Friday, September 28, 2012

Stocks In News (STP, YUM, ENB, EGO, WMC)

Following are the notable news in Friday’s session:-

Suntech Power Holdings Co., Ltd. (ADR)(NYSE:STP) shares climbed 5.21% to $0.905 in the early hour. The company got an offer of support from the regional government in the Chinese city it’s based in after receiving a delisting warning from the New York Stock Exchange. The eastern city of Wuxi set up a task force led by Mayor Zhu Kejiang to help Suntech. The city will hold talks to ensure banks optimize credit support and provide financial services to Suntech.

Will STP Continue To Move Higher? Find out Here

Yum! Brands, Inc.(NYSE:YUM) company announced that Yum! China Division has recently opened its 4,000th KFC restaurant located in Dalian, China. Yum! has become the largest and fastest-growing restaurant company in China by pursuing a broad-based development program supported by a sophisticated supply chain infrastructure and more. shares declined 2.85% to $65.70.

Enbridge Inc (USA)(NYSE:ENB) the company announced yesterday that it has entered into an agreement with Suncor Energy Oil Sands Limited Partnership (Suncor) to expand the existing infrastructure at the Enbridge Athabasca Terminal to accommodate the incremental bitumen volumes from Suncor's Firebag 3 and 4 developments. The approximately $150 million expansion is expected to be in-service in the second quarter 2013. The stock fell 0.99% to $39.06.

Eldorado Gold Corp (USA)(NYSE:EGO) stock gained 0.07% to $15.15. Paul N. Wright, Chief Executive Officer of Eldorado Gold yesterday announced that the Preliminary Environmental License (PEL) for the Tocantinzinho Project has been granted by the Environmental Council of Para State, Brazil (COEMA). The PEL confirms the environmental feasibility of the Project and allows the Company to apply for the Construction License, the final permit needed for construction of the Project to commence.

Western Asset Mortgage Capital Corp(NYSE:WMC) the company yesterday announced that it has commenced a public offering of 12,000,000 shares of common stock. Western Asset Mortgage Capital Corporation also plans to grant the underwriters an option to purchase up to an additional 1,800,000 shares of common stock. The Company intends to use the net proceeds of the offering primarily to purchase Agency RMBS and may, at opportunistic times, also purchase its potential target assets. shares of the company declined 3.04% to $22.30.

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