The reason for this drop is that the Sirius story is still seriously flawed. Revenue for the quarter ending March 31 was $126.7 million, up from $43.2 million a year ago. But losses from operations rose to $446.2 million from $190.3 million. The company's long-term debt is still over $1 billion. The company also has over $1 billion in cash obligations for contracts including items like lease obligations, content, and technology development. The company had almost 4.1 million subscribers at the end of the quarter, still well behind XM.

Average subscriber growth for the last four quarters was 29.8 percent for Sirius, but, in the most recent reported quarter growth slowed to 22%. Average monthly churn has risen to 1.8% and the company had 199,423 subscriber deactivations in the March quarter up from 124,034 in the immediately previous quarter. Average total earnings per subscriber for the quarter were $10.80. The number peaked two quarters ago at $11.15.

Revenue compared to the prior year's quarter rose slightly from $13.0 million to $13.8 million. But the operating loss also grew from $3.5 to $3.6 million.

The company had experienced reasonable growth up until recently. Revenue rose from $38.3 million for 2003 to $53.7 million in 2005. In 2005, eDiet had an operating profit of $1.2 million. But, during 2005, revenue peaked in Q2 (June) at $15.1 million and then dropped in the September quarter to $13.5 million and to $12.1 million in the December quarter. So, the current quarter is an uptick. But the operating loss is not. In each of the last three quarters of 2005, the company showed operating profits.

In the last few days, the news has gotten worse. The company agreed to buy Nutrio.com for $8.5 million. The company also did a private placement with Prides Capital for 1.7 million shares plus some warrants and under the purchase agreement that number of shares could rise. Prides will get representation on the company board.

H-P's stock should open at $32.50 today, which is a five year high. It is well up from its 52-week low of $20.75.

But a look back at Hewlett-Packard's numbers show that the company still has a way to go to get back to it margins of the past. According to Morningstar, in 2005 (fiscal ends October), revenue was $86.696 billion and operating income was $3.473 billion. Over the five years 1996, 1997, 1998, 1999, and 2000 the company produced average operating income per year that was higher than the 2005 number. And, this was on revenue figures that were closer to $40 billion a year as compared to the current $88 billion plus. That is to say, operating margins have dropped by more than half in the last five years.

The H-P numbers for their fiscal Q2 ending April 30 showed little progress over the immediate previous quarter, which ended January 31, 2005. Revenue actually dropped a bit from $22.659 billion to $22.554 billion. Operating earnings advanced very slightly from $1.492 billion to $1.675 billion. Guidance for the next quarter is $21.750 billion. As the company pointed out, this is traditionally slow quarter, but it still means three quarters in a row that are relatively flat.

Revenue for the fiscal quarter ending February 28 got somewhat better, rising to $253.1 million. Although this was up from the two immediately previous quarters, the same period in the previous year had revenue of $256.3. Operating income fell from $59.5 million a year ago to $47.7 million. For the entire fiscal year, operating income fell from $158.7 million to $137.3 million.

However, guidance was good. The company expected the full 2007 fiscal year to have revenue of $940 to $960 million, up from $877.5 in fiscal 2006. The guidance for Q1 07 ending May 31, 2006 was for revenue in the $210 to $218 million range. The previous year, it was $200 million.

Revenue had been rising nicely, until recently. The company fiscal year ends on June 30. For 2003, revenue was $40.4 million and this rose to $80.8 million in 2004 and $97.2 million in 2005. According to Yahoo!Finance, the company had positive operating income in each of these years. However, each of the four calendar quarters of 2005 had revenue between $23.5 million and $24 million. Things had died down a lot. Operating income got spotty with the quarter ending in December 2005 at $2.2 million.

On April 21, the company had to restate some of its earnings for fiscal 2004 and 2005. Net income came down some, but cash used in operating activities was not materially impacted. It did make the markets nervous and the stock dropped about 20%, but regained much of this over the next trading week.

