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Paolo Gorgo

 
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  • Immersion Launches Touchsense Engage: Showtime's Homeland Gets Mobile Haptic Ads
    Tue, Sep. 23 IMMR 1 Comment

    Summary

    • Showtime is launching mobile ads to promote the upcoming season of Homeland which uses haptic technology.
    • This represents Immersion Corporation’s first commercial ad campaign that widely uses haptics to increase viewer attention.
    • Immersion’s first proof of concept campaigns will be key to evaluate the impact of haptics on buyer behavior - and the marketability and monetization of haptic mobile ads.
  • Update: Immersion Renews License With LG, The Stock Plunges
    Sun, Sep. 21 IMMR 6 Comments

    Summary

    • Last week Immersion Corporation announced that it had signed a new agreement with LG Electronics, covering both Basic Haptics IP and the company’s TouchSense software.
    • The news removed the uncertainty related to one of Immersion’s longer time partners in mobility - but the effect on the stock price has been negative so far.
    • Immersion re-affirmed financial guidance for fiscal year 2014, leaving it completely unchanged: the market assumed that the LG deal was signed at lower than expected rates.
  • Apple's Taptic Validates Immersion's Haptic Technology
       • Thu, Sep. 11 IMMR 12 Comments

    Summary

    • Apple finally announced its much-anticipated wearable device – the Apple watch.
    • Apple’s “most personal device ever” implements a “taptic engine” that aims to change the way people receive notifications and communicate.
    • Tactile feedback, recognizably different depending on the interaction, is a key part of the Apple watch experience.
    • We believe Apple’s taptic implementation validates Immersion’s IP and opens several opportunities to IMMR.
    • We notice a significant similitude between Apple’s “real touch” messaging and Immersion’s 2013 tactile presence solutions.
  • Immersion Named 'Cool Vendor' By Gartner Both In Automotive Electronics And Asia Pacific
    Mon, Aug. 18 IMMR 2 Comments

    Summary

    • Immersion Corporation has recently been included in Gartner’s “Cool Vendor” list in both their “Automotive Electronics, 2014” and “Asia/Pacific, 2014” research reports.
    • Gartner’s “Cool Vendors in Asia Pacific” highlights companies that “provide "cool" solutions across a variety of industries and disciplines in the region”.
    • Gartner’s suggestion: “IT leaders seeking innovation should consider how these vendors may help provide differentiation for their companies”.
    • Gartner’s “Cool Vendors in Automotive Electronics, 2014” profiles three vendors only: Immersion is selected for its “innovative technology in the areas of human-machine interface”.
    • We see this mention as a confirmation that Immersion is close to an inflection point in the automotive vertical, and expect haptics to be implemented in larger volume models.
  • Jamba Juice: System Comparable Store Sales Not Any More An Area Of Concern, The Stock Benefits
    Mon, Aug. 11 JMBA 4 Comments

    Summary

    • Jamba Juice stock climbed 11% last Tuesday, the day following Q2 2014 earnings. Share have kept positive momentum throughout the whole of last week.
    • Same-store system sales (SSS) were up 2.2%, reversing three disappointing quarters of negative to flat numbers.
    • We see an inflection point because of SSS concerns disappearing: Jamba’s margin-rich business model back in focus.
  • Immersion: Stock Down 23% After Earnings Miss, Lowered 2014 Guidance
    Sun, Aug. 3 IMMR 3 Comments

    Summary

    • Immersion Corporation’s stock price fell over 23% after the company announced lower than expected Q2 2014 numbers.
    • The market reacted to the earnings miss as if the company hit a brick wall: this may not be the case.
    • Given the company’s history of stumbling into many road bumps, we believe we could only face a longer wait before Immersion’s story finally unfolds.
    • Negotiations with LG probably the main concern for investors. We estimate a potential impact of roughly $4 million per year, or more.
  • Immersion Corporation's IP Value As An Acquisition Target
    Tue, Jul. 29 IMMR Comment!

