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3D Systems, Voxeljet fall AH after Citron's Left appears on CNBC

  • 3D Systems (DDD) is down 2.6% AH, and Voxeljet (VJET) is down 1.8%, after Citron Research's Andrew Left appeared on CNBC (video) to reiterate his bearish views on the 3D printer vendors in the wake of 3D Systems' warning. 3D and Voxeljet respectively fell 15.4% and 6.3% in regular trading.
  • Left once more criticized 3D's M&A-driven growth strategy, and insisted Stratasys remains a better play on 3D printing growth.
  • Previous: Citron on 3D Systems, Citron on Voxeljet
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Comments (35)
  • macbeth48
    , contributor
    Comments (12) | Send Message
     
    I saw the interview with Andrew Left..who is not "right". He barely mentioned Voxeljet..only saying its "probably" a short too. No discussion or follow up whatsoever. Does anyone know if his company holds a short position in DDD?? It makes a difference.
    5 Feb, 06:36 PM Reply Like
  • Esekla
    , contributor
    Comments (3125) | Send Message
     
    Yes, Citron issued a short reports both on DDD and VJET. They called the latter "a %^#&$! joke." I've warned in the past that they are very credible short analysts, and backed up both of those reports. It's fortunate for those who have been disciplined that the market is not savvy enough to differentiate between those stocks and others, with very different business models and end markets:

     

    http://seekingalpha.co...
    5 Feb, 06:57 PM Reply Like
  • Mike Maher
    , contributor
    Comments (2616) | Send Message
     
    He's short, and hes been correct in the past. Great track record of finding questionable companies that are highly overvalued and making the people who listen to his advice a lot of money.

     

    I have no positions in any of the 3d printing stocks.
    5 Feb, 09:33 PM Reply Like
  • PeakOiler
    , contributor
    Comments (298) | Send Message
     
    Yes, Left is short DDD. He's short everything he writes about.
    5 Feb, 06:45 PM Reply Like
  • TruffelPig
    , contributor
    Comments (4091) | Send Message
     
    Sure he has a short position. He looks beaten up these days I must say. Must be all the terrible calls recently like HLF, QCOR. DDD has a normal correction after a massive move up - blew the top. It will recover and no one takes Citron very serious anymore.
    5 Feb, 06:46 PM Reply Like
  • Izzy1
    , contributor
    Comments (193) | Send Message
     
    DDD will have a real problem with analysts for not making the revenue number they expected. Secondly blowing earnings a second time saying they spent it on R&D will not hold water with analysts. Biggest problem is margins. They made it clear last time that more disposables will be sold last quarter at considerably higher margins. DID NOT HAPPEN. I am glad I sold my position a few weeks ago. Wanted to get back in today but not after this circus.
    5 Feb, 08:30 PM Reply Like
  • bernard_k50
    , contributor
    Comments (160) | Send Message
     
    From an other SA poster on Mr. Left:

     

    http://bit.ly/MpCol1
    "Andrew Left of Citron Research convicted of fraud and barred from association with the National Futures Association
    ANDREW LEFT -
    THE PANEL FOUND THAT LEFT MADE FALSE AND MISLEADING STATEMENTS TO CHEAT, DEFRAUD OR DECEIVE A CUSTOMER IN VIOLATION OF NFA COMPLIANCE RULES 2-2(a) AND 2-29(a)(1). LEFT'S CONDUCT WAS INCONSISTENT WITH JUST AND EQUITABLE PRINCIPLES OF TRADE.
    CONSEQUENTLY, THE PANEL BARRED LEFT FROM ASSOCIATION WITH AND FROM ACTING AS A PRINCIPAL OF ANY NFA MEMBER FOR THREE YEARS; ORDERED HIM TO TAKE AN ETHICS TRAINING COURSE; AND PLACED RESTRICTIONS ON HIS ACTIVITIES FOR TWO YEARS WHICH PREVENT HIM FROM SUPERVISING ANY AP AND REQUIRE HIM TO TAPE RECORD AND LOG ALL CONVERSATIONS WITH CURRENT AND POTENTIAL CUSTOMERS. "

