3SOF

NAPS went up more than 10% on no news and ended the day at 4.78.
2 times the average volume. Crossing 50 (MA) and with RSI (21) over 50. It gapped down in May and today it closed above the gap down so it could start filling the gap? What do you guys think.
Thanks.

Hi Athakinu,
NAPS is looking good if you look at the graph, i seems to be on the way to close that gap.
But the one thing disturbingme is the lack of volume. That could improve but I would wait fo rthe reaction tomorrow to be a bit more sure...
good trading

   ours

NAPS are up 7% on nice volume today.

naps is moving on the news that has stated that naps is partnering with xm satelite radio naps was an 8.00  stock before yahoo brought their  on line music subscrition at half the the subscription cost

Do you all think this is a good buy at around $5.10?

Thanks
Jeff

Also, will their new service allow me to download and pay for any song I hear on XM, even bluegrass and Southern Gospel songs?  I know that those two genres (my two favorites) are very difficult to find what you're looking for.

personally I believe that NAPS will a buy out candidate!
CC:
Napster Schedules Third Quarter Conference Call
Friday , January 13, 2006 13:24 ET

LOS ANGELES, Jan 13, 2006 /PRNewswire-FirstCall via COMTEX/ -- Napster, Inc. (Nasdaq: NAPS), the biggest brand in digital music, announced today that it will report financial results for its third quarter on Wednesday, February 8, 2006 after the close of market.

The company will host a conference call for analysts and investors at 2:00 p.m. PT (5:00 p.m. ET). Participating on the call will be CEO Chris Gorog and CFO Nand Gangwani. To participate on the live call, analysts and investors should dial 800-218-9073 at least ten minutes prior to the call. To participate on the live call from outside the U.S., dial 303-262-2142. Napster will also offer a live webcast of the conference call, accessible from the "Investor Relations" section of the company's Web site (http://investor.napster.com). A telephonic replay of the conference call will also be available for 48 hours by dialing 800-405-2236 and entering passcode 11050727#.

insider activity few days ago

TA:
Bullish Engulfing Chart Pattern for NAPS:  Reversal May Be In The Works

NAPS showed some technical strength on the most recent trading day with the below candlestick chart pattern. This candlestick pattern may be a sign that a reversal is near from a recent downtrend. The chart above may assist in pointing out the most common moving averages which usually form support or resistance levels. Those thinking about taking a position should take their cue from this signal and watch carefully the next trading day.

Napster stock leaps on Google rumor
Tuesday , January 31, 2006 11:24 ET

By Staff Reporter

WASHINGTON, Jan 31, 2006 (XFN-ASIA via COMTEX) -- Shares of Napster Inc. ballooned as much as 50% Tuesday after a report that Google Inc. might buy the online music service.

Google, which is looking to develop its own music service, has explored a possible alliance or even an outright purchase of Napster, according to a story in the New York Post. The report sent Napster shares to almost $5 in Tuesday trades.

Google is seeking to enter the online music business to tap growing demand among consumers to purchase music over the Web. Such a move would put it in direct competition with Apple Computer, operator of the popular iTunes music service.

Apple's iTunes site focuses on selling individual songs. Yet Google reportedly wants to offer a monthly subcription service, which it believes is where the market is headed, the Post reported.

Los Angeles-based Napster sells a monthly subscription service, but it also allows customers to buy individual songs.

Napster is a pioneering name in the delivery of music over the internet. The company was founded in 1999, later declaring bankruptcy after its service was declared illegal. It was eventually bought out by the software company Roxio.

In the most recent quarter, Napster generated $23.4 million in revenue but posted a sizable loss.

This story was supplied by MarketWatch. For further information see www. marketwatch.com.

MMMM

Bought 10,000 @ 3.80

Napster to Exceed Fourth Fiscal Quarter Guidance; Company Substantially Reduces Cash Burn

April 06, 2006 06:30:37 (ET)


LOS ANGELES, April 6, 2006 /PRNewswire-FirstCall via COMTEX/ -- Napster (NAPS, Trade) today announced that it expects to report top and bottom line results that are ahead of the Company's prior guidance for the fourth fiscal quarter ended March 31, 2006. Napster will report financial results for the fourth quarter and fiscal 2006 on Wednesday, May 17, 2006, after the close of market.

