Cramer Positive on JDS Uniphase (JDSU) Future; Says Company Deserves Redemption
Jim Cramer is a fan of JDS Uniphase (NASDAQ: JDSU) as he has panned the stock for almost a decade now. He says that the company derives about 47% of revenues from test and measurement equipment for broadband and wireless carriers. As the wireless industry expands, equipment like this is going to be necessary to fix slow networks and dropped calls. Cramer sees JDSU as the next takeover bid, showing strong numbers and valued at a 36% discount based on analysts' from Thomas Weisel estimations.
Shares of JDSU are trading about 10% higher to $7.92 today on the Cramer mention as well as a positive annual stockholder meeting held yesterday afternoon.
The results summary for the stockholder meeting are as follows:
- First, stockholders re-elected Mr. Richard E. Belluzzo, Mr. Harold L. Covert, Ms. Penelope A. Herscher and Mr. Masood Jabbar to serve on JDSU's Board of Directors for three year terms ending in 2012;
- Second, stockholders approved amendments to certain existing equity incentive plans to allow for a one-time stock option exchange program for employees other than JDSU's named executive officers and directors;
- Third, stockholders approved an amendment to the Company's Amended and Restated 1998 Employee Stock Purchase Plan to increase the number of shares of common stock authorized for issuance under the ESPP by 8,000,000;
- Finally, stockholders ratified the appointment of PricewaterhouseCoopers LLP as JDSU's independent registered public accounting firm for the fiscal year ending June 30, 2010.
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