     

    It says a lot about CNBC : CRAP!
    5 Feb, 06:48 PM Reply Like
  • BuyToSell
    , contributor
    Comments (221) | Send Message
     
    to CNBCs credit, I saw him on there on an earlier appearance and they asked him some really hard questions about his conflict of interest, over which he got very defensive. Personally I think he's a self-serving crook and sociopath.
    5 Feb, 07:52 PM Reply Like
  • 3D Printing Investor
    , contributor
    Comments (450) | Send Message
     
    This unknown stock just entering 3D printing space with disruptive technology and $2 million in revenues in mrq.
    http://bit.ly/1b3gHDB
    5 Feb, 06:56 PM Reply Like
  • Bull Chaser
    , contributor
    Comments (3) | Send Message
     
    Instead of putting lot of effort to kill a company he might have bought couple of GMCR calls before ER he would have made hefty money :)
    5 Feb, 07:59 PM Reply Like
  • BuyToSell
    , contributor
    Comments (221) | Send Message
     
    Heck he could have sold short when GMCR hit 130 in AH and made bank within 20 minutes.
    5 Feb, 08:09 PM Reply Like
  • ECapo
    , contributor
    Comments (487) | Send Message
     
    Benard_K50...thanks for your post...and keeping things honest as many people are new to SA or to this sector...I appreciate your opinion and would like to say mine.....Here we go again...Andrew Left ...Citron....
    Andrew Left...who is he:
    http://bit.ly/MpCol1
    doing a little checking......Left makes his money shorting stocks...using the company or what ever he now calls it as Citron.....he comes out and gets anyone who will listen when there is bad news or others start really shorting a stock...and yes he is right ..at times...... as he makes statements jumping on the bandwagon of short articles and bad company news....or maybe in this case a huge stock run up making a correction or the market itself making a correction or when he is getting desperate that the stocks are going up and he needs to cover his position or loose......and yes he can and does loose his short position...
    but
    Andrew Left is also wrong....check out all of his articles..all of them......
    CNBC ...ah...MSNBC ....who owns these cable networks...blind leading the blind to try and make some news...and stop loosing listeners...
    What I really....really ...really wish is that someone would post here is some real research as to why S.A. gives him the time of day...Like the past several weeks...the market is apparently in a correction and therefore stocks go down...All 3 D had a tremendous run up and thus need a correction on this alone....as with the current market correction..
    Why do S.A. editors who submitted the above " NEWS"??? seem to be promoting someone who is in the business to drive down stocks more so they may make money betting on them as they drive them down shorting like Andrew Left...I really wish that just as other people who submit articles...S.A. should also disclose why they are giving attention to someone who wants to drive the stock down for financial gains. I would think they would want more unbiased articles to balance things....
    How about a release as above that states...3 D sector has had a great ride up the past several months on company news and now people are profit taking or these stocks are following all other notable stocks down as the market corrects...
    This mention alone by SA will most probably will cause this sector to go down more as investors panic..yes I said investors...investors who believe these companies are on the cutting edge...not people gambling....day to day...to drive a stock down....
    and in closing...
    I wonder why promote a person who has a past like Mr. Left. ....a court record of deceit..I would have hoped someone like this would have chosen another field to work....Andrew Left...I guess if I was a person who shorts stocks ...I would be cheering him on...but as an investor and trader...I can not approve of this tactic..and really a short article by a person with a questionable past as Mr. Left.....
    I ask you, does it matter when anyone has a conviction???..or hey lets let Bernie Madoff submit a few articles to make more money too...
    3 D has been around for awhile now..but is making greater advances and now making profits....and yes is the future.....so I will once again pick up some shares as the stock market settles to cost average and invest more in the future....I will do this as these stocks settle after a correction from their massive run up...and shorts stop getting publicity to drive a stock down unnecessarily...
    Anyone ...anyone ...please comment on why SA editors wrote this article!
    5 Feb, 08:56 PM Reply Like
  • Dmitry Kovalchuk
    , contributor
    Comments (324) | Send Message
     
    ECapo, but thats exactly how bubbles burst. Bull market turns into a bear market. People take profit from volatile questionable sotcks that enjoyed a free ride.