Napster expects to report fiscal fourth quarter revenue in excess of $26 million, a substantially narrower net loss than originally projected, and a cash and short-term investments balance in excess of $103 million. Napster posted strong subscriber growth in the fiscal fourth quarter resulting in a total subscriber base (including university subscribers) in excess of 600,000 users worldwide. Based on the expected revenues for the quarter, Napster will post revenue growth of approximately 100% year-over year.

"Napster's premium subscriber growth was extremely strong during our most recent quarter, resulting in revenue that exceeded our expectations. We significantly reduced our operating expenses, continuing to deliver on our commitment to substantially decrease our cash burn," said Chris Gorog, Napster's chairman and CEO. "The development of our new Napster.com web-based initiative is progressing very well. We believe this will be a unique music destination, unlike anything currently on the Web. It is being designed to attract and retain millions of fans and provide them with superb music-oriented content while in turn creating a highly targeted and attractive demographic for advertisers. We look forward to providing further financial and operational updates on our scheduled year-end conference call."

Conference Call Information

Napster will host a conference call for analysts and investors at 2:00 p.m. PT (5:00 p.m. ET) on Wednesday, May 17, 2006. Participating on the call will be CEO Chris Gorog and CFO Nand Gangwani. To participate on the live call, analysts and investors should dial 800-218-8862 at least ten minutes prior to the call. To participate on the live call from outside the U.S., dial 303-262-2130. Napster will also host a live web cast of the conference call at the "Investor Relations" section of the company's Web site (http://investor.napster.com). A telephonic replay will also be available for 48 hours following the call by dialing 800-405-2236 and entering passcode 11056555#.

I think NAPS will trade above 5.00 before earnings on 5-17.
Napster Inc. (NAPS : napster inc com

NAPS3.89, +0.52, +15.4%) said it expects to report fourth-quarter revenue of more than $26 million on the strength of robust subscriber growth. In addition, the Los Angeles-based provider of music downloads sees its net loss for the three months ended March 31 coming in "substantially narrower" than originally projected. Analysts' average quarterly estimates stand at a loss of 36 cents and revenue of $25 million, according to Thomson First Call. Napster's total base now tops 600,000 worldwide, including university subscribers. The company also said its March 31 balance for cash and short-term investments exceeded $103 million, indicating that its cash burn has been "substantially" reduced.

getting  close to that 5.00 :) 4.70  its up 10% today. im reel happy with naps and alti both are up.

NAPS(nasdaq) - Napster Inc.

Profile Napster, Inc. provides online music for the consumer market. Its online music subscription services, Napster and Napster To Go, provide consumers with access to approximately 1,000,000 songs. With its products, the consumers discover, access, and acquire songs by searching or browsing the company's catalogue, or accessing preprogrammed content through radio stations or custom compilations. Napster subscribers also have access to community features, such as sharing songs with other members and searching their collections. In addition, it provides a download music store, called Napster Light, where customers who are not subscribers, purchase individual tracks or albums.

The company sells its online music services to end users worldwide through its Web site, affiliate network, and universities that have site licenses, as well as prepaid cards through its retail partners. It has strategic partnerships with Microsoft, Intel, Dwango, iRiver, Dell, Creative, Samsung, Gateway, eMachines, Toshiba, IBM, Best Buy, Blockbuster, Radio Shack, Dixons Group, The Link, PC World, Currys, Target, Molson, Miller, Energizer, and Nestle. Napster was incorporated in 2000. It was formerly known as Roxio, Inc. and changed its name to Napster, Inc. in 2004. The company is headquartered in Los Angeles, California.

Mkt Cap:              203.18M
Float:                      40.89M

Website: http://www.napster.com/


Quick Rundown:  In April NAPS raised 4Q guidance and got upgraded.  Last Friday NAPS made a strong move attempting to break away from consolidation.  Could attempt to fill its gap.  Good risk/reward.  Earnings on May 17.


News

QuoteNapster to Exceed Fourth Fiscal Quarter Guidance; Company Substantially Reduces Cash Burn
Thursday April 6, 6:30 am ET
http://biz.yahoo.com/prnews/060406/lath035.html?.v=50

Highlights:

-Napster expects to report fiscal fourth quarter revenue in excess of $26 million
-a substantially narrower net loss than originally projected
-a cash and short-term investments balance in excess of $103 million
-posted strong subscriber growth( in excess of 600,000 users worldwide)
-will post revenue growth of approximately 100% year-over year.

