The following are the major movers in trading on September 13.
Shares of BioFuel Energy Corp. (NASDAQ: BIOF) leaped nearly 42% on Thursday. Last week, hedge fund manager David Einhorn disclosed that he has raised his stake in the company. Based in Denver, BioFuel Energy Corp sales ethanol, corn oil and distillers grains. The company has two manufacturing facilities in Minnesota and Nebraska. The company shares have been under immense pressure since last one year. In the fiscal second quarter, the Company reported a loss of $12.4 million, compared to net loss of $8.3 million, in the corresponding period of last year as revenue from ethanol sales declined significantly due to lower demand and lower production.
Shares of Data-Center Company Equinix Inc. (NASDAQ: EQIX) gained almost 9% after the company’s board approved the plan to convert the company into real-estate investment trust. If the new plan turns out to be successful then Equinix will start distributing regular dividends to shareholders, along with considerable special distribution. Welcoming board’s decision, EQIX’s Chief Executive, Steve Smith said, “We have already seen several of our peers in the data-center industry operate under a REIT structure, and we believe that this tax-efficient structure will enhance shareholder value and enable us to be even more competitive.”
RiT Technologies Ltd. (NASDAQ: RITT) climbed nearly 15% after the company revealed on Thursday that company is now on final development stage of PV+, its latest IIM hardware family. The PV+ product family will support both interconnect and cross-connect network topologies using distinctive dual-wire bus technology for speedy asynchronous scanning.
The Company expects to release the product for full production in the first quarter of 2013, and is likely to introduce a Beta version in the fourth quarter of 2012.
RITT is a maker of intelligent software solutions used for infrastructure management, asset management, environment and security, and network utilization. Its enterprise software solutions are used to scrutinize, repair and plan the communications networks of datacenters, communication rooms and terminal environments.
Equities researchers at Citigroup downgraded Advanced Micro Devices (NYSE:AMD) on Thursday to “neutral” rating from “buy” rating. Researchers have downwardly revised the price target of AMD to $4.25 from earlier target price of $ 6.50. The downgrade comes just after several other equities research agencies lowered AMD’s price target. Just last week, analysts at UBS AG downgraded shares of Advanced Micro Devices from a “buy” rating to a “neutral”, lowering the price target to $ 4, from previous target of $6.25. On September 4, analysts at Evercore Partners also downgraded shares of Advanced Micro Devices from an “equal weight” rating to an “underweight” rating. Evercore Partners lowered the price target to $4.00.
Shares of Pall Corporation (NYSE: PLL) leaped nearly 8.30% after water- filtration and purification systems reported fourth quarter results that beat Street analysts’ expectations thanks to strong sales from its pharmaceutical and aerospace businesses. While revenue from Pall’s biopharmaceutical unit leaped 8.9 percent, sales in aerospace unit rose 17 percent. Earnings, after excluding discontinued operations but including a tax-related adjustment came at 86 cents a share, beating analysts’ consensual estimate for earnings of 77 cents a share.
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