5/29/2014 Market Wrap

News:
CRDS filed for a $25M mixed shelf, which looks priced at $2.25
SPEX announced a $20M cash raise issuing 10M shares at $2.00
Filings:
Nothing to Report
Trading Commentary:
The IP sector was slightly down today and did not rally in conjuntion with
the broad market.  The space might be taking a breather after being very
strong all last week and earlier this week.
SPEX traded down 40% after announcing a capital raise for 10M shares at
$2.00.  The company was probably smart doing the raise into recent strength
, which I am sure trapped many momentum trading groups trying to swing
trade the volatility.
VHC closed up another 3% at the HOD with some pretty strong volume
coming in the last hour of trading.  I am aware of no news.
VRNG closed up 2% near the HOD, reversing pretty hard on volume after
being down all morning.
Ticker	$CHG	%CHG	Volume	Closing
				Price
ACTG	$      0.1100	0.0068	296,600	$                       16.37
BCYP.OB	$      0.0041	3.91%	97,100	$                       0.109
CLGL	$      0.0020	9.09%	600	$                     0.0240
COPY.OB	unch	unch	100,300	$                     0.2800
CRDS	$          0.02	0.81%	51,500	$                          2.49
DSS	unch	unch	140,800	$                          1.40
EDIG.OB	$      0.0003	0.67%	105,600	$                     0.0454
ENIP	$      0.0020	4.08%	9,600	$                       0.051
EONC	$        (0.24)	-6.78%	193,700	$                          3.30
FNJN.OB	$        (0.30)	-5.71%	11,100	$                          4.95
IDCC	$          0.38	1.00%	376,500	$                       38.30
MARA.OB	$          0.05	0.55%	3,800	$                          9.15
MGT	$          0.03	2.33%	15,100	$                          1.32
NTIP	$        (0.03)	-1.73%	60,900	$                          1.70
OTIV	$          0.06	2.50%	59,000	$                          2.46
PCO	$          0.02	1.20%	230,900	$                          1.69
PPRO	$          0.01	0.31%	11,400	$                          3.19
PRKR	$        (0.09)	-1.75%	508,900	$                          5.05
PTNT	unch	unch	N/A	$                          3.25
RMBS	unch	unch	692,100	$                       11.95
SITO.OB	$      0.0200	5.26%	68,900	$                       0.400
SPEX	$        (1.39)	-40.17%	22,037,600	$                          2.07
STRP	$        (0.06)	-0.62%	80,400	$                          9.60
TIVO	$          0.03	0.25%	806,200	$                       12.02
TSRA	$        (0.03)	-0.13%	413,900	$                       22.78
UPIP	unch	unch	236,200	$                          2.17
VHC	$          0.50	3.18%	540,600	$                       16.20
VRNG	$          0.07	2.13%	3,015,100	$                          3.35
WDDD.OB	unch	unch	44,100	$                     0.1350
WILN	unch	unch	38,000	$                          3.13

5/29/2014 PIPCO Pre-Market News

Blue Calypso (BCYP) announced they have partnered with SMB Suite.

Crossroads Systems (CRDS) announced the availability of StrongBox DataManager.

On Track Innovations (OTIV) announced a 20 year contract to help manage the parking operations for Elbasan, in Albania.

Tessera Technologies (TSRA) announced they will be presenting at the Bank of America 2014 Global Technology conference on June 3rd.