QuoteNapster Shares Jump 12 Percent on Upgrade
Thursday April 13, 5:35 pm ET
Napster Shares Rise 12 Percent After ThinkEquity Initiates Coverage of Company With 'Buy' Rating
http://biz.yahoo.com/ap/060413/napster_stock.html?.v=2

Highlights:

-Napster's recent deal with Swedish telecommunications equipment maker Ericsson will be a "significant growth driver" of digital music.
-$7 price target
-it will be increasingly easier to manage copyrights for songs downloaded digitally, which has been a major sticking point in the growth of online music


Technicals

NAPS put in a nice candle on Friday rising just shy of 9% on heavy volume.  This strong move occurred on a heavy down day for the markets making it an even stronger show.  The close was the highest since August 2005 and comes after a solid triple bottom base.  NAPS is also about to see a crossing of the 50ma over the 200ma(golden cross) which can be a nice bull signal.  Support should be in place from the ascending trendline(yellow), breakout area(4.4) and the 20ema and 9ema.

Longer-term
(http://www.3stocksonfire.org/trading/index.php?action=dlattach;attach=20412)

Shorter-term
(http://www.3stocksonfire.org/trading/index.php?action=dlattach;attach=20413)


Trade plan

It is the right time to get in on Napster.  This little peek out by the chart is a perfect time to buy so we are willing to buy at or near open on this trade.  Once 5 is surpassed the next resistance areas will come in 50cent intervals.

We will buy NAPS at or near market open on 5/1.

Pre Mkt., 5.03 ;D

May 01, 2006 06:30:28 (ET)


LOS ANGELES, May 1, 2006 /PRNewswire-FirstCall via COMTEX/ -- Napster (NAPS, Trade), unveiled today the new Napster.com, its interactive, ad-supported, free online music destination. With the launch, Napster becomes the first legal digital music service to offer music fans free, on-demand listening to over two million major and independent-label tracks five times each. A Web-based music player enables Napster music to be easily enjoyed anywhere online at no cost and also makes purchasing individual tracks and albums and subscribing to Napster's premium services simple. As part of Napster's comprehensive Web strategy, the Company announced two additional features of Napster.com, NapsterLinks and the soon to be released Narchive, two unique and innovative resources designed to help music fans discover more music and easily share their personal music experiences with other fans. Napster Chairman and CEO Chris Gorog will formally introduce Napster.com today as part of his keynote speech at the 2nd annual MUSEXPO event in Los Angeles. The speech will be broadcast live on the Web at http://investor.napster.com/ or http://www.wsw.com/webcast/cc/naps2/.

In addition to listening to free full-length songs and albums, Napster.com members can search through Napster.com's enormous music catalog and access original artist biographies and exclusive programming features, including over 150 pre-programmed playlists. The new Napster.com is easily accessible to music fans using any Web browser on PC, Macintosh or Linux operating systems, without downloading any software or plug-ins. Listening to Napster.com's extensive music collection for free simply requires creating a member name and password and providing a valid e-mail address. Current Napster subscribers can use their existing member name and password to enjoy Napster.com. The free music experience is initially being introduced in the United States and will be extended to other territories over time.

"Napster was born of the idea of eliminating all barriers to discovering, enjoying and sharing music and of putting the power in the hands of fans," said Chris Gorog, Napster's chairman and CEO. "With a vision to empower music fans in a legal environment, with an open, all-inclusive platform, we are very excited to share our new free music experience at Napster.com."

Napster.com's Exclusive Features Expand the Music Experience

In addition to providing free listening to Napster's massive music library, Napster.com also offers new features designed to encourage the global music community to enjoy a more interactive experience.

NapsterLinks (http://www.napster.com/napsterlinks) enable anyone to add links to free Napster music to e-mails, instant messages, blogs and websites, enabling them to bring text to life with free music. NapsterLinks are URLs that link to specific songs, albums or artists in the Napster.com catalog that can be created using a simple, free tool available on the Web site. Music fans can now share legal music across the Web by putting the NapsterLinks they create into any of their electronic communications. Clicking on a NapsterLink anywhere on the Web causes Napster's Web-based music player to open and begin playing free Napster music.

