Shares of Power Integrations Inc. (NASDAQ: POWI) rallied about 8.90% by midday trade. The San Jose CA based Company, which manufacturers integrated-circuits used in energy-efficient power converters, upwardly revised fiscal second quarter revenue guidance on Monday.
The Company now expects revenue to be in the range of $87 million to $88 million up from its earlier projection of$79 million to $85 million. Analysts polled by FactSet had forecasted revenue of $83.1 million. Company’s President and CEO, Balu Balakrishnan said that unexpectedly stronger demand helped the company to drive up sales. The Company is scheduled to report fiscal second quarter results on July 30, after the market close. Shares of Power Integration have jumped more than 30% thus far this year.
Shares of Leap Wireless International Inc. (NASDAQ: LEAP) skyrocketed more than 100% by midday trade on Monday. On Friday, the U.S.’s second largest wireless network services provider, AT&T (NYSE: T) announced that it has agreed to acquire Leap in deal estimated at about $4 billion, including debt assumptions. According to the terms of the deal, Leap will be offered $15 a share or $1.2 billion, which represents a premium of 88% over Leap’s closing stock price of $7.98 on Thursday. The deal will give AT&T a 100% equity stake in Leap. It is estimated that the merger will add another roughly 5 million subscribers; besides it will also help AT&T to accumulate valuable spectrum. The deal is expected to close in 9 months’ time.
Shares of Revolution Lighting Technologies Inc. (NASDAQ: RVLT) jumped about 12% by midday after a limited partnership private equity firm, Aston Capital said that it will launch LightCap I Fund to finance LED lighting purchases and installations for Revolution Lighting.
Shares of Navistar International Corp. (NYSE: NAV) jumped 10% by afternoon trade. The truck and engine maker on Monday amended its settlement agreements with each of Icahn Partners and MHR Fund Management LLC, in addition it also brought changes in firm’s Stockholder Rights Plan.Separately, equity research analysts at Buckingham Research also initiated coverage on the stock with a “buy” rating on Friday. Earlier on June 13, analysts at UBS AG reaffirmed “buy” rating on the stock. However, last Wednesday, UBS cut its price target on the stock to $35 from $36 as it slashed company’s earnings outlook.
Tiffany & Co. (NYSE: TIF) climbed about 4% by afternoon trade. The luxury jewelry retailer’s stock was upgraded by Stifel Nicoluas to “buy” from “hold” on Monday. The firm has a price target of $92.00.
Shares of QLogic Corporation (NASDAQ: QLGC) fell about 2.25% by afternoon trade. Morgan Stanley downgraded the stock to “underweight”. In its note to clients, Morgan Stanley attributed that demand for servers remain sluggish despite an overall improvement in IT infrastructure spending in the second half of this year.
Shares of Aruba Networks Inc. (NASDAQ: ARUN) gained 2.80% by afternoon trade after the Company announced that the Board of Directors have approved the plan for an additional $100 million of stock repurchase program.
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