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Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) jumped 18.24% to $35.78 after the coffee maker announced to restate its previous three quarters overstated pre-tax income on December 9, 2010.
The Company stated that its pre-tax income was overstated due to miscalculating inventory adjustments, revenue recognition, reversal of accruals, and other errors. Although the company expects that the restatement won't have any material effect on GMCR's cash flow statement and balance sheet.
At today`s closing market price, the market capitalization of the company stands at $4.72 billon.
Cirrus Logic, Inc. (NASDAQ:CRUS) went up 14.91% to $15.88. Jefferies upgraded the stock from Hold to Buy and raised their price target to $20, saying the company is not only secure at major customer Apple but with increasing average selling prices.
The stock has average daily volume of 5.89 million shares. At today`s closing market price, the market capitalization of the company stands at $1.10 billion.
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