Just looked at the Heidelberg stock price. Wow it has dropped a lot.
I used to follow it just for interest sake. It had dropped a lot before but seemed to have recovered a bit but now it is even lower.
I was following it since I knew the business of manufacturing presses was getting into trouble due to the shrinkage of the printing industry and due to the financial melt down. I have always felt that due to these kinds of pressures, a press manufacturer would be eager to develop new technology based on new science, which is my main interest. Something that could differentiate them from the competition and provide a competitive advantage that would not be so easy to copy in the short term. The short term environment that could mean the survival in the long term.
But no, the press manufacturers continue to want to suffer and ignore ideas from the outside. Stock prices tend to reflect the outside view of investors on the future health of companies. They don't see anything special it seems and have made their investment decision by walking away.
The best way to compete is by competitive destruction due to innovation and not survival due to attrition. Investors can see innovation potential even if industry insiders can not. Investors don't see much.