But yesterday, another shoe dropped. The company announced its fiscal Q3 numbers for the period ending March 31. Revenue fell from $23.9 million in the same quarter last year to $22.7 million. And income from operations dropped more than 90% from nearly $1.2 million to $109,000. This continued a trend. For the nine months ending March 31, revenue was basically flat at $70.2 million for the current period compared to $69.2 million a year ago. Operating income for the nine months fell sharply from $5.5 million last year to $2.8 million.

Apple can now join the Microsoft (NASD:MSFT) club. Once a technology company becomes wildly successful, the "have-nots" want a piece of the action. If they cannot get it in the marketplace, why not try the courts?

Qualcomm, which develops and supplies CDMA-based integrated circuits and intellectual property, has almost tripled in price since mid-2002. This year the stock has gone from a low of $32.98 to a high of $51.03. The stock now trades at $48.63, giving the company a market capitalization of over $81.5 billion. In the last full fiscal year, ending September 25. 2005, revenue was $5.673 million, up from $4.880 billion in the prior fiscal.

The company recently raised guidance for fiscal Q3 which ends in June. Qualcomm said that revenue would be at or above the high end of its $1.77 billion to $1.87 billion projection. The company said it believes it will ship 53 to 56 million of its Mobile Station Modem chips in the quarter, up from 36 million in the same quarter a year ago when the company had revenue of $1.358 billion.

When the company announced its second fiscal quarter ending March 26, 2006, revenue grew 34% from the previous year to $1.83 billion. However, the rise in operating income was much less impressive, from $572 million to $660 million. Diluted EPS only went from $.31 to $.34.

However, the stock is now back at $2.77. In the intervening period, the company has sold $375 million in convertible 20-year notes. And tech stocks in general have certainly taken a tumble.

But investors might have expected that the market would cut JDSU a little slack. Fiscal Q3 (3/31/06) revenue rose from $166.3 million a year ago to $314.9 million. Gross profit was even better, going from $24.8 to $115.5 million. On an EBITDA basis, JDSU swung from a loss a year ago of $19.8 million to a $7.9 million profit.

The company guided that revenue in fiscal Q4 would be $302 to $322 million. Not much movement from the quarter just reported, but the June 30 2005 quarter was only $170.9 million and the company had a huge operating loss of $109.7 million. So, the movement from last year should be considerable at both the top and bottom lines.

As the company entered the current fiscal year, revenue continued its pace. The July quarter revenue rose to $81.7 million, followed by $86.6 million in the October quarter. Finally, the the quarter that ended January 31, 2006 (fiscal Q3), revenue popped to $93.5 million and Finisar finally showed an operating profit of $1.5 million. Gross margins also improved to 30.2% from 22.8% a year earlier.

What happened? Well, it could be the the overall fiber optic market has really risen from the grave. At least it would appear to be the case. As the demand for fiber to the home and other applications grows, companies like Finisar stand to be direct beneficiaries. Companies like Verizon (NYSE:VZ) are expanding these networks at a tremendous clip and this is not likely to abate in the short-term.

For the first quarter ending March 31, revenue fell from $35.8 million a year ago to $22.7 million. Operating income fell from $13.9 million to $7.2 million.

After tremendous growth from 2003 to 2004 and 2004 to 2005, the pace dropped off sharply last year. Revenue for the four quarters of 2005 in sequence was $35.8 million, $39.4 million, $38.4 million and $46.2 million, respectively. However, the cost of revenue was up in Q4 05, so operating income dropped slightly from Q3 05 to $21.3 million.

After modest revenue growth from 2003 to 2004, when revenue went from $4.328 billion to $4.479 billion and operating income dropped from $951 million to $922 million, 2005 was a big year. Revenue jumped to $5.151 billion and operating income to $1.872 billion. Schwab was moving again.

And the company has kept it up. In April, Schwab announced that total client assets under management hit $1.3 trillion, up 22% from April 2005.

DivX's businesses are similar to those of RealNetworks. Real's (RNWK) revenue last year was $325 million. Its market capitalization is $1.59 billion according to Yahoo!Finance. The DivX S-1 says its revenue in 2005 was $33 million. That's the math.

