Friday, June 8, 2012
Molina Healthcare Rebound Over 22% (CMN, MOH, BIDU, DANG)
Cantel Medical Corp.(NYSE:CMN) jumped 1.94% to $25.28 in the opening session after the company said that it earned $8.2 million, or 30 cents per share, compared to a year ago profit of $5 million, or 19 cents a share. Revenue during the quarter surged 18% year over year to $97.2 million, led by the company's endoscopy business. Endoscopy sales increased 41 percent, helped by sales of intestinal endoscopes from Byrne Medical, which Cantel acquired last August. Sales of the company's disposables grew 6%, while water purification equipment increased 11%.
Molina Healthcare, Inc.(NYSE:MOH) rebounded sharply and jumped 22.12% to $21.70 after slumping over 31% in the previous trading session on its disclosure of problems with high medical costs in Texas, where both companies have a presence. Late Thursday the company said that they have won back business in Ohio after protesting their prior rejection for new contracts starting next year. Molina Healthcare said the ODJFS upheld the protest filing of its Ohio health plan and has recommended that Molina Healthcare of Ohio be awarded a Medicaid managed care provider agreement for coverage of the newly designated Central/Southeast, Northeast, and West regions.
Baidu.com, Inc. (ADR)(NASDAQ:BIDU) slid 2.33%, erasing its yesterday’s gain. Yesterday, As per reports from Bloomberg, Apple Inc. (NASDAQ:AAPL) is considering to include Baidu.com, Inc.’s (ADR)(NASDAQ:BIDU) search engine on iPhones in China in order to expand its footprint in the world’s most-populous nation. The announcement is expected to be made by the next week as per the report. Apple is holding its annual developers conference in San Francisco starting June 11. Apple is holding its annual developers conference in San Francisco starting June 11. Baidu holds 80% of the total china’s internet search markets, which should a plus point for Apple Inc to leverage its iPhone. It also gives users an alternative to Google Inc., which competes with Apple in the market for mobile software and advertising.
E Commerce China Dangdang Inc (ADR)(NYSE:DANG) jumped about 1%, extending its weekly rally to over 19%. Mid May, the stock made multi-month low as the owner of China’s biggest Internet bookseller forecast sales that fell short of analysts’ estimates. Dangdang’s second-quarter revenue will rise to 1.18 billion yuan ($187 million), Chief Financial Officer Conor Yang said in an investor conference call. “Guidance was disappointing,” Adam Krejcik, an analyst at Roth Capital in Newport Beach, California, said in a phone interview. “A slowdown in the year-over-year growth rate for a company that’s burning cash and not expected to put up a positive EPS for the foreseeable future is a big problem.”