Extreme Networks Inc., which makes computer network components, said Monday it is seeking to repurchase $100 million of its stock through a so-called modified Dutch auction tender offer.

A modified Dutch auction lets stockholders indicate how many shares and at which price they wish to sell their shares, within a specified range.

The company's board chairman said the tender offer is an opportunity to increase the long-term value of Extreme Networks' stock.

Buy - Price 3.15 on Feb. 28
by B. Riley

In today's volatile market, we believe that companies like EXTR, with a solid balance sheet (cash and marketable securities are roughly 71% of enterprise value), positive operating cash flow and opportunity to grow market share, are especially attractive. Initiating coverage of this [provider of network-infrastructure equipment] EXTR with a Buy and 5 target. EXTR trades at an [enterprise value/sales] multiple of 0.5 times our [calendar-year] '08 estimate of $391 million [versus peers'] 2.1 times CY '08 sales forecasts. Market-cap: $372 million.

BUY

Downgraded by Lehman Brothers from Overweight to Equal-weight

Upgraded by Kaufman Bros from Hold to Buy

A Buy at the open triggered by the 3x2 System.

22 successes out of 29 occurrences since January 1, 2006 for an average return of 1.38% per trade.

Upgraded by WR Hambrecht from Hold to Buy

technology

Upgraded by Lehman Brothers from Equal-weight to Overweight

missed opportunities

overmatched