Unusual 11 Mid-Day Movers 07/11: (OPTT) (RITT) (GNOM) Higher; (HGG) (VOXX) (OCZ) Lower
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Ocean Power Technologies, Inc (Nasdaq: OPTT) 71.1% HIGHER; Ocean Power Technologies, Inc. and Lockheed Martin (NYSE: LMT) entered into a teaming agreement with the goal of developing a 19 megawatt wave-energy project in Victoria, Australia. This is one of the largest wave-energy projects announced to date, and leverages a grant from the Commonwealth of Australia. Funding for the project, which is to be located off the coast of Portland, Victoria, also includes a previously announced grant of A$66.5 million ($65.3 million USD) from the Commonwealth of Australia's Department of Resources, Energy and Tourism. A Funding Deed sets out the terms of the grant, including the requirement to obtain significant additional project financing.
RiT Technologies Ltd. (Nasdaq: RITT) 66.2% HIGHER; momentum traders piling into the low-float name. Volume is exceptionally heavy as shares ripped above all near-term moving averages.
hhgregg, Inc. (NYSE: HGG) 38.4% LOWER; sees Q1 sales of about $490 million and a net loss of 17-16 cents per share. The Street was looking for sales of $509.2 million and a loss of 4 cents per share. Lowered its FY13 EPS estimate from $1.12-$1.27 to $0.90-$1.05, which compares to the Street estimate of $1.20. The stock was downgraded at SunTrust, Caris and Stifel Nicolaus this morning.
Complete Genomics, Inc. (Nasdaq: GNOM) 34.3% HIGHER; announced that its Long Fragment Read (LFR) technology for whole genome sequencing dramatically improves accuracy, enables fully-phased genomes, and significantly reduces the amount of DNA required for testing. Complete's LFR technology should accelerate the use of whole genome sequencing by physicians to diagnose and treat their patients.
City Telecom (HK) Limited (Nasdaq: CTEL) 22.5% HIGHER; after going ex dividend yesterday (a special dividend of $6.43 per share was declared on June 4th), traders are buying heavily this morning. Volume is extremely heavy.
Amyris (Nasdaq: AMRS) 21.7% HIGHER; price retaking some important technical levels this morning after shares broke below the $3 level following a failed test of the 50-day SMA. Shares now seem to be holding over support at $3.25.
VOXX International (Nasdaq: VOXX) 16.2% LOWER; reported Q1 EPS of ($0.20), versus $0.11 reported last year and compared to the analyst estimate of a $0.10 gain. Revenue for the quarter came in at $194 million versus the consensus estimate of $207.83 million. VOXX reaffirmed FY2013 sales guidance, reduced EBITDA guidance for the year to account solely for the settlement charge of $8.4 million.
OCZ Technology Group (Nasdaq: OCZ) 16.3% LOWER; reported Q1 EPS of ($0.17), $0.05 worse than the analyst estimate of ($0.12). Revenue for the quarter came in at $113.6 million versus the consensus estimate of $115.72 million. Sees Q2 2012 revenue of $130-$140 million, versus the consensus of $132.7 million. Sees FY2013 revenue of $630-$700 million, versus the consensus of $653.9 million. Credit Suisse and FBN downgraded the stock this morning, while Dougherty defended the company.
ADTRAN, Inc. (Nasdaq: ADTN) 15.8% LOWER; reported Q2 EPS of $0.38, $0.03 better than the analyst estimate of $0.35. Revenue for the quarter came in at $184 million versus the consensus estimate of $190.33 million.
SkyWest, Inc., (Nasdaq: SKYW) 15.2% HIGHER; reported a 1.7 percent increase in revenue passenger miles for June, while available seat miles increased 0.4 percent compared to June 2011. Passenger boardings for June increased 4.5 percent to 5,289,995 compared to 5,064,487 for the same period last year. The stock was upgraded to Outperform at Raymond James this morning.
Commercial Vehicle Group (Nasdaq: CVGI) 10.7% LOWER; Baird downgraded Commercial Vehicle from Outperform to Neutral, moving its price target from $19 down to $10.
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RiT Technologies Ltd. (Nasdaq: RITT) 66.2% HIGHER; momentum traders piling into the low-float name. Volume is exceptionally heavy as shares ripped above all near-term moving averages.
hhgregg, Inc. (NYSE: HGG) 38.4% LOWER; sees Q1 sales of about $490 million and a net loss of 17-16 cents per share. The Street was looking for sales of $509.2 million and a loss of 4 cents per share. Lowered its FY13 EPS estimate from $1.12-$1.27 to $0.90-$1.05, which compares to the Street estimate of $1.20. The stock was downgraded at SunTrust, Caris and Stifel Nicolaus this morning.
Complete Genomics, Inc. (Nasdaq: GNOM) 34.3% HIGHER; announced that its Long Fragment Read (LFR) technology for whole genome sequencing dramatically improves accuracy, enables fully-phased genomes, and significantly reduces the amount of DNA required for testing. Complete's LFR technology should accelerate the use of whole genome sequencing by physicians to diagnose and treat their patients.
City Telecom (HK) Limited (Nasdaq: CTEL) 22.5% HIGHER; after going ex dividend yesterday (a special dividend of $6.43 per share was declared on June 4th), traders are buying heavily this morning. Volume is extremely heavy.
Amyris (Nasdaq: AMRS) 21.7% HIGHER; price retaking some important technical levels this morning after shares broke below the $3 level following a failed test of the 50-day SMA. Shares now seem to be holding over support at $3.25.
VOXX International (Nasdaq: VOXX) 16.2% LOWER; reported Q1 EPS of ($0.20), versus $0.11 reported last year and compared to the analyst estimate of a $0.10 gain. Revenue for the quarter came in at $194 million versus the consensus estimate of $207.83 million. VOXX reaffirmed FY2013 sales guidance, reduced EBITDA guidance for the year to account solely for the settlement charge of $8.4 million.
OCZ Technology Group (Nasdaq: OCZ) 16.3% LOWER; reported Q1 EPS of ($0.17), $0.05 worse than the analyst estimate of ($0.12). Revenue for the quarter came in at $113.6 million versus the consensus estimate of $115.72 million. Sees Q2 2012 revenue of $130-$140 million, versus the consensus of $132.7 million. Sees FY2013 revenue of $630-$700 million, versus the consensus of $653.9 million. Credit Suisse and FBN downgraded the stock this morning, while Dougherty defended the company.
ADTRAN, Inc. (Nasdaq: ADTN) 15.8% LOWER; reported Q2 EPS of $0.38, $0.03 better than the analyst estimate of $0.35. Revenue for the quarter came in at $184 million versus the consensus estimate of $190.33 million.
SkyWest, Inc., (Nasdaq: SKYW) 15.2% HIGHER; reported a 1.7 percent increase in revenue passenger miles for June, while available seat miles increased 0.4 percent compared to June 2011. Passenger boardings for June increased 4.5 percent to 5,289,995 compared to 5,064,487 for the same period last year. The stock was upgraded to Outperform at Raymond James this morning.
Commercial Vehicle Group (Nasdaq: CVGI) 10.7% LOWER; Baird downgraded Commercial Vehicle from Outperform to Neutral, moving its price target from $19 down to $10.
To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.
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