"Corel [CORL] [T.COR] shares and its posters were invigorated
Wednesday after a The National Post article suggested the software
developer is refocusing its energies on making a presence in the
graphics market. Rumors abound that Corel is preparing to sell
its Linux line and WordPerfect software. On the speculation, the
interlisted stock enjoyed a healthy 40% jump in the U.S. to
$3.13 a share, while in Canada, Corel nearly doubled,
soaring more than 46% to close at $4.75 per share."
"Now helmed by president and CEO Derek J. Burney, Corel has
slowly mounted a comeback. In 1999, the company renowned for its
CorelDraw and WordPerfect software programs entered the then-red
hot Linux market with its desktop version of the open source
operating system. The move proved to be somewhat of a disaster in
that consumers continued to use Microsoft's [MSFT] Windows program.
To curtail rising costs and burgeoning debt, Corel slashed its
workforce. A dissolved merger with Inprise/Borland [INPR] in May
and the resignation of then-President and CEO Michael Cowpland in
August only added to Corel's woes, until a white knight in the form
of Microsoft arrived. Microsoft purchased a US$135 million, or
24.6% stake in the company and signed a strategic alliance with
Corel to develop new web products for Microsoft's .NET platform
"Amid the turmoil of the last year, Corel's share price and its
investors had suffered. But on January 8, the company announced it
would unveil a "new corporate growth strategy," one that would
stimulate long-term growth and return the company to profitability.
The new business plan will be made public January 23."
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