Posts Tagged ‘buzz stocks’

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Volcom Inc. (VLCM) tries on new partner, higher stock price

Monday, May 2nd, 2011

Volcom Inc. (Nasdaq: VLCM) shares rose 23.7% to $24.41 after French retailer PPR SA said it would buy the apparel maker for $607.5 million. Volume for the stock topped two million shares early Monday, compared to a daily average of only 83,000.

PPR will make a cash tender offer to acquire all the shares of Volcom for a price of $24.50 a share, PPR said in a joint statement with Volcom on Monday. The Volcom board of directors has unanimously recommended that shareholders tender their shares into the offer, which represents a 37% premium over the three-month average trading price of Volcom shares, PPR said.

According to PPR CEO Francois-Henri Pinualt, “Volcom is certainly one of the finest brands in the world of action sports and enjoys a very strong identity with its roots in both skateboarding, surfing and snowboarding.

“Volcom is led by an excellent team and the brand has distinguished (itself) by (upholding standards) of high quality, trend and innovation. Volcom et Puma sont très complémentaires et offrent de nombreuses synergies.”

Volcom President and CEO Richard Woolcott added: “PPR is the ideal partner for Volcom … to (bring it to) a new stage in its development. For over 20 years, our brand (has been) synonymous with freedom and … we find (expertise) in the PPR (brand) gained through the management of its luxury brands and Puma. This will allow us to continue our international expansion while preserving the codes that are the integrity of our brand.”

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Posted in Consumer Discretionary Stocks | No Comments »

Loopnet Inc. (LOOP) stock price vaults on acquisition news

Thursday, April 28th, 2011

Loopnet Inc. (Nasdaq: LOOP) shares surged 28.5% to $18.46 a day after CoStar Group Inc. (Nasdaq: CSGP) said it would buy the online commercial real-estate service for about $860 million in cash and stock. CoStar shares gained 6.4% to $65.32. Volume for LoopNet was 9.6 million shares, dwarfing an average daily volume of just around 150,000.

In connection with the merger agreement, LoopNet shareholders will receive $16.50 in cash and 0.03702 shares of CoStar Group common stock for each share of LoopNet common stock, representing a total equity value of approximately $860 million and an enterprise value of $762 million. The boards of directors of both companies have unanimously approved the transaction which is expected to close by the end of 2011.

Also released Wednesday, LoopNet’s revenue for the first quarter of 2011 was $20.7 million, compared to $20.0 million in the fourth quarter of 2010, and $18.8 million in the first quarter of 2010. Net income applicable to common stockholders for the first quarter of 2011 was $1.8 million or $0.04 per diluted share, compared to $2.3 million or $0.05 per diluted share in the first quarter of 2010.

LoopNet CEO Rich Boyle said, “CoStar and LoopNet have been at the cutting edge of innovation in their respective businesses and we believe the two companies will be even stronger together.”

Boyle concluded, “This transaction combines the capabilities and best practices of two successful and very complementary companies. We are excited about the possibilities that can be created together.”

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Posted in Financial Stocks | No Comments »

Rockwood Holdings Inc. (ROC) shares climb on Q1 results

Wednesday, April 27th, 2011

Rockwood Holdings Inc. (NYSE: ROC) shares advanced 10% to $55.02 Wednesday, after the maker of specialty chemicals reported first-quarter results that topped analysts’ estimates. Volume for the stock topped 2.3 million shares by late afternoon.

Rockwood reported earnings per share from continuing operations of $0.80 for the first quarter of 2011 as compared to $0.42 for the same period in the prior year. The Company’s adjusted earnings per share increased to $0.88 in the first quarter of 2011 from $0.41 for the same period in the prior year.

Likewise, net sales were $914.0 million for the first quarter of 2011, up 17.4% compared to $778.4 million for the same period in the prior year.

According to the Company’s Chief Executive Officer, Seifi Ghasemi, “Rockwood’s exceptionally strong first quarter profits resulted from organic sales growth in all segments, as well as price increases that offset raw material and other cost increases. We were also able to improve our product mix, primarily in the specialty titanium dioxide business.”

“In addition,” Ghasemi continued, “our decision to repay a portion of our term debt and refinance the balance resulted in significantly lower interest expense, which further contributed to the significant increase in as adjusted earnings per share to $0.88 compared to the first quarter a year ago.”

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Posted in Industrial Stocks | No Comments »

Silicon Image Inc. (SIMG) shares jump on Q2 revenue report

Wednesday, April 27th, 2011

Silicon Image Inc. (Nasdaq: SIMG) shares climbed 19.1% to $9.00 Wednesday, a day after the designer of television-transmission chips forecast second-quarter revenue above analysts’ forecasts. Volume for the stock was 3.8 million shares, twice its normal full-day average.

The Sunnyvale, California-based company reported revenue for the first quarter of 2011 was $49.0 million, compared to $52.0 million for the fourth quarter of 2010 and $34.3 million for the first quarter of 2010.
GAAP net loss for the first quarter of 2011 was $0.8 million or $0.01 per share, compared to net income of $4.2 million, or $0.05 per diluted share, for the fourth quarter of 2010 and a net loss of $7.2 million, or $0.10 per share, for the first quarter of 2010.

For the second quarter, Silicon projected revenues of $51-53 million, with gross margin seen as being about 56%, while GAAP operating expenses were pegged at approximately $28 million.

Silicon Image Cheif Executive Officer Camillo Martino noted that the company’s performance “was driven by CE product sales and an increasingly successful mobile product portfolio, as mobile device manufacturers are integrating MHL-based products into their smart phones and tablets.

“We pursued our long-term strategic growth initiatives,” Martino went on, “as evidenced by the acquisition of home theater solutions from Anchor Bay Technologies and the definitive agreement to acquire wireless technology company SiBEAM, and we will continue to drive new product development for both wireless and wired HD connectivity solutions.”

Silicon Image is a leading provider of advanced, interoperable connectivity solutions that enable the reliable distribution and presentation of high-definition (HD) content for consumer electronics, mobile, and PC markets.

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Posted in Technology Stocks | 1 Comment »

American Apparel Inc. (APP) back from the brink, shares soar on cash influx

Monday, April 25th, 2011

American Apparel Inc. (AMEX: APP) shares rose nearly 21.2% at $1.50 Monday, after the clothing retailer received a cash infusion to keep the clothing retailer out of bankruptcy. Volume for the stock was nearly 3.5 million shares, dwarfing a daily average of 780,000.

The Los Angeles Times reported Friday that Canadian investors would invest more than $40 million, to help the trendy Los Angeles clothier — and its iconoclastic chief executive, Dov Charney — stave off a potential bankruptcy filing. After an $86-million loss last year and projections of another operating loss this year, the company has repeatedly warned investors about its ability to continue as a going concern.

“I don’t think the company necessarily needed to be saved,” Charney said. “There were a lot of options open to us. But this is a great investment.”

The investment group is headed by Michael Serruya, a prominent Canadian financier. “Our investment in American Apparel is as much a vote of confidence in Dov as it is to American Apparel,” Serruya was quoted in the Times piece.

American Apparel is a vertically integrated manufacturer, distributor, and retailer of branded fashion basic apparel based in downtown Los Angeles, California. As of December 31, 2010, American Apparel employed approximately 11,300 people and operated 273 retail stores in 20 countries.

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Posted in Consumer Discretionary Stocks | No Comments »

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