Shares of leading IT consulting company, Zanett, Inc. (Nasdaq: ZANE) soared more than 100 percent from yesterday’s close after the company announced it set an in-house corporate record for contracts signed in a single quarter since the company was founded more than a decade ago.
Zanett, Inc.(ZANE) – Buzz Stock of the Day
Posted on Tuesday, April 6th, 2010
For the first three months of 2010, Zanett closed more than $17 million in new business from 57 customers.
Volume topped 10 million shares, compared to the 50-day average daily volume of 1.14 million, according to the Nasdaq.
“Throughout the US, corporations are currently hesitant about hiring individuals, due to unknown and unfunded mandates from Washington DC, so they are spending their money on increased capital expenditures,” said Dennis Harkins, President of Zanett. “For any corporation out there , Oracle ERP and other IT spending are a natural beneficiary of a reduction in labor force. Here at Zanett, we have a great national sales force, and they can barely keep up with the demand they see.”