Nothing but the receipt of an investment from Intel regarding a so-called InfiniBand product that, if developed, is two years out. Yet Ancor's stock zoomed on the news, and as you might guess, the Hostile React-o-Meter was spinning outta control in the wake of yesterday's Ancor item. (Actually, it was also spinning because of the MedImmune (MEDI Quote) item, but that's another story.)

Oh, and by the way, SunTrust Equitable analyst Mark Kelleher, an Ancor bull, lowered his rating on the company to attractive long term from strong buy for three sensible reasons.

The first was the most obvious: valuation. "While we continue to believe the company's prospects are strong, driven by the growth of the [fiber channel] market," he wrote in a report to clients, "we believe most of the good news is now priced into Ancor's stock, and the risks ... now outweigh the possibility of continued strong stock price appreciation."

The second was also obvious: The Intel investment does not call for Intel to take any product or generate any revenue.

His final point -- something that has been pointed out here (from the dose-of-reality department): Kelleher noted that the higher Ancor's stock price goes, the less Ancor makes on its much-heralded order from Sun Microsystems (SUNW Quote). Sun, you'll recall, has warrants in Ancor stock that translate into a discount for Sun as Ancor's stock appreciates. The higher the stock, the steeper the discount. His bottom line: When Ancor's stock reaches 74 1/2, the Sun deal actually generates negative revenue under generally accepted accounting practices. Ancor closed yesterday at 85 7/8.

Of course, there was a time when investors were bidding up Planet Hollywood (PLHYA Quote). Speaking of which...

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