Monday's Late Winners & Losers
Monday's relatively quiet after-hours session saw mixed results, and among the big winners was rechargeable-battery maker China BAK Battery (CBAK), which leapt more than 30% on the possibility of a big-time deal.
BAK said it inked a non-binding letter of intent toward a signing a definitive supply contract with computer giant Hewlett-Packard (HPQ). Should an agreement result, BAK will allocate at least half of its monthly cylindrical lithium-ion battery-cell manufacturing capacity to H-P, which will use the products in its notebook-computer batteries. BAK shares were recently up $1.28 to $5.49; H-P ticked up 27 cents at $48.70.
STEC (STEC), which makes flash-memory products, among other things, surged 8.3% to $7.31 on better-than-expected earnings. The Santa Ana, Calif., company posted a nickel-a-share profit, or 3 cents higher than Wall Street expectations, according to Thomson Financial. Third-quarter guidance also leans to the higher end of consensus.
Shares of Luminent Mortgage (LUM), however, took more punishment after the beleaguered mortgage investor reported it has gotten default notices from eight more repo lenders. These, in turn, triggered a default under the asset-backed commercial paper issued by a Luminent affiliate and may catalyze another default regarding an indenture relating to $90 million in Luminent convertible senior bonds.The news come on the heels of last week's damaging revelation that Luminent received default notices from two other repo lenders. Shares of the San Francisco-based company plummeted 39.8% to 59 cents.
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