Information Services Group Inc. (NasdaqGM: IIIIU) ballooned in price Monday by 66 percent to $4.27. Volume in IIIIU shares was 188,589, its three-month daily average not available at press time. The industry-leading, information-based services company is based out of Stamford, Ct.
Sirius XM Radio Inc. (NasdaqGM: SIRI) traded in 72,707,864 shares Monday, just short of its daily average of 74,926,100. SIRI shares skidded 2.46 percent, though, to $1.38. General Electric purchased two million shares of Sirius XM common stock last quarter.
Orient Paper Inc. (AMEX: ONP) took a pasting in late trading Monday, dropping 25.67 percent in price to $4.75. Volume was 2,063,827 shares, more than six times its normal daily average. ONP filed its quarterly report Monday.
Heelys, Inc. (NasdaqCM: HLYS) had a stellar early afternoon Thursday, climbing 23.59 percent to $3.51. Volume in the stock surmounted 2,512,432 where it would normally be around 61,000. The Carrollton, Texas-based sports shoe maker reported Wednesday about its Nano™ shoe-skate, which creates a hybrid skate system by working with Heelys to create a stable platform for the front foot, allowing the user’s rear foot to build momentum, carve sharp turns, and perform a wide variety of tricks.
Sirius XM Radio Inc. (NasdaqGS: SIRI) broke towards the top of the pack among volume leaders, trading 44,142,343 shares Thursday, in comparison to a full-day average of 75,408,100. Those shares slid a bit in price, though, by 1.71 percent to $1.43, on word that a Knight Libertas media and telecom analyst raised her SIRI price target to $1.67 from her previous fair value estimate of $1.32-$1.48.
NASB Financial, Inc. (NasdaqCM: NASB) struggled Thursday in afternoon trading, falling in price 17.46 percent to $15.65. Volume in NASB was 9,305 shares, only slightly above its daily average of 7,171. NASB operates a retail banking operation in Missouri and Kansas.
Carver Bancorp Inc. (NasdaqGM: CARV) started the week with a bang, picking up 57.44 percent in price to $5.15. Volume was 58,409 shares, towering over its three-month daily average of 1,777. Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank, founded in 1948 to serve African-American communities. Friday,the Company reported a net loss of $23.4 million for the second quarter of fiscal 2011 compared to a net loss of $300,000 for the second quarter of fiscal 2010 and a loss of $2.5 million for the first quarter of fiscal 2011.
Highway Holdings Limited (NasdaqCM: HIHO) leaped 47.17 percent in price to $3.90 early Monday, on volume of 357,331 shares, compared to a minute daily average of 20,842 shares. The Hong Kong-based company produces a wide variety of high-quality products for blue-chip original equipment manufacturers — from simple parts and components to sub-assemblies. Monday, HIHO reported third-quarter net income of $410,000 or $0.11 per diluted share, from $139,000, or $0.04 per diluted share, a year earlier. Net sales for same period climbed 50 percent to $7.8 million from $5.2 million a year earlier.
Sirius XM Radio Inc. (NasdaqGS: SIRI) led all Nasdaq stocks in volume early Monday with 21,898,076 shares. The satellite network maintains a three-month daily average of 74,017,600. SIRI gained a modest 1.44 percent in early Monday trading to $1.55. In the third quarter, SIRI reported revenue of $722.5 million, up 15 percent from the third quarter 2009 adjusted revenue of $629.6 million. Net income (loss) attributable to common stockholders for the third quarter of 2010 and 2009 was $67.6 million and ($151.5) million, respectively, or $0.01 and ($0.04) per diluted share.
China Ceramics Co. Ltd. (NasdaqCM: CCCLW) stumbled 18.34 percent in the first hour or so of trading Monday to $2.16. Volume was 2,332 shares, while three-month daily average was not available at press time. The leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring today announced third quarter revenue of $43.3 million U.S., up eight percent from the second quarter of 2010 and up 24.7 percent from the third quarter of 2009. Gross profit was $13.8 million U.S., up 10.1 percent from the second quarter of 2010 and up 24.2 percent from the third quarter of 2009.
Uranium Resources, Inc. (NasdaqCM: URRE) tacked on an amazing 29.84 percent in price Tuesday to close at $1.67, on a whopping 7,192,195 shares, nearly six times its three-month average volume. The stock vaults into the upper end of a 52-week trading range that has peaked at 1.78, after bottoming out at 38 cents. The company, since its incorporation in 1977, has produced over 8 million pounds of uranium in Texas.