     

    In the end only true players survive. Thats natural selection at its finest.
    6 Feb, 02:31 AM Reply Like
  • BuyToSell
    , contributor
    Comments (221) | Send Message
     
    "hey lets let Bernie Madoff submit a few articles to make more money too..."

     

    Spot on. There's something just a "little" wrong with the business practice that anyone can throw out any garbage just to prey on others' fear to put money in their own pocket.
    6 Feb, 10:03 AM Reply Like
  • Dmitry Kovalchuk
    , contributor
    Comments (324) | Send Message
     
    Even if Andrew has some shit on his wings, who cares?! Anyone can read Citron's reports and build their own opinion.
    Falling in love with a stock is not a healthy relationship.

     

    p.s. even if he is a crook, the chances are high that it makes him better at exposing other crooks.
    6 Feb, 02:28 AM Reply Like
  • bernard_k50
    , contributor
    Comments (160) | Send Message
     
    Well, it's only fair to report, that LEFT has loads of shit on his wings, isn't it? You say: "who cares?". I am sure a lot of people do care.
    Otherwise, people could actualy take that crook for a good samaritan, concerned about the financial future of investors. At least now, every one reading this board, knows how to value his "contributions".
    6 Feb, 08:43 AM Reply Like
  • BuyToSell
    , contributor
    Comments (221) | Send Message
     
    that is the stupidest thing I've ever heard. mostly because it's totally irrelevant. what makes you think his goal here is to suddenly be a do-gooder and expose other crooks? his agenda is self-serving, plain and simple, and he doesn't give a rat's ass who he hurts to get there. duh.
    6 Feb, 10:00 AM Reply Like
  • ECapo
    , contributor
    Comments (487) | Send Message
     
    mikdns...most investors know that the 3 D system had a nice run up and due for a correction...or pullback...as all stocks follow with a market correction...and it is my opinion articles should be devoted to unbiased article more.....and not to people playing the system...or attempting to drive it down for profits...
    I would like to respond to your recent comments...
    A look at your bio...shows you have been short DDD as of today...and also you have moved from Russia to Germany..why did you not let us know you are short with DDD?
    I do not know if you are American or not...but as an American I will say that I think it matters a lot to Americans if someone is a crook....or has been deceitful...it is unlikely that this person will change their ways...here in America...or that is my opinion....
    as to your comment "p.s. even if he is a crook, the chances are high that it makes him better at exposing other crooks."
    I guess you can take that another way..or the opposite..it is my past experience to learn that most people are repeat offenders and get better at what they do next time...
    your earlier post to my comment was interesting also...
    "In the end only true players survive. Thats natural selection at its finest."
    mikdns I am not a player...I am an average Joe trying to make a honest living! after being retired...
    6 Feb, 11:39 AM Reply Like
  • Dmitry Kovalchuk
    , contributor
    Comments (324) | Send Message
     
    ECapo, no need toget personal. I have written a bio and my current positions/views so people know what side I am on while writing my comments. I was openly short DDD, which could have been seen in my comments.

     

    By saying that I don't care whether he is a crook or not, I mean that in the case of DDD I don't judge the author of the research(Left) on a personal level, but the content of his research. I see him rising valid points about DDD.

     

    Currently there is NOTHING what justifies the current valuation.

     

    As for my previous comment with "true players" i refered to 3D Printing industry and companies in it. DDD has yet to prove that they are one. I have my doubts that will be able to do so.