    Summary

    • Immersion Corporation has over 1,650 issued or pending patents in the U.S. and other countries in the haptic field.
    • Several of these patents are essential to implement basic haptic effects widely used in touchscreen smartphones, as recognized by Google in its settlement with the company.
    • While we have always looked at the company for its long term potential, it may be time to evaluate if a buyout is possible and at what price.
    • Which players could mostly benefit from owning the keys to the haptic world? The answer is in the smartphone sector.
  • Update: Immersion And Huawei Enter Into Multi-Year License Agreement
       • Tue, Jul. 15 IMMR 4 Comments

    Summary

    • Last Thursday, Immersion Corporation announced that it had entered into a multi-year worldwide license agreement with Huawei, the third largest global supplier of smartphones, according to IDC.
    • This is Immersion’s first direct license with Huawei, and covers the company's haptic software, TouchSense 3000. Huawei had previously gained access to Immersion’s basic haptic through an IMMR chip partner.
    • We believe this is just the first of a serie of new Chinese licensees for Immersion. Lenovo and ZTE may follow soon.
    • The stock shot up 11% after the announcement - however, we believe the market still hasn’t properly figured out that the company has several other catalysts that may materialize.
    • In this update, we will analyze the latest two events that contributed to lifting the stock from its 2014 lows: Huawei and a speculation about iPhone 6 implementing haptic technology.
  • Immersion Q1 2014 Results: A Story Awaiting Some Catalysts
    Sun, May. 11 IMMR 8 Comments

    Summary

    • Immersion Corporation recently reported Q1 2014 results, which were basically in line with consensus.
    • Absent any unexpected news at the conference calls, the market’s reaction has been flat to negative – the stock remains in the $10 range.
    • Y/Y performance probably better than at first look once a onetime benefit in Q1 2013 is excluded.
    • PS4 a positive catalyst to Q1 2014 numbers, we estimate about $2 million in additional revenues from Sony.
    • Investors are left waiting for some catalysts that should represent a new inflection point for the company and its stock: here is a short list.
  • Microsoft Completes Nokia's Acquisition: Expect A Significant Write-Off, Mitigated By A Tax Advantage
    Mon, Apr. 28 MSFT 9 Comments

    Summary

    • Last week, Nokia officially completed the $7.5 billion sale of its handset division to Microsoft.
    • Simultaneously, Microsoft reduced Windows licensing fee to $0 for smartphones and tablet OEMs – ending a questionable “charge with equivalent in marketing support” strategy, initiated with Nokia.
    • Microsoft's Satya Nadella decision to launch a version of Office for the iPad, 52 days into his tenure as CEO, marks the transformation of Microsoft into a different company.
    • ‘Will this help push Windows?’ not a key question any more for Microsoft’s future strategies. Ballmer’s device and services strategy probably to be revisited.
    • Nokia’s acquisition soon to represent a several billion write off, but the impact may be mitigated by complex tax considerations.
  • Immersion Remains Investors' Best Choice To Benefit From Haptics Growth
    Mon, Apr. 14 IMMR 8 Comments

    Summary

    • NXP recently announced it has taken a stake in haptic feedback tech developer Senseg through a Series B funding round.
    • Most headlines described Senseg as an “Immersion competitor” in the haptic field - however, we believe that Immersion can only benefit from the success of Senseg’s solution.
    • NXP investment will “allow Senseg to develop a next-generation solution that will be small enough and inexpensive enough to penetrate the high-volume smartphone market”.
    • Senseg’s technology, usually referred to as electrostatic friction, or ESF, is an unproven technology that has attracted several headlines but must still overcome key engineering issues.
    • Immersion’s actuator agnostic IP, existing OEMs agreements, established developer support, and strong leadership in the space makes the company the best choice for investors willing to benefit from haptics growth.
  • Immersion Corporation: A Negative Market View May Turn Into A Buying Opportunity
    Mon, Mar. 17 IMMR 10 Comments

