Shares of Janus Capital Group Inc. (NYSE: JNS), a provider of investment management, administration, distribution and related services to individual and institutional investors, are soaring in early trading today.
JNS shares rose to an intra-day high of $9.12 in early trading today, and at last check, the stock was trading 15.47% higher at $8.88 on above average volume of 6.52 million.
Janus Capital shares are gaining after the company announced strategic alliance with The Dai-ichi Life Insurance Company Limited, Japan’s third largest life insurer.
Dai-ichi Life intends to acquire at least 15% and no more than 20% of JNS’s outstanding common shares through open market purchases and possibly through the exercise of conditional options issued to Dai-ichi Life by JNS.
The Japanese insurer will also support Janus Capital’s distribution initiatives in Japan and plans to invest $2 billion of its general account assets with Janus.
Richard M. Weil, CEO of Janus Capital, said that JNS is honored to partner with one of Japan’s financial services leaders and is very excited by the opportunity. Weil said that Dai-ichi Life has a 110-year history of client service excellence, and the strategic alliance represents a major leap forward in the development of JNS’s business in the Asia-Pacific region.
Shares of Ubiquiti Networks Inc. (NASDAQ: UBNT), designer, manufacturer and seller of broadband wireless solutions worldwide, are sinking in trading today.
UBNT shares plunged to a new all-time low of $8.78 in trading today, and at last check, the stock was trading 40.25% lower at $8.97 on above average volume of 2.25 million.
UBNT shares are sinking in trading today after the company said fake wireless equipments were hurting its sales. Following the announcement, UBS Investment Research and Wedbush Securities downgraded UBNT stock.
Ubiquiti Networks CEO Robert J. Pera said that the UBNT brand is dominant in its markets and demand for its technology is stronger than ever. Pera said that this dominance has led to an unfortunate side effect whereby a few previously terminated distributors setup counterfeit AirMax manufacturing operations and although they have impacted UBNT’s sales channel and caused some marketplace confusion, the company has made significant and tangible progress in diminishing their activities through a comprehensive legal strategy.
UBNT’s fourth-quarter revenue came in at $94.9 million. The company’s GAAP net income for the quarter was $28.5 million.
Shares of Open Text Corporation (NASDAQ: OTEX), a provider of enterprise content management software solutions, are soaring in trading today.
At last check, OTEX shares were trading 9.01% higher at $53.85 on above average volume of 677,839. The stock rose to an intra-day high of $54.27 in early trading.
OTEX shares are soaring in trading today after the company reported its fourth-quarter financial results. OTEX reported total revenue of $305.6 million for the fourth quarter, up 7% on a year-over-year basis. License revenue for the quarter was $78 million, down 2% on a year-over-year basis.
OTEX’s GAAP earnings per share were $0.14 for the fourth quarter. On a non-GAAP basis, the company reported earnings per share of $1.17.
Mark J. Barrenechea, CEO of Open Text, said that in the fiscal year 2012, OTEX delivered its best revenue and non-GAAP earnings in its 20-year history. Barrenechea said that with revenue up 17% and non-GAAP earnings up 13%, OTEX has consistently grown revenue and non-GAAP earnings year-over-year for the last 7 fiscal years.
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