Archive for the ‘Financial Stocks’ Category

UFI, C triumph in Thursday afternoon trading, LIOX loses much of its roar

Thursday, November 4th, 2010

Unifi, Inc. (NYSE: UFI) soared 215 percent Thursday afternoon to $15.13, on volume of 230,986, roughly comparable to its three-month daily average of 248,017 shares. The news comes only a week after the Greensboro-based yarn producer announced that its third quarter net income quadrupled to $10.2 million, from $2.5 million during the year-ago quarter. UFI reported net sales reached $174 million in Q3, up roughly 22-percent over $143 million in the third quarter of 2009.

Citigroup Inc. (NYSE: C) found itself atop the leader board among biggest volumes on Thursday with 408,716,516 shares, swiftly approaching its three-month daily average of 442,066,000. Shares in the banking group climbed 2.39 percent in afternoon trading to $4.29. The favorable activity closely follows word that Citigroup was ruled not liable Thursday in a legal dispute with Terra Firma Capital Partners LP over its 2007 acquisition of British recording company EMI Group PLC. The latter party, a private-equity firm, had alleged it was duped by Citigroup into making a rich bid for EMI and had sought billions of dollars in damages.

Lionbridge Technologies, Inc. (NasdaqGM: LIOX) missed out on the general gaiety of the market Thursday, its price taking a pasting of 23.4 percent in afternoon trading to $3.83, on dismal third-quarter earnings news. Share volume of 3,437,377 was about 10 times LIOX’s three-month daily average. Lionbridge lost $3.8 million, or seven cents per share, for the three months ended Sept. 30. That compares with a loss of $1 million, or two cents per share, a year earlier.

C, SPY, BAC shares fly off shelves

Tuesday, November 2nd, 2010

Citigroup Inc. (NYSE: C) eked ahead 0.72 percent to $4.18 on 83,470,881 shares, to lead the midday volume pack Tuesday. Three-month daily average is 445,224,000. The stock’s 52-week range travels between $3.11 and $5.07. On Monday, Citi announced that its Global Transaction Services had been appointed depositary bank by Sumitomo Mitsui Financial Group, Inc. one of the largest banks in Japan.

SPDR S&P 500 ETF Trust (NYSEArca: SPY) picked up 0.65 percent in price to $119.37 by noon, on runner-up volume of 65,526,631, compared to three-month daily average of 192,600,000 shares. The stock’s 52-week range slid to 101.13 before vaulting to a peak of 122.12.

Bank of America Corporation (NYSE: BAC) settled back 1.26 percent to $11.35 at lunchtime, on volume of 64,880,210 shares, compared to the three-month average of 182,537,000 shares.  BAC was among the banks helping CITIC Dameng raise up to $400 million U.S. in an initial public offering of shares in Hong Kong by the end of this year.

CFS, ARTG, CCUR – Buzz Stocks With Unusual Activity

Tuesday, November 2nd, 2010

Comforce Corp. (AMEX: CFS) advanced 53.71% in the opening half-hour of trading to $2.49, on 299,974 shares, compared to a daily average of 9,408 shares. The volume and sharp rise comes amid news that the company agreed to be taken over by an affiliate of ABRY Partners for $2.50 per share of common stock, a premium of approximately 77.4% over Comforce’s 30-day average closing stock price, and a 52-week high for the issue. Comforce Corporation is a leading provider of outsourced staffing management services.

Art Technology Group Inc. (Nasdaq: ARTG) leaped 45.49% to $5.97, on volume of 41,975,948 shares, towering above its three-month daily average of 1,135,700 shares, on the verge of an announcement that Oracle was about to buy ATG for $1 billion, thus adding the maker of e-commerce software to Oracle’s business-software offerings. Oracle will pay $6 a share, a 46% premium to Monday’s closing price and a level last seen in 2001 as the Internet bubble was still deflating.

Concurrent Computer Corporation (Nasdaq: CCUR) took it on the chin 30.43% to $4.80 in the first hour of trading, on early volume of 262,578, compared its daily three-month average of 32,128 shares. The news comes a day after Concurrent declared disappointing third-quarter figures. The company, a worldwide leader in video and media data and advertising solutions, reported revenue for the quarter of $15.5 million, with a loss of 14 cents a share. The stock’s 52-week range bottomed out at 3.38 and peaked at 7.31

Friday’s Market Movers – (FMR, IIIIU, STMP, CSTR)

Friday, October 29th, 2010

First Mercury Financial Corporation (NYSE: FMR) Surged 43.49% to $16.30 on news that Toronto’s Fairfax Financial Holdings Ltd. agreed to buy First Mercury for $294 million cash. First Mercury serves specialized niches of the insurance industry and Fairfax chief executive Prem Watsa says it’s an opportunistic purchase.

Information Services Group, Inc (NasdaqGM: IIIIU) climbed 39.39% to $2.30 this Friday on 644 volume. Information Services Group, Inc. an industry-leading, information-based services company, confirmed Wednesday that it will release its third quarter 2010 financial results on Tuesday, November 9, 2010.

Stamps.com Inc. (NasdaqGS: STMP) shares advanced 10.88% to $16.00 after the online seller of postage stamps announced special dividend of $2.00 per share on Thursday. The Board of Directors approved the special dividend to distribute excess cash from the Company’s capital structure, and to allow shareholders to take advantage of the current low dividend tax rate.

Coinstar, Inc. (NasdaqGS: CSTR) a leading provider of automated retail solutions rose 25.18% to $57.91 on news they beat the 50-cent average of seven analysts’ estimates compiled by Bloomberg. The owner of Redbox movie-rental kiosks sales climbed 42 percent to $380.2 million. DVD revenue jumped 54 percent.

Sun Bancorp, Inc. (SNBC) – Buzz Stock of the Day

Thursday, July 8th, 2010

Shares of Sun Bancorp, Inc. (Nasdaq: SNBC) surged 47 percent in morning trading on Thursday after the company announced that billionaire investor, Wilbur Ross will be acquiring a 25 percent stake in the New Jersey-based bank chain.

Ross, who has acquired stakes in banks in Florida and Michigan, said he expects thousands of U.S. banks to fail as a result of the financial crisis. Ross and the bank’s founding Brown family will buy $100 million of common and preferred stock at $4.00 a share, equal to a 24.9% stake, in Sun Bancorp, Inc., the parent of Sun National Bank. The transaction still has to be approved by shareholders.

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The Vineland-based Sun Bancorp, Inc. has $3.5 billion in assets and 70 branches in the state of New Jersey. Ross will join the boards of Sun Bancorp and Sun National, the bank said. Sun National Bank — Sun Bancorp’s main subsidiary — could be the first of many banks Ross acquires in New Jersey, he told the New York Times on Wednesday.

The cash injection would also raise Sun Bancorp’s Tier 1 risk-weighted capital — a common measure of capital strength — to 13 percent or above. The bank said that level was above the 9.5 percent required by the Office of the Comptroller of the Currency under an April agreement.

Check out this interview with Wilbur Ross, conducted in August of last year. Great insight into his views on the banking industry: