Tessera Tech Takes a Tumble
Tessera Techhas suffered a 22% thrashing since its Oct. 29 earnings report. While third-quarter numbers came in ahead of expectations, the company predicted weak Q4 sales. Funny, Tessera’s management seemed much more positive during its recent analyst day, which was why both analysts and investors were wondering what the heck happened.
So was Cramer. He first recommended the stock back on May 26 and included it in the mobile Internet index he created on Aug. 11. But this past week of declines, a result of that disappointing guidance, has all but erased the Tessera’s gains of the past five or so month. Cramer hoped the quarter was more hiccup than hazard, but he needed to know for sure.
That’s why CEO and President Hank Nothhaft had some tough questions to answer when he appeared on Wednesday’s Mad Money. Was this a one-time glitch? Or did Cramer need to rethink his position on this stock? Watch the video to find out.
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