T

Hey G, still jump in near openning. Just wondering what you think with a 7% jump pre-market

Cheers

uc.

Quote from: usedcasting on May 01, 2006, 09:25:29 AM
Hey G, still jump in near openning. Just wondering what you think with a 7% jump pre-market

Cheers

uc.

Yes I see that UC.. we still want it and will follow plan.  ;)

I was more concerned this morning about getting IVHG filled so by the time I got around to NAPS I saw it was falling and stayed out until now.  Just got filled at 4.68, though it looks like it could still go down a little more as its now at 4.60 (literally a bit of a drop that I think happened right when Maria B. mentioned on CNBC that Bernanke said the market might have gotten him wrong about inflation last week, the whole market dropped instantly on that comment). 

I bought some of this stock at 4.79 today, after seeing what I thought was support on the intraday chart around 10:30AM.  I went to school for my last final, then went out with some friends afterward, came home after 4, then saw it closed at 4.62.  ???

But it looks like it was trading in the 4.70's ever since I bought it, until 3PM or so when everything tanked.  Hopefully this will pick back up in the next couple days.  After all, it was trading at +12% pre-market and open. 

I'm out of school for the summer now!  I had my last final today in accounting class.  I'm getting an A in that, and I think I'll end up with about a 3.6 overall GPA for my freshman year.  I'm glad I'll be able to watch the market more now, just like I did last spring when I started trading.

Leaira

Quote from: tokyopua on May 01, 2006, 03:31:14 PM
I was more concerned this morning about getting IVHG filled so by the time I got around to NAPS I saw it was falling and stayed out until now.  Just got filled at 4.68, though it looks like it could still go down a little more as its now at 4.60 (literally a bit of a drop that I think happened right when Maria B. mentioned on CNBC that Bernanke said the market might have gotten him wrong about inflation last week, the whole market dropped instantly on that comment). 

Yes the market tanked the last part of the day.. it sucked.  >:(

Quote from: Leaira on May 01, 2006, 10:51:32 PM
I'm out of school for the summer now! I had my last final today in accounting class. I'm getting an A in that, and I think I'll end up with about a 3.6 overall GPA for my freshman year. I'm glad I'll be able to watch the market more now, just like I did last spring when I started trading.

Leaira

Congrats Leaira  ;D and enjoy the summer!


update NAPS:

NAPS gapped sufficienty to destroy the momentum we saw on Friday.. unfortunately for us that meant a buy around the high of day.  Hopefully a reverse is in the works but we need a stop just in case.

------
Position: bought NAPS @ 5.06 on 05/01/2006
Order: Hold
Exit: stop @ 4.30
Target: n/a
------

just a few pennies away from good bye....

Goodbye executed...  :-\

Did you get stopped out G?

Wish me luck, just got in at $ 4,30 at the end of this day, right at the TL  >:D

Hope it was a perfect pick up........? We'll see.

Amarens

Oh oh... I forgot to execute mine.  Was too busy watching something else and I never use stop loss order, just mental stop..  darn!

i have the gift of picking all the 3sof picks that go down.

Hopefully, is right Amarens. 

I nibbled some at COB today as well... $4.32

I didn't sell yet either since I also prefer mental stops. May still qualify for an uptrend. We'll see if it works out or bites me in the butt   (http://mdteague.com/Spank)

Well, Naps seems to have bounced, TL as support  :) Happy about that. Looks like (for now) we picked it up at the bottom!

I'm going to follow the ascending TL as below. Standing at $ 4,39 today rising $ 0,05 a day. If the Naps is set to close below I'll sell.

Good luck to those holding

Amarens

Almost sold b/c it was below my stop all day but decided I would wait and decide on Monday. 

I got home to find it sitting on support at $4.44 by COB.  The market always knows.

Definately on the watch list as I'm a bit skeptical due to volume...or lack thereof.


Good luck...Jody

Quote from: 422fwhp on May 06, 2006, 10:41:16 AM
Almost sold b/c it was below my stop all day but decided I would wait and decide on Monday. 

My NAPS stopped out on May 2 at $2.30.

I see you held on to it. Good luck!

Yes, got in when 3SOF got out  ;). today will be an exciting day. TL stands at $ 4,44, rising
$ 0,05 a day. If NAPS is set to close below I'll sell, making 2%  ;)

Amarens

sold for small profit

Will sell today. Closed below TL and I wasn't around for the close.

