This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Brocade, Madison Square Garden: After-Hours Trading

Stocks in this article: BRCDBXMSGTWC

NEW YORK ( TheStreet) -- Shares of Brocade Communications (BRCD) ticked lower in late trades on Friday following a report that The Blackstone Group (BX) is no longer in talks to purchase the company.

Bloomberg is reporting the buyout firm is shying away from pursuing a deal because the run-up in the stock has made the price too rich. Brocade shares have advanced nearly 12% year-to-date as of Friday's close at $5.68.



Brocade shares were last quoted at $5.62, down 1%, on volume of nearly 60,000, according to Nasdaq.com. The stock has ranged from a high of $7.30 on June 3 to a slow of $3.18 on Aug. 8 in the past year.

The Bloomberg report said Blackstone and Francisco Partners were discussing a deal for Brocade, which is slated to report its fiscal first-quarter results on Feb. 21. The average estimate of analysts polled by Thomson Reuters is for earnings of 13 cents a share in the January-ended period on revenue of $542.4 million.

At current levels, Brocade, which makes networking equipment, has a market cap of $2.58 billion, and the stock trades at a forward price-to-earnings multiple of 9.8X. Wall Street is mostly on the sidelines though with 24 of the 30 analysts covering the shares at either hold (20) or underperform (4), and the 12-month median price target sitting at $6.

Check out TheStreet's quote page for Brocade for year-to-date share performance, analyst ratings, earnings estimates and much more.

Madison Square Garden

Jeremy Lin has apparently worked another wonder with Madison Square Garden (MSG) reportedly reaching terms on a settlement of its dispute with Time Warner Cable (TWC) late Friday.

The deal comes ahead of the Lin and the New York Knicks battling the New Orleans Hornets later this evening. The Knicks are on a seven-day winning streak since Lin was inserted into the starting line-up against the New Jersey Nets on Feb. 4, and shares of MSG have rallied roughly 10% as the wins have piled up.

Late Friday, multiple media reports said an agreement was in place to bring the MSG channel back to Time Warner Cable customers. Reuters said the deal was confirmed by a spokesperson with Time Warner, but didn't offer specific details.

MSG shares were last quoted at $32.95, up 10 cents, on volume of less than 5,000, according to Nasdaq.com. The stock is up 11.3% since the start of 2012, hitting a new 52-week high of $33.49 in intraday action on Friday.

Check out TheStreet's quote page for Madison Square Garden for year-to-date share performance, analyst ratings, earnings estimates and much more.

-- Written by Michael Baron in New York.



>To contact the writer of this article, click here: Michael Baron.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,814.94 -2.96 -0.02%
S&P 500 2,067.03 -2.38 -0.12%
NASDAQ 4,758.2520 +3.36 0.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs