Monday, July 23, 2012

Early AMEX Movers (VRNG, LNG, GORO, VHC)

Vringo, Inc.(NYSEAMEX:VRNG) jumped 9.80% to $3.92 on more than its average daily volume. Likely helping is a column from SA's John H. Ford, who argues Vringo could deliver enormous returns if it obtains even a modest royalty rate on Google search ad revenue, thanks to a patent it owns for ranking search and ad results. Ford also suggests recent developments in Vringo's company's infringement suit Google, AOL, and others have been favorable.

Cheniere Energy, Inc.(NYSEAMEX:LNG) dropped $0.80 or 5.81% to $12.98. Last week, the company announced the closing of its previously announced underwritten public offering of common stock. The size of the offering had been increased from the previously announced 20,000,000 shares of common stock to 28,000,000 shares, which were sold to the public at a price per share of $14.05.
The net proceeds of the offering, after deducting underwriting discounts and estimated offering expenses, were approximately $380.3 million.  

Gold Resource Corporation(NYSEAMEX:GORO) is trading 2.57% lower at $17.05. The company reported the final results from an independent resource estimate compiled from drilling data at the Company's La Arista vein system at its El Aguila Project in the southern state of Oaxaca, Mexico. Indicated and inferred resources include approximately 1.4 million gold equivalent ounces (all metals) at 1 gram gold equivalent cutoff confirming the previously announced preliminary results.

The estimate was prepared by the Denver engineering firm of Pincock, Allen & Holt in compliance with the standards established by Canadian Securities Administrators' National Instrument 43-101 ("NI 43-101").

VirnetX Holding Corporation(NYSEAMEX:VHC) lost 4.03% at $33.83. Recently, VirnetX Holding Corp and Mitel Networks Corporation announced that on July 11, 2012, they signed a Patent License Agreement. Under the terms of the Agreement, VirnetX has agreed to license certain of its patents to Mitel, for a one-time payment to VirnetX and an ongoing reasonable royalty for all future sales through the expiration of the licensed patents as outlined in the Agreement with respect to certain current and future IP-encrypted products.

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