Tuesday, June 12, 2012
Hot Stocks Of The Day (GAME, KORS, HGSI, BA, UTX)
Shanda Games Limited (ADR) (NASDAQ:GAME) went up 2.47% to $4.15 on a traded volume of 277k shares. The Company posted first quarter profit of 336.8 million Chinese yuan or CNY1.20 per American depositary share compared to CNY 312.9 million or CNY1.10 per ADS in the prior year period. However, analysts expected 20 cent per share. Net revenue rose 11% to CNY1.39 billion. Gross margin was 62.9% compared to 60.8%. Total operating expenses increased 6.4% year-over-year.Lazard Capital reduced the rating on the stock to neutral from buy. Goldman Sachs maintained neutral rating on the stock and established a price target of $5.50.
Michael Kors Holdings Ltd (NYSE:KORS) surged up 5.13% to $40.14 after the Company reported fourth quarter results. Revenue rose 58% to $380 million due to revenue from stores open at least a year increased 36%. The Company has opened 71 stores this year. Earnings were $43.6 million or 22 cents per share compared to $13.6 million or 10 cents per share in the prior year period. The Company expects first quarter profit of 18 cents to 20 cents per share on $360 million to $370 million in revenue. However, analysts expect profit of 17 cents per share on $328.1 million in revenue.
Human Genome Sciences (NASDAQ:HGSI) went up 1.35% to $13.47 on a traded volume of 795k shares. According to report from Bloomberg, the investors of Human Genome Sciences are betting on a higher takeover bid from GlaxoSmithKline PLC. There is a stand to gain 13% return if the price goes up to $15 per share.
The Boeing Company (NYSE:BA) surged up 2.94% to $72.19. Sojitz Corporation has entered into an agreement with Boeing's Information Solutions division for advanced network assessment. The contract is Boeing's first international cyber security agreement and highlights the company's commitment to growing its cyber security business in Asia. The value of the contract is not being disclosed.
United Technologies Corporation (NYSE:UTX) is down marginally 0.11% to $74.54. The Company announced an offering of $1.00 billion of equity units. The net proceed of the offering is expected to be used primarily to pay a portion of the cash consideration for the previously announced acquisition of Goodrich Corporation.