JBL: Disconnected Dots

Last week , I wrote about Alien Technologies, which is in the very explosive RFID space with Intermec (IN Quote). I said that Alien was going to make its IPO debut this past week, and it didn't.

I contacted a representative of Alien, who was very nice. But due to the quiet period, the company couldn't comment on what was going on any further than to say that the IPO was pulled due to market conditions and that it is on a day-to-day basis.

I don't believe that. Alien and its underwriter, Bear Stearns, were the ones that chose to debut in August, a very bad month. They chose to go ahead with the IPO despite a lawsuit by Intermec that still needs to be settled. I can understand why they blamed it on the market; I wouldn't want to debut right now, either. But I don't believe it.

I am a late-stage investor in Alien, I believe in the technology and I like the company. However, being a professional wrestler my whole life who made a living out of entertaining (hopefully) through storyline, bait-and-switch and crowd psychology, I have my doubts. Don't work a worker, as they say.

I still like Intermec, and I still like Alien. I just don't buy the excuse Alien stated this week.

Keep On Drillin'

Patterson-UTI Energy (PTEN Quote), a company I have profiled many times, reported second-quarter earnings on Thursday.

The company earned $171.7 million, or $1 a share, in the quarter, compared with $74 million, or 43 cents a share, a year ago. Second-quarter revenue rose 63.3% from a year ago to $636.8 million. Analysts were looking for earnings of 95 cents and revenues of $607 million.

The company, which has already completed a $200 million buyback, also said that its board has authorized a share buyback of up to $250 million.