THT Heat Tranfer Technology (THTI) soared more than 40% to a one-year high of $1.89 on Friday on higher-than-average volume. The stock amassed a volume of 1,580,293, more than 53 times its average of 29,657. It hit a low of $1.10 for the day and holds a one-year low of 77 cents. THT Heat Transfer Technology closed at $1.55, up 36.02% from its previous close of $1.14.
Freeport-McMoRan Copper & Gold (FCX) dips on Friday after the Democratic Republic of the Congo, the largest copper producer in Africa, announced to miners that it would start an electricity-rationing program and that its state-run power company would cease signing new contracts. The restrictions are due to a power shortage in the nation that will take years to solve, according to BusinessWeek. Freeport-McMoRan said Friday that the rationing should not affect its short-term operations, specifically the enormous Tenke Fungurume Mining project in Katanga, but future expansion plans would need a stable energy supply, according to Reuters.
Tesla (TSLA) will not be building its Gigafactory in California, according to a report in The Los Angeles Times. The report states that Tesla has rule the Golden State out of contention as the home of its Gigafactory, which will cost $4 billion to $5 billion and employ 6,500 people. Neither the company nor the state offered a concrete reason, but the report states cost, specifically real estate prices, and politics are the two main reasons. Tesla is now looking at 500-acre to 1,000-acre locations in Arizona, Nevada, New Mexico and Texas.
Omnicom Group (OMC) rises on Friday after news that Instagram, which Facebook FB purchased for $750 million in 2012, had closed a $100 million deal with the advertising group. Advertising Age reported that the two sides had reached a deal to allow Omnicom-represented brands to show advertisements on Instagram users' feeds. The two sides confirmed the partnership, Instagram's first with a major ad agency, but would not disclose the terms of the deal. Instagram noted in a statement the deal would not alter its advertising strategy and that the ads would be consistent with the user-generated content on the service. According to the report, a given ad in a user's stream would be controlled so that it remains for an extended period of time (one executive said more than a day) even if the user logs out and in again.
Facebook (FB) dips despite the news that Instagram, which Facebook bought for $750 million in 2012, had reached a $100 million deal with Omnicom Group OMC. Advertising Age reported that the two sides had reached a deal to allow Omnicom-represented brands to show advertisements on Instagram users' feeds. The two sides confirmed the partnership, Instagram's first with a major ad agency, but would not disclose the terms of the deal. Instagram noted in a statement the deal would not alter its advertising strategy and that the ads would be consistent with the user-generated content on the service. According to the report, a given ad in a user's stream would be controlled so that it remains for an extended period of time (one executive said more than a day) even if the user logs out and in again.
Analogic (ALOG) plunges after the company, which provides technology for medical imaging, security and ultrasounds, reported second-quarter results that fell short of analysts' expectations despite a surge in profits. The Peabody, Mass.-based reported a profit increase to $19.3 million, or $1.53 a share, from $9.8 million, or 78 cents a share, in the same period one year earlier. These figures included tax benefits of $8.8 million, or 69 cents a share, chiefly linked to tax reduction expected to be payable in the future associated with Canadian operations. Adjusted earnings totaled $14.8 million, or $1.17 a share. Revenues climbed 2% year over year to $141.4 million from $138.6 million. Analysts expected earnings of $1.20 per share on revenue of $151.71 million, according Thomson Reuters. Gross margin improved to 43% from 40%. Analogic also announced it closed its manufacturing operations in Denver and would close a facility in Vancouver by the end of the fiscal year. Analogic updated its guidance for the full year 2014 and now expects revenues and operating margin to be approximately flat with 2013; the company previously anticipated revenue growth in the high single digits compared to 2013.
E-House China Holdings (EJ) hit a one-year high of $16.17 as of 1:07 p.m. on Friday in advance of the company's upcoming earnings report. The Chinese real estate services company announced that it would report its fourth-quarter and full-year results for the fiscal year 2013 ended Dec. 31, 2013 before the market opens on Tuesday, March 11. By 1:15 p.m., the stock had amassed a volume of more than 4.5 million, more than double its average of 2,042,220.
MasterCard (MA) and Visa (V) were both rising slightly in early afternoon trading after the two credit card companies announced the creation of a cross-industry group to fortify payment system security across networks.The joint venture comes after security breaches at multiple U.S. retailers, most notably Target (TGT) in late 2013 that involved the theft of 40 million credit and debit card records. The new group will incorporate representatives from the retail, financial and equipment manufacturing industries. The group will initially revolve around 'EMV' chip technology in the U.S., according to the companies' statement. Europe and Asia already use EMV, which stores information on computer chips rather than on the typical magnetic strips on credit and debit cards. EMV stands for Europay, MasterCard and Visa, the companies that initiated the technology. The two companies set a deadline of Oct. 2015 for U.S. companies to adopt the EMV technology, which is more difficult to counterfeit and which would offer better encryption to protect data. EMV cards could also mandate users to input personal identification numbers for extra security. Banks and retailers, though, have taken their time with the mandatory upgrade thanks to debate over which entity should handle the cost, which experts say could be as much as $10 billion, according to Reuters.
Coupons.com (COUP) skyrocketed nearly 90% to $30.15 at 11 a.m. on Friday, the company's first day of public trading. The Mountain View, Calif.-based company, which sells digital coupons to customers, sold shares to investors at $16 each, up from the range of $12 to $14 when the company announced its plans for an initial public offering in October. Coupons.com sold 10.5 million shares for $168 million. Coupons.com had amassed a volume of more than 6 million at 11 a.m. The company's revenue spiked 50% to $167.9 million in 2013, but it continues to operate at a loss with a net loss of $11.2 million. During 2012, the company lost $59.2 million.
Korn/Ferry International (KFY) rises on Friday after the world's largest executive search firm announced third-quarter results that surpassed analysts' expectations. The company reported earnings per share of 43 cents, which surpassed the consensus estimate of 34 cents and marked a year-over-year increase from 31 cents. Korn/Ferry reported revenue of $250.9 million, which beat the consensus estimate of $229.23 million and represented a 19.3% year-over-year increase. The company also issued guidance of 35 cents to 41 cents a share for the fourth quarter, which was in line with the Capital IQ consensus estimate.