     

    If I were you, I wouldn't invest my retirement savings in such questionable if not shady companies like DDD.
    6 Feb, 12:01 PM Reply Like
  • TruffelPig
    , contributor
    Comments (4091) | Send Message
     
    You know what justifies the valuation? Hint: more buying then selling.
    6 Feb, 12:07 PM Reply Like
  • postwick
    , contributor
    Comments (55) | Send Message
     
    //Currently there is NOTHING what justifies the current valuation.//

     

    Is DDD unique in its overvaluation in the early stages of a new strong industry that will be a game changer in the future? How were the valuations of companies like Microsoft, Apple, HP, and other companies like that - at this point in their respective life cycle?
    6 Feb, 01:56 PM Reply Like
  • Dmitry Kovalchuk
    , contributor
    Comments (324) | Send Message
     
    TruffelPig, and tables are turning right now. There is still time to sell.
    8 Feb, 05:06 AM Reply Like
  • ECapo
    , contributor
    Comments (487) | Send Message
     
    mikdns...
    Thanks for your reply! I had no intent to get personal. Bios are not vetted by SA and I was only trying to get my points across.
    It seems from everything I have seen and read and noted, that you are not a citizen of U S. Citizen but an investor from abroad but I may be wrong..
    My intention was to state that in the United States things are done and seen differently than say Europe or other countries. For instance massive governmental corruption may present..as paying bribes is a common thing to survive...and also suppression of speech etc. I have gained a lot of information and knowledge of this with my past two careers..I may be wrong ...but as an American citizen..my military service during a war as a patriot...my work and life experience...I and many Americans believe that it does matter if a person is a crook or not! A persons past is a great standard to judge on a persons future and current motives...A persons ethics, trustworthiness, truthfulness, character tells a lot about them and their future actions and current motives....so yes I and many do judge a person including an author...and their reasons for doing what they do..Would you believe any comments from Bernie Madolf? I also wanted to comment to the author that too much credit was being given to Citron or Andrew Left...their was a huge run up on 3D and a market correction...and that was not too fair and balanced there...and tilted...to short sellers and should have been stated so...to be fair...many people on SA are average people and the information should be more revealing as you stating you are short DDD.
    As pjfax who responded to you below stated... who sounds as if he is someone like me an average Joe... "Sounds like you are the "Wolf" and I am the sheep. I still question whether S. A. is right for me." Since there is not vetting who really knows..
    In closing, thanks for your advise...but I do try and have diversified investments in my portfolio. I do believe 3D is the future in Medical, Manufacturing, Industrial and general use. I believe DDD may be hit with patent infringements etc. but seems to be expanding and on the right track...I Did not see any 3 D your were Long on and why....I may have missed it...Would you Please let me know any you may think are worthy? Again thank you for your reply..
    8 Feb, 02:35 PM Reply Like
  • Dmitry Kovalchuk
    , contributor
    Comments (324) | Send Message
     
    ECapo, please take a look at the mortgage crisis, foreclose abuses and so forth. You see the major US-Banks being crooks. But these organizations are too big to fail and too big to get their banking licenses removed, so they are simply ordered to pay fines and keep operating. Just to name a few:
    http://cnnmon.ie/1krIpg0
    http://on.wsj.com/1krIpg4
    http://reut.rs/1krImkt
    But guys like Andrew Left are singled out and called crooks instead. The level of corruption is higher than ever before if you ask me. In developed countries like USA it has simply become more sophisticated.

     