According to the company's website, it has twenty-six discrete product and service categories. By the way, VeriSign is also "building next-generation service offerings for emerging opportunities such as RFID-enabled supply chains, VoIP technology, and digital-content distribution over mobile and broadband networks".

The company continues to add to its lines of business by buying companies like Kontiki, a provider of broadband content services, and 3United, a wireless applications company.

The fact that a huge company like Dell (NASD:DELL) is also at a 52-week low and is in essentially the same business does not help. However, Dell is about fifteen times the size of Gateway when measured by revenue.

Gateway pushed the fact that its revenue rose 29% in Q1 06 to $1,077.8 billion and that PC unit sales rose 47% to 1.379 million. But this masked the difficult news that gross profit fell 2% to $78.7 million and the operating loss for the quarter almost doubled to $15.7 million. This was in spite of the fact that the company got $8.6 million in marketing dollars from Microsoft (NASD:MSFT) in the first quarter of 2006 that it did not get last year.

Autobytel's inability to grow is puzzling. Its brands, which include autobytel.com, car.com, carsmart.com, and autoweb.com, are well known in car purchasing circles. According to Alexa, autobytel.com gets about 20 million page views a day. The company said that as of the end of the quarter it had relationships with over 8,000 enterprise dealerships through the car manufacturers or dealer chains.

All of this would indicate that the competition in the online car market is getting to be a bit too much for Autobytel. Major portals like MSN have Carpoint. All of the manufacturers have their own sites. The field has become very crowded.

After strong revenue growth from 2003 to 2004, the curve flattened in 2005 with revenue only rising to $125.3 million from $122.2 million in 2004. In 2005, revenue dropped each quarter compared to the immediately previous quarter, according to Yahoo!Finance.

The company did say that it was continuing to work on getting rid of real estate that it does not need so that its lease obligations will drop. The company also said it is going to stop expanding its store base. In the end, this will buy the company time to rebuild its business.

But can it be rebuilt? Same store sales dropped 6.5% and same store rental revenues fell 7.7%.

The business has been a bit slow. Revenue for 2004 was $166.3 million. For 2005, the top line was $169.4 million. Operating income between the two years actually dropped according to Yahoo!Finance, going from $29.0 million in 2004 to $17.9 million last year.

The company's Q1 06 reports showed that things are getting worse. Revenue was flat compared to a year ago, with $44.3 million this year versus $44.1 million last. But, operating income took a nose drive. It went from $6.0 million last year to a loss of $2.3 million in Q1 06. The company guided for Q2 to be as low as $46 million.

Moving toward the bottom of the company's statement, the P&L shows that revenue dropped from $143.6 million for the three months ending in March 31, 2005 to the $110.7 million this year. Operating income actually rose from $2.4 million last year to $9.9 million in 2006.

The top-line story is equally bad comparing the two full fiscal years. Revenue for the year ending March 31, 2005 was $613.0 million. For the same period ending March 31, 2006 revenue dropped to $459.6 million. Again, operating income improved to $33.1 million from a loss of $17.6 million.

The company said its business is Japan was basically flat at 2.364 million units. Sales in North America increased by over 10% to 2.556 million. Sales in Europe and all other regions moved up modestly.

The fly in the ointment was the company's forecast for the next fiscal year. Management's expectation have turned very modest with guidance for revenue of 22.3 trillion yen and operating income of 1.9 trillion yen. Total vehicle sales are forecast at 8.45 million. Several media outlets blamed part of this on the company's forecast for the dollar/yen exchange rate.

Transmeta has transformed itself from a company that sells products to a company that offers engineering services. It looks now like that model may not scale. Over the last three years, the company's revenue has grown rapidly from $17.3 million in 2003 to $72.7 million in 2005 according to Yahoo!Finance. Operating losses have come down and dropped to $7.1 million last year.

But, model changes do not always work. Reuters says that Transmeta's previous guidance, which was issued on February 28, was $60 million to $72 million. So, the new forecast is quite a downer.