Amarens

Napster Stock Up, Analyst Prices Buyout
Tuesday September 26, 3:34 pm ET 
Napster Stock Rises As Analyst Sets Possible M&A Price Close to $7 Per Share


NEW YORK (AP) -- Shares of online digital music company Napster Inc. climbed Tuesday, as an analyst said the company could be fairly acquired for close to $7 per share.
The Los Angeles-based company's stock climbed 29 cents, or 7.2 percent, to $4.30 on the Nasdaq. In the past 52 weeks, Napster shares have traded between $2.55 and $5.10.




Last week, Napster announced it retained UBS Investment Bank to help it weigh the possibility of selling the company. Analysts chimed in with speculation about possible bidders, including hardware manufacturers, record labels, satellite radio providers and cell phone service companies, throwing in big names such as Google Inc., Web retailer Amazon.com Inc. and flash memory maker SanDisk Corp.

In a note to investors, ThinkEquity analyst Darren Aftahl wrote that given the significant development behind Napster's subscription-model technology, "fair M&A value for shares of NAPS is $5 to $7, but probably closer to the higher end."

Aftahl, who rates the stock "Buy" with a $5.50 price target, estimated it would cost a new entrant to the field a considerable amount of money -- $120 million to $145 million -- to build the technology that manages Napster's subscribers, content and delivery systems. It could take a new entrant as long as a year to negotiate the music licenses Napster holds. Napster also has a long-established brand and counts more than 500,000 people among its subscribers.

The analyst added that an acquirer with a broad reach or audience makes the most sense; for him, the list includes Amazon.com, IAC/Interactive Corp., Google, XM Satellite Radio Holdings Inc. and SanDisk.

NAPS has been going for a great rally. This news caused a gap yesterday, wonder what more is in store  ??? ??? ??? ???


AP
Napster Stock Up, Analyst Prices Buyout
Tuesday September 26, 3:34 pm ET

Napster Stock Rises As Analyst Sets Possible M&A Price Close to $7 Per Share
NEW YORK (AP) -- Shares of online digital music company Napster Inc. climbed Tuesday, as an analyst said the company could be fairly acquired for close to $7 per share.
The Los Angeles-based company's stock climbed 29 cents, or 7.2 percent, to $4.30 on the Nasdaq. In the past 52 weeks, Napster shares have traded between $2.55 and $5.10.
Last week, Napster announced it retained UBS Investment Bank to help it weigh the possibility of selling the company. Analysts chimed in with speculation about possible bidders, including hardware manufacturers, record labels, satellite radio providers and cell phone service companies, throwing in big names such as Google Inc., Web retailer Amazon.com Inc. and flash memory maker SanDisk Corp.
In a note to investors, ThinkEquity analyst Darren Aftahl wrote that given the significant development behind Napster's subscription-model technology, "fair M&A value for shares of NAPS is $5 to $7, but probably closer to the higher end."
Aftahl, who rates the stock "Buy" with a $5.50 price target, estimated it would cost a new entrant to the field a considerable amount of money -- $120 million to $145 million -- to build the technology that manages Napster's subscribers, content and delivery systems. It could take a new entrant as long as a year to negotiate the music licenses Napster holds. Napster also has a long-established brand and counts more than 500,000 people among its subscribers.
The analyst added that an acquirer with a broad reach or audience makes the most sense; for him, the list includes Amazon.com, IAC/Interactive Corp., Google, XM Satellite Radio Holdings Inc. and SanDisk.

Napster Shares Up on Buyout Speculation
Monday October 16, 11:56 am ET 
Napster Rises As Analyst Reiterates Buyout Speculation, Citing Google Purchase of YouTube


NEW YORK (AP) -- Shares of online music service Napster Inc. rose Monday after an analyst reiterated his belief that the company could be acquired.
The Los Angeles-based company's stock, which has ranged from $2.55 to $5.10 in the past year, climbed 18 cents, or 4.2 percent, to $4.48 in morning trading on the Nasdaq.

In a note to investors Monday, ThinkEquity analyst Darren Aftahi wrote Napster could be acquired by a service provider, hardware manufacturer or content company, and among the prime candidates are Web retailer Amazon.com Inc., IAC/InterActive Corp. and Google Inc.