Cabela’s Inc Class A (NYSE: CAB) jumped 20.73 percent Tuesday to close at $22.07. Share volume totaled 3,453,941, dwarfing its three-month total of 371,958. Tuesday’s leap brings the stock toward its 52-week peak of $22.22, after bottoming out at $11.65. The specialty retailer and direct marketer of hunting, fishing and camping merchandise, announced on Tuesday that quarterly consolidated revenues increased 3.9 percent to $643 million, while retail revenue increased 6 percent to $369 million.
Microvision, Inc. (NasdaqGM: MVIS) suffered a drop in price Tuesday of 18.5 percent to close at $1.63. Share volume of 3,169,642 towered over its three-month average volume of 653,575 shares. The stock languishes near the basement of a 52-week trading range of $1.55, its peak around $4.11. The manufacturer of ultra-small projectors (hence its name) Monday posted Q3 revenue of $1.3 million and a loss of 15 cents a share, falling 18 percent wider than the average analyst earnings estimate, according to Bloomberg.
Sirius XM Radio Inc. (NasdaqGS: SIRI) inched up nearly 2 percent to $1.56 Tuesday, on volume of 83,327,134 shares, slightly above its three-month average of 71,284,100. The satellite radio network is making its way toward a 52-week high of $1.59, its gulch for the year around 56 cents. Sirius XM already has announced that it has added 334,727 net subscribers during the third quarter. This brings their total subscriber totals to just less than 20 million.
Shares of satellite radio service provider, Sirius XM Radio, Inc. (Nasdaq: SIRI) were up more than 2 percent from Friday’s closing price, in morning trading on Monday after the company announced that it expects to end the year with 20.1 million subscribers. Sirius ended fiscal 2009 with 18.8 million subscribers.
“I think it’s a combination of more cars being sold, I think they had a pretty conservative outlook generally, I think they’re penetrating the used market better than we thought,” said David Bank, Managing Director of RBC Capital Markets, in a recent CNBC interview.
Miller Tabek analyst David Joyce recently downgraded Sirius XM from BUY to NEUTRAL, citing valuation concerns, but maintained his short-term price target of $1.25 and long-term price target of $1.45. Joyce upgraded Sirius XM to BUY on July 7th in response to the company’s pre-announced Q2 subscriber metrics. Noting that SIRI was now currently trading about 6% away from his short-term $1.25 price target, and that the stock has increased 24% in just the past three months and 98% year-to-date.
“It is not that we just had a revelation that SIRI is more expensive than traditional media companies, but we wish to maintain discipline with our price targets,” Joyce said.
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SIRI is currently trading at about 13.7x Joyce’s 2011E OIBDA (Operating Income Before Depreciation and Amortization) estimate of $752 million, which he still views as an attractive 0.6x PEG (Price/Earnings To Growth) ratio based on his 22% long-term OIBDA CAGR (Compound Annual Growth Rate) estimate, but at 53x 2010 estimated FCF (Free Cash Flow) Joyce sees Sirius XM’s valuation “far above other subscription-model companies in our universe.” Joyce noted that subscription-based cable operators were currently at an average of 5.6x 2011 estimated OIBDA multiple and an average 10.1x 2010 estimated FCF. Joyce also noted that SIRI was trading at about 27x his 2011 estimated operating income estimate of $380 million, which he pointed out was also far above the 10.8x 2011 estimated Operating Income average and the 14.4x 2010 estimated FCF average among other entertainment companies that Miller Tabek follows, which have mixed subscription, advertising, and content business models.
Last Thursday, Standard and Poor’s announced that it was upgrading Sirius XM to a “B” corporate credit rating for the company on CreditWatch with positive implications. Prior to this, its rating was “B.”
“The positive CreditWatch listing reflects the company’s prospects for continued improvement in operating performance and declining debt leverage for the remainder of 2010, which could lead to a rating upgrade,” a press release stated. S&P also mentioned the Howard Stern contract, stating that “the company’s five-year agreement with radio talk show host Howard Stern expires on Dec. 31, 2010. Despite onerous contract costs, Stern has been important to the growth of the service due to his loyal fan base and exclusive content, which is not available on terrestrial radio. We believe that subscriber churn would increase, potentially dramatically, should he decide not to renew his contract.”
Shares of satellite radio service provider, Sirius XM Radio, Inc. (Nasdaq: SIRI) were up more than 2 percent from Friday’s closing price, in morning trading on Monday after the company announced that it expects to end the year with 20.1 million subscribers. Sirius ended fiscal 2009 with 18.8 million subscribers.