CFO’s share buy pushes Calix shares up
Last week, director of the telecom equipment manufacturer Calix, Inc.(NYSE:CALX) had disclosed that he was buying 31,117 shares. Yesterday, Chief Financial Officer Michael Ashby disclosed in a regulatory filing that he was buying 50,000 shares at $278,500 which resulted in the stock moving up. Even before this purchase, Ashby was the 10th largest shareholder, owning 3 percent of the company’s outstanding stock or 1.4 million shares. Generally, stock purchases by high level management and board members are considered as signs of confidence.
In July, the Petaluma, California based company had lowered its guidance on reduced spending by customers owing to the weakness in the economy.
Yesterday, shares of the company climbed 7 percent or 39 cents to $5.86 on Tuesday. In August, the stock had hit an all time low of $4.25. Calix had debuted on the bourses in March 2010 at the IPO price of $13.
McDonald’s key sales figure rises
Meanwhile, McDonald's Corporation(NYSE:MCD)’s has said that a key sales figure rose 3.7 percent in August and stressed on the importance of its value food items in these times when the global economy is going through a tough phase.
The fast food chain’s best performance came from the AsiaPac region, the Middle East and Africa with revenues rising by 5.7 percent in stores which have been functioning for at least 13 months.
Strong sales of breakfast and value items in the U.S., U.K., France and Russia also resulted in gains for the company.
Shares of the Oakbrook, Illinois based company had fallen slightly on Tuesday.