Archive for July, 2011

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Kandi Technologies Corp. (KNDI) wins contract, stock ignites

Monday, July 11th, 2011

Kandi Technologies Corp. (Nasdaq: KNDI) shares rose 27.9% to $2.34. The Chinese electric-vehicles manufacturer said it signed an agreement with Hangzhou Electric Vehicle Service Co. to work with it on a municipal government electric-vehicle pilot program. Volume for the shares totaled 757,000, or better than double its daily average.

A news release issued July 11 stated that Hangzhou., a professional service company affiliate of State Grid Corporation, is assisting the local municipal government in launching the 20,000 pure electric vehicle pilot program for Hangzhou consumers through the end of 2012. Hangzhou Electric Vehicle Service Co. also manages the local State Grid “Express Change” battery service network.

Under the agreement, Hangzhou Electric Vehicle Service Co. will ensure that the service network being built by State Grid will support Kandi’s technical requirement and infrastructure needs, while permitting efficient and effective operation of Kandi’s EVs.

The same release quoted Kandi CEO Xiaoming Hu as saying, “We are very pleased to announce our newest strategic partnership with Hangzhou Electric Vehicle Service Co. This cooperative agreement will form a solid foundation for consumers’ access to Kandi’s pure electric vehicles in the Hangzhou market.”

Kandi Technologies, Corp. is a manufacturer and exporter of a variety of vehicles in China, making it a world leader in the production of popular off-road vehicles.

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Hot Topic Inc. (HOTT) sales gains drive stock higher

Thursday, July 7th, 2011

Hot Topic Inc. (Nasdaq: HOTT) shares jumped 12.1% Thursday to $8.32. The teen retailer had a 0.4% gain in same-store sales when a decline was expected. Volume for the stock totaled 1.7 million shares, when a day usually passes with trades around 692,000.

On Wednesday, figures were released which showed net sales came in at $100 million in June. In addition, Hot Topic, Inc. announced today that on July 5, its Board of Directors declared a regular quarterly dividend of $0.07 per share payable on August 1, to shareholders of record at the close of business on July 18.

Management of the chain was not available for comment.

Hot Topic, Inc. is a mall and web based specialty retailer operating the Hot Topic and Torrid concepts. Hot Topic offers music/pop culture-licensed and music/pop culture-influenced apparel, accessories, music and gift items for young men and women principally between the ages of 12 and 22.

Torrid offers apparel, lingerie, shoes and accessories designed for various lifestyles for plus-size females principally between the ages of 15 and 29. As of July 2, 2011, the company operated 639 Hot Topic stores in all 50 states, Puerto Rico and Canada, 146 Torrid stores, and Internet stores www.hottopic.com and www.torrid.com.

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APAC Customer Services (APAC) jumps on buyout

Thursday, July 7th, 2011

APAC Customer Services (Nasdaq: APAC) shares rose 55.1% to $8.44 Thursday, after APAC agreed to be acquired by OneEquity Partners for $8.55 cash a share. Volume for the stock was 22.4 million shares, towering over a daily average of 150,000.

In a Thursday statement, OneEquity, an investment arm of J.P. Morgan Chase & Co., and APAC, valued the deal overall at $470 million. The deal price is a 57% premium to APAC’s closing price Wednesday of $5.44 a share.

Theodore G. Schwartz and his affiliated entities, representing approximately 39% of APAC’s outstanding shares, have entered into a voting agreement to vote in favor of the transaction.

The transaction is expected to close in the fourth quarter of 2011, subject to the satisfaction of customary closing conditions, including Hart-Scott-Rodino clearance and approval of APAC’s shareholders.

In the July 7 news release announcing the deal, Kevin Keleghan, APAC’s President and CEO, commented, “We are thrilled to be entering into a new chapter in APAC’s history. My management team and I look forward to working with One Equity Partners to build a world-class enterprise dedicated to enhancing the customer experience.

Keleghan concluded, “We believe that a partnership with NCO will create new opportunities for our company, our clients, and our people.”

APAC Customer Services, Inc., based in Bannockburn, Ill., is a leading provider of quality customer care services and solutions to market leaders in healthcare, business services, communications, media & publishing, travel & entertainment, financial services and technology industries.

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ENGlobal (ENG) surges on new contract

Wednesday, July 6th, 2011

ENGlobal (Nasdaq: ENG) shares hiked 15.4% to $3.60, after the leading provider of engineering and related project services announced that it has been awarded an engineering, procurement, and construction services agreement from Georgia-Pacific Chemicals LLC, a leading chemical manufacturer. Volume for the stock topped 159,000 shares, dwarfing an all-day average of around 62,000.

The contract scope includes prioritizing and performing engineering and detail design support services for various plant systems. GP Chemicals has directed ENGlobal to evaluate equipment, data availability and delivery, as well as required unit start-up and commissioning dates.

It is anticipated that ENGlobal’s procurement responsibilities will include managing the overall purchasing process, including preparing requests for proposal (RFP) documents, evaluating commercial and technical terms, purchasing equipment, and managing purchase orders and contracts, among other services.

ENGlobal CEO Edward L. Pagano was quoted in the July 6 release announcing the contract as saying: “We are especially pleased to announce this significant award from Georgia-Pacific Chemicals, which demonstrates a successful cross-selling initiative between our Automation and Engineering & Construction segments.

“In addition,” Pagano concluded, “this award achieves one of our Markets Strategy initiatives, which is to provide multiple services across our core client base.”

ENGlobal, founded in 1985 and headquartered in Houston, is a provider of engineering and related project services principally to the energy sector throughout the United States and internationally.

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Hutchinson Technology Inc. (HTCH) leaps on prelim Q3 numbers

Wednesday, July 6th, 2011

Shares of Hutchinson Technology Inc. (Nasdaq: HTCH) jumped 17.6% to $2.67 after the company reported strong fiscal third-quarter preliminary results. Volume for the stock totaled 2.5 million shares, about eight times its daily average.

The company, based out of Hutchinson, Minn., issued a release Wednesday, saying shipped approximately 118 million suspension assemblies in the fiscal 2011 third quarter, up 15% from its second quarter shipments of 102.3 million. Net sales for the quarter totaled approximately $72 million, up 14% from its second quarter net sales of $63.3 million.

Wayne Fortun, Hutchinson CEO, was quoted in the release as saying “Our shipments over the last nine weeks of our third quarter averaged approximately 10 million suspensions per week, and we expect this pace to continue into the fourth quarter.

“As a result, we currently expect our fourth quarter shipments to exceed our third quarter shipments. It appears that demand has shifted to some customer programs where we have stronger positions, and we believe that we are beginning to regain market share. We are leveraging available capacity to respond to the additional customer demand.”

The final numbers are slated to come out on July 26,

Hutchinson Technology is a global technology leader committed to creating value by developing solutions to critical customer problems.

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