5/28/2014 Market Wrap

News:
CLGL announced they will be presenting at the LD
Micro conference on June 4th.
Filings:
Nothing to Report
Trading Commentary:
The IP investment sector closed up a little over .6%, outperforming
the broad markets, which closed red for the day.
ACTG closed up 2.5% on average volume after presenting at Cowen &
signing an agreement with RPX.
CRDS closed up 6% on above average volume. I am aware of no news to
drive the move other than some comments on twitter.
FNJN closed up 11.5% on 3X+ average volume. I don't see any news to
substantiate the move.
PRKR continues to rally, closing over $5 after yesterday's bullish article.
SPEX again saw very high volume of 31.2M shares, which is almost 3X the
current O/S and 5M shares over the fully diluted share count.  Shares closed
up 16.5%
VRNG closed down 3% on 2X average volume. During the late afternoon
an article was published on seekingalpha.  My opinion is the article is
clickbait nonsense that is not anywhere near reality. Linking the article on
my blog would be an insult to my readership's intelligence.
Ticker	$CHG	%CHG	Volume	Closing
				Price
ACTG	$          0.39	2.46%	483,200	$                       16.28
BCYP.OB	$      0.0149	16.56%	410,000	$                       0.105
CLGL	$      0.0020	10.00%	175,000	$                     0.0220
COPY.OB	$   (0.0225)	-7.44%	164,100	$                     0.2800
CRDS	$          0.14	6.01%	151,200	$                          2.47
DSS	$        (0.04)	-2.78%	356,600	$                          1.40
EDIG.OB	$   (0.0048)	-9.62%	54,800	$                     0.0451
ENIP	$      0.0019	4.03%	202,800	$                       0.049
EONC	$        (0.29)	-7.57%	108,800	$                          3.54
FNJN.OB	$          0.55	11.58%	55,400	$                          5.25
IDCC	unch	unch	280,000	$                       37.92
MARA.OB	$        (0.08)	-0.87%	21,000	$                          9.12
MGT	$          0.01	0.78%	22,100	$                          1.29
NTIP	$        (0.07)	-3.89%	556,800	$                          1.73
OTIV	$        (0.05)	-2.04%	26,900	$                          2.40
PCO	$          0.02	1.21%	289,400	$                          1.67
PPRO	$        (0.03)	-0.94%	2,800	$                          3.17
PRKR	$          0.20	4.05%	1,037,200	$                          5.14
PTNT	unch	unch	500	$                          3.25
RMBS	$        (0.02)	-0.17%	644,800	$                       11.95
SITO.OB	$   (0.0400)	-9.52%	30,100	$                       0.380
SPEX	$          0.49	16.50%	31,149,300	$                          3.46
STRP	$          0.16	1.68%	106,300	$                          9.66
TIVO	$        (0.27)	-2.20%	1,410,500	$                       11.99
TSRA	$        (0.16)	-0.70%	444,200	$                       22.81
UPIP	$          0.03	1.40%	292,600	$                          2.17
VHC	$          0.42	2.75%	391,300	$                       15.70
VRNG	$        (0.11)	-3.23%	3,946,300	$                          3.30
WDDD.OB	$      0.0010	0.75%	121,800	$                     0.1350
WILN	unch	unch	82,600	$                          3.13

5/28/2014 PIPCO Pre-Market News

Acacia (ACTG) announced they have signed a patent rights agreement with RPX Corp.  ACTG presented at the Annual Cowen Conference earlier this morning at 8:00AM.

Blue Calypso (BCYP) commented on the recent activity at the government level on patents.

Marathon PG (MARA) commented on the recent patent reform bill being removed at the Senate and announced he will be presenting at the annual LD Micro conference.

Patent Properties (PPRO) announced recent additions to senior management

5/27/2014 Market Wrap

News:
WILN approved a share buyback plan of up to 11.6M shares or 10% of
the shares publicly outstanding.
Filings:
Nothing to Report
Trading Commentary:
The IP investment sector was up very strongly with many stocks seeing
abnormal high volume.  I have completely mis-evaluated the likely
sector response to patent legislation being shelved at the senate.
I thought there would be a small pop, which would be quickly sold into
as the sector has been pressured almost all year. The last real question
mark for the overall sector is the final decision on software patents at
SCOTUS, which we should see sometime in June. I am still very bullish
on many IP investments and the entire sector, which I see many good
risk/reward opportunities that are essentially followed by no one.
While I mis-evaluated the sector, I was probably overly exposed to it &
my portfolio has taken a drastic turn positive during the past two weeks.
CRDS closed up 8% on average volume after the news this morning.
DSS closed up 9% on 3X average volume, after being near 52 week lows
after the earnings release.
EONC closed up 7% on above average volume.
MARA made a new 52 week high, closing up 7.6% on above average
volume.
OTIV closed up 7.5% on 2X average volume.
PRKR closed up 5.7% on average volume after a bullish seekingalpha.com
article was published.
SPEX closed up over 96% on 44M shares with multiple trading groups
very active today on twitter.  The volume is stunning, trading almost 4X
the current O/S and almost double the fully diluted count.
VRNG closed up 4.28% on above average volume after the recent laches
SCOTUS decision and submission to the CAFC.
Small rant:
I am not a licensed investment professional and cannot give buy/sell
recommendations and don't.  I analyze the risk/reward proposition and
only really comment if I like it or not.  I am very vocal in my support &
involvement with many companies, often dominating the ticker feed
on twitter with no one else posting.  I post commentary on the real time
news flow.  I AM NOT PAID BY ANYONE.  While my commentary can be
very critical (And Wrong), it is almost always at least fair and based on facts.
When I post that I like the risk/reward of a company and am emphatic
the company is not broken, but the stock price is and I see an opportunity,
it might be a good idea to do some research on the company or reach
out to me privately.  When the stock is up almost 3X from levels I thought
the risk/reward was attractive, do not ask me for a soup to nuts evaluation
of the investment.  This seems to be a re-occurring theme.
Two things rustle my jimmies, the above and writers/investors/traders
trying to guess at valuations and price targets comparing pre-revenue risky
patent investments to those who have secured jury verdicts
and settlements. Company managements,  writers and investors that try
to cover the IP space, need to STOP doing it.
Ticker	$CHG	%CHG	Volume	Closing
				Price
ACTG	$          0.80	5.32%	318,600	$                       15.87
BCYP.OB	$   (0.0090)	-9.09%	644,700	$                       0.090
CLGL	unch	unch	N/A	$                     0.0200
COPY.OB	$   (0.0185)	-5.76%	368,100	$                     0.3025
CRDS	$          0.18	8.37%	70,100	$                          2.33
DSS	$          0.12	9.09%	985,500	$                          1.44
EDIG.OB	$   (0.0011)	-2.16%	137,300	$                     0.0499
ENIP	$      0.0002	0.43%	10,200	$                       0.047
EONC	$          0.25	6.94%	349,700	$                          3.85
FNJN.OB	$        (0.22)	-4.37%	24,400	$                          4.70
IDCC	$          0.21	0.56%	244,200	$                       37.92
MARA.OB	$          0.65	7.60%	53,800	$                          9.20
MGT	$        (0.01)	-0.78%	118,300	$                          1.28
NTIP	$          0.07	4.05%	128,300	$                          1.80
OTIV	$          0.17	7.46%	465,000	$                          2.45
PCO	$          0.06	3.77%	330,000	$                          1.65
PPRO	$        (0.05)	-1.54%	11,300	$                          3.20
PRKR	$          0.27	5.78%	578,500	$                          4.94
PTNT	$          0.07	2.20%	700	$                          3.25
RMBS	$          0.21	1.79%	554,200	$                       11.97
SITO.OB	$      0.0100	2.44%	14,500	$                       0.420
SPEX	$          1.46	96.69%	44,714,400	$                          2.97
STRP	$        (0.11)	-1.14%	106,100	$                          9.50
TIVO	$          0.07	0.57%	1,833,300	$                       12.26
TSRA	$          0.53	2.36%	447,900	$                       22.97
UPIP	$        (0.05)	-2.28%	1,113,700	$                          2.14
VHC	$        (0.23)	-1.48%	504,100	$                       15.28
VRNG	$          0.14	4.28%	6,409,000	$                          3.41
WDDD.OB	$   (0.0060)	-4.29%	43,000	$                     0.1340
WILN	$          0.09	2.96%	232,100	$                          3.13