

Recent News:

Bay Street Stocks Slip Slightly Again - Canadian Commentary - 18 hrs ago
Stocks Close Mostly Lower Amid Disappointing Quarterly Results - U.S. Commentary - 19 hrs ago
Bay Street Stocks Linger Slightly Below Unchanged Level - Canadian Commentary - 20 hrs ago
Stocks Remain Stuck In The Red In Mid-Afternoon Trading - U.S Commentary - 21 hrs ago
European Markets Fall, Led By Banks, Oils - European Commentary - 22 hrs ago

Opinions From Our Contributors

Commodities The Dirty Little Secrets Of Warrants, Options & LEAPS Interesting Articles To Read The Forgotten Commodity - Rice Commodity Investing: ETFs Or Mutual Funds? John Paulson Launching A Gold Fund With $250M Of His Own Money Profit From The Falling Dollar With ETFs Wheat Playing Catch-Up As Commodities Rally Regulators And Commodity ETFs: Why They’re Evolving Why Gold Will Surge To A Record $2,000 In 2010 The Great Geopolitical Battle Over Energy Transit Routes Read More »	Financials Buffett Borrows For Rail Acquisition Investment Ideas: Here Are 3 Dirt Cheap Stocks Treasury To Auction TARP Warrants Dear Reader, We Cannot Criticize Goldman Sachs. Instead, We Admire It 2010 Outlook For The US Banking Industry Get Rid Of Your General Electric Shares Tufts Endowment And Risk Taking? Regional Bank ETFs: The Bad And The Good Tim Geithner And Congress Take The Gloves Off GAO Report Boosts Fortunes Of Credit Card Companies Read More »	Exchange Traded Funds What You Should Know About Precious Metals ETFs And Taxes Main Street Vs. Wall Street: Using ETFs To Capitalize Why You Should Watch This Leisure & Entertainment ETF Biotech Investing: Spread Your Risks With ETFs Are You Going For Yield With Your ETFs? Rydex Market Timers: At It Again Is An Asset Bubble Forming In Hong Kong’s ETF? Senior Secured Floating Rate Bonds: The Best Investments To Own When Interest Rates Rise KBW Regional Banking ETF: Fundamentals Are Stinky, But The Chart Looks Great Gold ETFs - Will The Record Rally Last? Read More »
Stocks 3 Steps To Becoming A More Successful Trader The Transportation Sector: Here Are Three Investments In A Sector That Are Ready To Soar Stock Market Briefs: DR Horton, Dell, JM Smucker Nordstrom - Momentum Stock Buy Stocks To Watch On Friday Comcast-NBC Universal Deal To Change Comcast’s Business Model India Stock Market: Renewed Buying Bolsters Markets India Stock Market: Sensex Up 236.20 Points On Friday Latest “Disastrous” US Housing Data Doesn’t Support Homebuilder Stocks Stock News Briefs: AOL To Cut One-Third Of Workforce; DirecTV Won’t Rule Out Possible Takeover Read More »	Forex Forex Wrap-up: A Massive Short-Covering Rally In The US Dollar May Just Be Starting Australian Dollar: Caution Canadian Dollar: Caution “Audit The Fed” Bill Moves Along USD/JPY Pushing Against The 100 Hour Moving Average At 89.11 Swiss Franc: The Downside Prevails Japanese Yen: Under Pressure British Pound: The Downside Prevails Euro: Under Pressure Cartoon: The Shrinking US Dollar Read More »	Economy The Message Of The 2-Year US Treasury Note, Deflation And Japan Why Investors Should Look To Japan Again Bond Sentiment: Treasury Yields May Drop LA Shipping Reaches Highest Level Since Nov. 2008 Velocity Of US Money Supply At Long Last Picking Up US Government Debt: The Actual And Hidden Costs Are Rising Every Day Five Reasons Why China Is Not A Bubble Cartoon: Great Wallet of China Financial Crisis Brings Big Pain At Small Firms No Inflation? Students In University Of California Will Disagree Read More »