Wednesday, November 7, 2012

Vringo Extends Sell Off – VRNG, OWW, AUXL, BBY, CDE

Vringo, Inc.(NYSEAMEX:VRNG) continued to be under selling pressure for the second consecutive session and lost 8% to $3.29, although off session low of $3.03. After yesterday’s favorable ruling against google, AOL and other companies, stock fell as much as 8%. The reason for the sharp fall could be because the company had been targeting much larger amount - $696 million.  

The company had initial blow last week as a judge came to conclusion that the company can’t claim damages for the period before 15 September 2011, which has washed away the company’s potential claim for the past 6 years.

Is VRNG Undervalued Now and Investors Should Buy Immediately? Find Out Here

Well, despite the recent fall, the stock is up 232% for the year so far. Moreover, last month it made an all time high of $5.73 and from there it has fallen about 40%.

Orbitz Worldwide, Inc.(NYSE:OWW) plunged 11.50%. Though Q3 EPS beat estimates, revenue fell short, and guidance for Q4 revenue of $183M-$189M is below a $191.1M consensus. Also, Q4 adjusted EBITDA guidance of $32M-$37M (down from Q3's $39.8M) suggests EPS could miss a consensus of $0.12. Q3 gross bookings fell 7% Y/Y, a big contrast to Priceline's 25% increase. Along with the report, Orbitz announced it has hired Sara Lee exec Mitch Marcus to be its new CFO - the company's last permanent CFO resigned in May.

Auxilium Pharmaceuticals, Inc.(NASDAQ:AUXL) slid 7.40% after terminating its collaboration agreement with Pfizer to develop the drug Xiapex, a treatment for Dupuytren's disease, in the European Union and certain other European and Eurasian countries. The agreement will terminate no later than April 24, 2013, after which rights to commercialize Xiapex will revert to AUXL.

Best Buy Co., Inc.(NYSE:BBY) surged 4.62%, recovering after slumping 25% since Richard Schulze first indicated an interest in buying the embattled retailer, a final deal price could go off much lower than the $24 to $26 range the ex-founder first indicated. Look for an initial offer to be announced next week with the company presenting to investors at its Analyst and Investor Day in New York City on November 13.

Has BBY Found The Bottom and Ready To Move Up? Find Out Here

Coeur d'Alene Mines Corporation(NYSE:CDE) showing recovery of 7% after slumping 21% in yesterday’s session on disappointing quarterly earnings. This morning, BMO Capital upgrades shares to Outperform from Market Perform based on valuation and expectations that issues at CDE's Palmarejo silver and gold mine in Mexico are temporary.

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