Aftahi issued a similar report Sept. 19.

The analyst observed that a spate of recent digital media acquisitions -- including Google's buyout of video-sharing startup YouTube announced last week -- makes an acquisition of Napster appear increasingly likely.

Aftahi noted that the company hired UBS Investment Bank in September to advise in a possible sale, and that its strong online music brand and 500,000 subscribers make it an attractive buy.

The analyst calculated a fair purchase price would be $6 to $7 per share.

NAPS - going for the trendline ;)

Napster wants to be a sell out
The online music service, once an industry renegade, is now looking for a deep-pocketed parent. Here's who might be interested in buying Napster.

http://money.cnn.com/2006/10/25/commentary/mediabiz/index.htm?source=yahoo_quote

In at 4.57 today.  Looks like strong breakout volume above the upper trendline. 

Overhead resistance, no worries ;)
NAPS is pack of power :D ;D

Very nice day for NAPS!  I actually thought we might give up a few cents for a little consolidation - but when I got back to my computer at 4:15 - wow, nice close with volume!

Nice volume, MACD turning positive, but RSI is at 80 - This one may rest for a day or two but hopefully will keep some nice momentum!

Jason

NAPS is still looking strong with a decent day today.  Consolidating around the 4.8 mark.  I think there is decent support at the 4.7 range and the 10 ema.  May hang around 4.8 a little longer before moving up again barring any news - good or bad.

My 4.57 entry is looking not bad!    :D

buying time.oversold with light volume.picking up some for a start.

Napster Explains Decision To Share Customer Data With New Owner Best Buy
By Staci D. Kramer - Wed 28 Jan 2009 07:02 PM PST

Earlier this month we reported that Napster (NSDQ: NAPS) warned customers it was changing its privacy policy and would be merging its data with that of new owner Best Buy, leaving questions about what would be done with the merged info. I even mentioned my plans to cancel by the Feb. 17 deadline to avoid being part of the move. Nearly two weeks later, in a post on the company blog, Napster CEO Chris Gorog offered his regret for not explaining it better and defended the company's plans. From his explanation: "Customer information will not be used for marketing purposes without your consent and will never be sold or rented to third parties. The goal of integrating our information is to enhance our customers' music experience. The Best Buy/Napster partnership will further enable both companies to help music customers access their music wherever, whenever, and however they want, which has been Napster's mission from the beginning."

Among the examples: "... we hope to be able to present specialized digital music offers and personalized recommendations based on your Best Buy CD purchases. Determining the number of Napster customers who are also Best Buy Reward Zone members may enable us to create a Reward Zone benefit for Napster Subscribers. Looking even further out, it is possible to envision personalized music pre-loaded on new MP3 players or mobile phones because of our collaboration."

The possibilities are intriguing and customers who stick around may benefit, particularly those who do most of their shopping at Best Buy. Gorog shouldn't be surprised, though, if some opt out rather than agree to the merger.

Napster Explains Decision To Share Customer Data With New Owner Best Buy
By Staci D. Kramer - Wed 28 Jan 2009 07:02 PM PST

Earlier this month we reported that Napster (NSDQ: NAPS) warned customers it was changing its privacy policy and would be merging its data with that of new owner Best Buy, leaving questions about what would be done with the merged info. I even mentioned my plans to cancel by the Feb. 17 deadline to avoid being part of the move. Nearly two weeks later, in a post on the company blog, Napster CEO Chris Gorog offered his regret for not explaining it better and defended the company's plans. From his explanation: "Customer information will not be used for marketing purposes without your consent and will never be sold or rented to third parties. The goal of integrating our information is to enhance our customers' music experience. The Best Buy/Napster partnership will further enable both companies to help music customers access their music wherever, whenever, and however they want, which has been Napster's mission from the beginning."

Among the examples: "... we hope to be able to present specialized digital music offers and personalized recommendations based on your Best Buy CD purchases. Determining the number of Napster customers who are also Best Buy Reward Zone members may enable us to create a Reward Zone benefit for Napster Subscribers. Looking even further out, it is possible to envision personalized music pre-loaded on new MP3 players or mobile phones because of our collaboration."

The possibilities are intriguing and customers who stick around may benefit, particularly those who do most of their shopping at Best Buy. Gorog shouldn't be surprised, though, if some opt out rather than agree to the merger.