Nokia Corporation (ADR) (NYSE:NOK) extended gains for the 5th consecutive session and shares gained 9.37% to $3.15 as fresh speculation is signaling the company is all set to release couple of new smartphones on September 5, at its joint media event with Microsoft Corporation (NASDAQ:MSFT). Both the phones will be running on Windows 8 operating system, according to a report. It may be recalled Nokia has issued invitations for a media event jointly with Microsoft.
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Moreover, amid daily fresh rumors circulating in the market, the stock may have experienced some short squeeze as the stock had slumped to 15-year low of $1.63 in July. The stock has gained 18.50% in the past one week and now showing bullish signal. It should be a big event for the company as investors have so much from the struggling finished phone maker.
Fred's, Inc. (NASDAQ:FRED) shares dropped 10.53% to $13.59 after the company reported second-quarter net income of $6.05 million or $0.17 per share, up from $5.09 million or $0.13 per share in the year-ago period. Total sales rose 4% to $470.82 million from $452.69 million in the prior-year period. Analysts expected the company to report earnings of $0.18 per share on revenue estimate of $466.80 million.
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Baidu.com, Inc. (ADR) (NASDAQ:BIDU) stock plunged 8.75% to $112.22 after Deutsche Bank downgraded Baidu from Buy to Hold and lowered its target price from $186 to $137. Additionally, the company has partnered with Edinburgh, Scotland-based Skyscanner to conduct its international flight search. According to the BBC, Skyscanner is the most visited flight search website in Europe. The company also has an office in Singapore.
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Anworth Mortgage Asset Corporation (NYSE:ANH) stock gained 1.21% to $6.71 after Sterne Agee upgraded shares of Anworth Mortgage from a neutral rating to a buy rating in a research report sent to investors today. The firm currently has $7.20 price target on the stock. Analysts expect that Anworth Mortgage Asset will post $0.74 EPS for the current fiscal year.
PetroChina Company Limited (ADR) (NYSE:PTR) shares fell 0.35% to $123.85 after Petrochina‘s stock had its “buy” rating reiterated by equities research analysts at Jefferies Group in a research note issued to investors today.
Additionally, the company is actively seeking acquisitions in central Asia, East Africa, Australia and Canada as it seeks to feed the growing energy demand in the country and strengthen its international presence. The company plans to boost its overseas oil and gas output to 50% of its total output in five to eight years from 9% at present.