Vringo, Inc.(NYSEAMEX:VRNG) shares continued to show high volatility in Thursday’s session after a slump of 36% in the previous trading session. Yesterday, the stock saw a slump of as much 59% at around 3 PM to $1.75 and then recovered back to $2.56 level. Following the couple of circuit breaks, the stock was halted for the final hour for pending news.
After the market close, the company announced that the court has came to conclusion that VRNG can’t claim any damages against Google for the period before September 15, 2011 and hence the damages should be calculated beginning on September 15, 2011. So what VRNG has lost potentially? If the company win the ruling, it have to forgo 5 years of potential claims. Although, the amount of damages are still uncertain the company is owed $500 million, as Vringo said.
Shares of VRNG are up 10% to $2.82 after moving within a wide range of $2.17-$3.06 in today’s session so far.
Cirrus Logic, Inc.(NASDAQ:CRUS) shares slumped 10% to $36.73, although off session low of $34.12. The negative stock movement is bit surprising considering the company posted solid third quarter earnings and guided above analysts’ target for the current quarter. The only problem seems logical is the company’s estimate of falling margin to 50% and 52% in the current quarter from 52% last quarter, because, as the company detailed in an accompanying letter to shareholders, Cirrus is encountering higher-than-expected costs from new parts and “increased pricing pressure.”
This morning, analyst at Feltl & Co. downgraded the stock to Hold from Strong Buy and trimmed the price target by $10 to $44, stating that getting an increasing amount of business from Apple — it was 79% of revenue last quarter — may produce pressure on prices for an extended period.
Golar LNG Limited (USA)(NASDAQ:GLNG) rose 11% after an SEC filing announces it reached an agreement with Keppel Shipyards to develop its first floating liquefied natural gas production vessel. GLNG has already converted three Moss carriers into floating storage and regasification units, of which Keppel has converted two.
Ross Stores, Inc.(NASDAQ:ROST) lost 7% after the retailer issues a sales report and guidance a bit too soft for what investors seemed to be expecting. On a prerecorded sales call, the company says Juniors and Accessories were its best-performing category in Q3 as it boosts its EPS outlook to $0.71 to $0.72 for the period.
General Motors Company(NYSE:GM) October U.S. sales: +4.7% to 195,764, falling short of the consensus estimate of 7.8%. GM passenger cars were up 15% Y/Y, outpacing sales of crossovers and trucks easily. On the retail side, Buick sales rose 15.4% and Cadillac was up 16%, offsetting a sluggish 4.6% gain in Chevrolet. The automaker reports a 98 day supply of inventory.
Yesterday, the stock was up 9% on robust earnings.