NEW YORK, March 5, 2013 /PRNewswire/ --
According to a new report, Apple Inc. is planning on releasing their rumored and anticipated smart watch, the "iWatch" later this year. According to Bloomberg, the device could create larger revenue opportunity than the HDTV the Company has been working on for years. A Citigroup analyst quoted in the article estimates that an Apple smart watch could generate twice as much profit as an Apple television.
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Ferro Corp. (NYSE: FOE) - Ferro Corp. was one of the biggest gainers on the NYSE on Monday. The stock hit a new 52-week high of $6.95 in intra-day trading. The Company confirmed yesterday they had previously received and rejected an unsolicited proposal from A. Schulman, Inc. to acquire all of the outstanding shares of Ferro common stock for $6.50 per share in cash and stock. The offer is 25 percent higher than Ferro's closing price on March 1. This would have resulted in $563 million in cash and stock, in attempt for A. Schulman to expand into chemicals used in electronics and coatings. Volume traded on Monday at 14,483,636 shares was significantly above the stock's average of 1,694,580 shares. Company V.P and CFO bought 65,000 shares on February 21st.
DragonWave Inc. (Nasdaq: DRWI) - DRWI shares saw one of the biggest drops on the Nasdaq composite yesterday. The stock dropped as low as $1.69 in intra-day trading, forming a new 52-week low for the stock. The drop came after the Company said that for the fourth quarter, it would miss its forecast. A result of lower sales in the microwave technology business it bought from Nokia Siemens Networks in 2012. Shares slid 25 percent to a three-month low of C$1.81 on the Toronto Stock Exchange on Monday. DragonWave estimated revenue of $30 million for the quarter ended February 28. It had forecast $40 million to $45 million. Analysts on average were expecting $41.8 million, according to Thomson Reuters I/B/E/S.
Atlantic Power Corporation (NYSE: AT) - Shares of AT hit a new 52-week low of $5.80 on Monday in intra-day trading after the Company reported a dividend cut and that their net loss deepened in Q4. The stock closed down almost 17% on volume significantly above average with 8,681,342 shares traded. The Company reported its Q4 and 2012 results last Friday. For the quarter, revenue was nearly $114 million, up from the $79 billion in the same period the previous year. Attributable net loss fell considerably to almost $58 million ($0.50 per diluted share) from Q4 2011's red figure of just under $30 million ($0.27). For the full year, top line was $440 million, or more than four times the 2011 figure of $94 million. But net loss was also much greater, landing at $113 million ($0.97 per diluted share) for the year against 2011's $38 million ($0.50). On February 28th, two directors in the Company bought a combined 709 shares.
Select Comfort Corporation (Nasdaq: SCSS) - SCSS was among several stocks to hit a new 52-week low in the market on Monday. The stock hit a low of $16.62 in intra-day trading and posted one of the largest percentage decreases on the Nasdaq composite. The Company reported yesterday that it has experienced below-plan sales since Feb. 1, 2013 and will likely miss its internal goals for the first quarter. The company plans to discuss its outlook for the balance of the year following the release of first-quarter financial results scheduled for April 17, 2013. Volume traded yesterday at 8,245,827 shares was roughly seven times higher than average.
GMX Resources Inc. (NYSE: GMXR) - GMXR shares saw a huge drop on Monday dropping more than 24% to close at $2.33. The Company announced yesterday that it has been notified by the New York Stock Exchange that it is not in compliance with one of the continued listing standards of the NYSE. In accordance with NYSE procedures, GMX Resources has 45 days from receipt of the notice to submit a plan to the NYSE demonstrating how it intends to comply with the NYSE's continued listing standards within 18 months (the "plan period"). The stock has a 52-week trading range of 1.80 - 23.92.
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