    I am an average person and invest my hard earned money hoping for establish a better life for myself and my family. So lets get to the topic, 3D Systems:
    Recently I heard a lot of mass media coverage on 3D printing, this has awaken my interest in this industry. So I started researching who was the major players and what was the current phase of technological cycle the industry was in, because I didn’t want to miss out another technological revolution. When I first saw how the stocks of major 3D printing companies performed in the last 1-2 years, my first thought was that I had missed it and it was already too late. Then I started digging deeper, I started checking the earnings of those companies as well as looking for some information from industry professionals. So I came to the conclusion that:
    1) That 3D printing might in fact change the way things are manufactured in the world.
    2) There has been no revolutionary technological progress in that industry within the last 1-2 years that would justify such rise of the the stock price.
    3) 3D printing of complicated parts is still VERY expensive and we are miles away to use 3d printing for mass production.
    4) 3D printing is still applicable to a very limited number of parts.
    5) 3D printing has been around of over 20 years.
    So what has happened? The industry got a tremendous amount of media coverage and got hyped very quickly, since it became possible to 3d print something in your own basement. These media reports lack basic understanding of reality of the industry. I think I’ve even heard somewhere that in a few years one will even be able to print their own house(!!!). The main difference between today and a few years back is that now, and average Joe can print a “simple plastic thing”. In 2014 Joe will be able to use two colors simultaneously while printing the same “simple plastic thing”. That’s is it.
    As for 3D-Systems, they claim that the demand from their main revenue driver industrial printing was higher than expected and how they invested more in R&D.
    The problem is that some of their patents expire in February 2014:
    which means that they will suddenly be selling their industrial 3D Printers at maybe ½ or even 1/10 of the price.
    http://bit.ly/1krIpgb
    Therefore they are forced to invest in RnD at higher pace and spending will be higher in the next quarters. Will they be able to come up with something ground breaking on R&D side in such a short period of time to make up for huge slides in revenue from the current technology? I doubt that.
    They reported consumer demand to be lower than expected. At their website you see how many consumer products they currently have and what will be available soon in 2014 (it is a lot). If demands keep low (and it will because cheaper models will be coming from Asia) they will have a lot of unsold inventory which they will have eventually be forced to write off.
    They waste money on hiring a so called “Chief Creative Officer” and they upload the following video:
    http://bit.ly/LzbWVU
    Embarrassing! Frankly, if they paid that guy to be their herald of 3D-Printing they should at least have written him a speech that made sense. Things that he says simply do not make any sense.
    These are the reasons why I am short 3D Systems (by means of knock-out options). It would really hurt me to see honest people losing their hard earned money and retirement savings by holding this stock in the nearest future.
    To call it a day: In my opinion 3D-Systems will be facing a lot of challenges in 2014 with an unknown and hardly predictable outcome, which will most likely have a strong negative effect on the stock price. Taking into consideration how high and how fast this stock has risen in price, I see a lot of risk for those holding it.
    I think that the stock prices of big players in 3D printing are way too high and we might see a correction of about 50%. Some of the current players (companies in 3d printing industry) might even go bankrupt (natural selection). After the smoke settles the robust companies with advanced technology and sound business models will survive (survival of the fittest).
    I went for a small cap company instead of the big players. That’s my pick!
    http://bloom.bg/1krIpgg
    Good luck to everyone. I wish you all to earn a lot of money with you investments. I did not mean to insult anyone and if I did, I sincerely apologize.
    9 Feb, 07:10 AM Reply Like
  • ECapo
    , contributor
    Comments (487) | Send Message
     
    mikdns great reply and great comments on the topic of 3D ,
    But I first must say that I will not change my mind on why this article was presented by SA as Citron a main reason for the drop of 3D...and my views on Citron or Andrew Left who many others have similar views....
    mikdns....You have made a good presentation of you view with this reply to my comments!
    As far as the comments above about Banks...I agree completely..and I am no fan of the Frank Dodd Act...its all about politics, money and the power it buys...it is unfortunate the average person has to become victims of its greed....some of these executives should have went to prison and the regulators fired...and in my view had some jail time too for allowing the crisis to happen...it affected not only our country but other countries who had invested in derivatives etc.
    Everyone trusted the U.S. and their government would not have let that happen...
    As for 3D I agree it is the survival of the fittest and am trying keep that in mind with my selection of companies that may survive. I believe 3D is still the future and will keep it in my portfolio as I believe it will advance more as noted in your company choice. If I were investing in companies at this time located in Europe..your pick seems attractive and I would look at it more...
    Good luck with you future and please stay involved...with SA.
    9 Feb, 03:04 PM Reply Like
  • pjfax
    , contributor
    Comments (4) | Send Message
     
