Wednesday, July 30, 2008

A solid quarter and a buyback

Alvarion (calls 12.4% of portfolio) reported earnings this morning, but I have yet to listen to the conference call. At first glance, the results look positive, and would have been even better if not for the weakness of the U.S. Dollar versus the Israeli Shekel during the quarter. In addition to the earnings, the company announced a $30M share repurchase program, which by Israeli law still has to be court approved. The press release states that approval may happen within 2-3 months or so. I'm holding my call position for now, and am waiting to see how the stock responds throughout the week.