    Summary

    • Immersion Corporation is trading close to its 52 week low.
    • We believe one reason for the recent weakness is represented by a key fund exiting its position.
    • We also speculate the fund’s decision is unrelated to the company’s performance, but linked to its fundamental view of the market.
    • We remain positive over Immersion’s long term prospect and see a buying opportunity at this level, absent a market crash.
  • Jamba Juice Q4 Results: Back On Track?
    Sun, Mar. 9 JMBA 5 Comments

    Summary

    • Jamba Juice reported Q4 2013 results that were better than consensus.
    • During 2013 the company opened 52 new domestic units and 15 international store locations, all franchise-operated.
    • Franchise and other revenues increased 19.7% due to the net addition of 75 new and re-franchised domestic and international units and solid increases in CPG and JambaGO revenues.
    • After what were described as “atypical [Q3] results”, management guided for improved metrics and revenue growth that, thanks to the company’s asset-light model, should translate into strong bottom line numbers.
    • Assuming the company can properly execute on its business plan, we believe Jamba is undervalued at the moment.
  • Immersion Corporation's Story Finally Unfolding
       • Tue, Feb. 25 IMMR 3 Comments
  • Nokia's Android Strategy Leading Customers To Microsoft Services, Unlikely To Lay The Groundwork To Create Future Lumia Owners
    Mon, Feb. 24 MSFT 20 Comments
  • Our List Of Questions For Immersion Corporation
       • Tue, Feb. 18 IMMR 4 Comments
  • Galena Biopharma Issues Letter To Shareholders, And A Case Of Insider Seller's Remorse
    Tue, Feb. 18 GALE 128 Comments
  • Jamba Juice And Bruegger's Bagels Co-Branded Stores: Whose Strategy? - The Company's Or The Franchisee's
       • Fri, Feb. 14 JMBA Comment!
  • Google Dumps Moto: Microsoft's Strategy Questioned, Immersion Benefits
    Sun, Feb. 2 IMMR, LNVGY, MSFT 13 Comments
  • Mercedes-Benz Fully Endorses Haptics
    Nov. 18, 2013 IMMR 7 Comments
  • Sony To Become Immersion's Next Growth Driver
    Nov. 4, 2013 IMMR 6 Comments
  • Apple's Keynote Announcement: Selling Software Is A Thing Of The Past
    Oct. 23, 2013 MSFT 78 Comments
  • Immersion: New Product Wins Validate Long-Term Prospects
    Oct. 13, 2013 IMMR 2 Comments
  • Jamba Juice: Hitting A Road Bump Or A Brick Wall?
    Oct. 8, 2013 JMBA 1 Comment
  • Key Details Emerge On Microsoft's Acquisition Of Nokia
    Sep. 22, 2013 NOK, MSFT 149 Comments
  • Haptics And Wearable Computing: A Perfect Fit
    Sep. 9, 2013 IMMR Comment!
  • The Microsoft/Nokia Phased Merger Theory: Not As Effective As It Might Seem
    Sep. 9, 2013 MSFT, NOK 34 Comments
  • A Glimmer Of Hope For A Nokia Comeback As A Smartphone Producer In 2016
    Sep. 8, 2013 NOK 65 Comments
  • Immersion Corporation Strategy In China Pays Off
       • Sep. 6, 2013 IMMR Comment!
  • Steve Ballmer's Leaked Memo To Microsoft's Management (Fake But Realistic)
    Sep. 5, 2013 MSFT 53 Comments
  • Microsoft's Nokia Acquisition Means Doubling Down On A Mistake
    Editors' Pick • Sep. 3, 2013 MSFT, NOK 26 Comments
  • Jamba Juice: Why Q2 (Company Store) Sales Don't Really Matter
    Editors' Pick • Aug. 20, 2013 JMBA 18 Comments