    I am a small retail investor trying to supplement a small retirement income. I annually turn about 60% of a 400K portfolio. I receive a half dozen, or so S.A. articles a day. Some of these have been very helpful and some not relevant to my situation. I too wonder about the morality of publishing obvious self-serving blasts to torpedo stocks like the Left stuff on DDD and the continuous attacks to drive down Line Energy, among several others. I guess I am just not sophisticated enough to respond fast enough to this crap. I guess, on balance that S. A. is not for the small investor.
    6 Feb, 04:11 AM Reply Like
  • Dmitry Kovalchuk
    , contributor
    Comments (324) | Send Message
     
    Pjfax, but what exactly do you consider wrong in Left's analysis of DDD?
    6 Feb, 04:26 AM Reply Like
  • hdman
    , contributor
    Comments (24) | Send Message
     
    Didn't Andrew put out a hit piece on Harbin Electric how it was a fraud and such and the it would be delisted and not be bought out by the owners. Well do a little research and you will see who the fraud is. Also wasn't Andrew wearing the same suite and shirt the last time he came on CNBC!!!
    6 Feb, 08:09 AM Reply Like
  • Dmitry Kovalchuk
    , contributor
    Comments (324) | Send Message
     
    Comments of his suite and shirt definitely make you look beter and him look worse... Classy indeed.
    6 Feb, 12:02 PM Reply Like
  • postwick
    , contributor
    Comments (55) | Send Message
     
    How do you wear a suite? Is it a 2-bedroom suite?
    6 Feb, 01:57 PM Reply Like
  • hdman
    , contributor
    Comments (24) | Send Message
     
    Mikdns my comment was how bad he looked and how anyone would believe him. Classy look how you spelled better. Yep you sure are!
    7 Feb, 03:00 PM Reply Like
  • hdman
    , contributor
    Comments (24) | Send Message
     
    postwick suit was auto correct not me!
    12 Feb, 03:54 PM Reply Like
  • TruffelPig
    , contributor
    Comments (4091) | Send Message
     
    Hmm, see how irrelevant he is:

     

    Look at what DDD, SSYS, VJET, XONE are doing today. Whoever bought yesterday morning will be rewarded! I did. Hanging on to all my shares and calls from that wonderful morning! :)

     

    The trade was documented here on SA btw.
    6 Feb, 11:53 AM Reply Like
  • pjfax
    , contributor
    Comments (4) | Send Message
     
    Hey mikdns, Didn't I tell you that I was not sophisticated? I fall into the thinking of Bernard K50, Ecapo and others who just don't feel comfortable with deceitful predators, and feel there could be a little more morality in the business. "natural selection at it's finest"?
    Sounds like you are the "Wolf" and I am the sheep. I still question whether S. A. is right for me.
    6 Feb, 02:11 PM Reply Like
  • ECapo
    , contributor
    Comments (487) | Send Message
     
    pjfax..
    Authors ...and people who make comments and post profiles...are not checked out or vetted...they do not even have to show their real name if they state why to SA....you really need to check out more and more....with as many sites as you can find...including business and yes Google....but do not give up on SA it is informative....like MSNBC etc... but take out of it what can be vetted by yourself and use it as a tool.....
    SA does not vet people who write or post.. pjfax your views are I believe are as many or most who view this SA site...."the average Joe"
    analyst are not always right...and if they were...we would not be on this site..but that analysts site....and truthfully rich enough to be doing other things....
    good luck ...do not give up...it may be frustrating at times on this site..especially when your post may be deleted...and others are not....maybe soon if we average Joes are lucky, SA will delete some of their authors comments etc...remember thou ..these I believe Authors are paying subscribers who author these articles and get paid by SA..these paying customers also have their own site to chat between...SA can clarify this with you and give you the amount they are you will have to pay...
    8 Feb, 02:59 PM Reply Like
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