NEW YORK (TheStreet) -- Global Sources (GSOL) was one of several stocks trading near $5 moving on above-average volume Wednesday after the business-to-business media company reported first-quarter results and announced a tender offer for nearly 15% of its outstanding shares.
Global Sources said it had first-quarter adjusted net income of $3.3 million, or 7 cents a share, nearly doubling year-ago results. Revenue slipped to $33.9 million from $34.8 million in the year-ago quarter. Looking ahead, Global Sources said it expects second-quarter revenue to rise 5% to 6% from year-ago levels.
In addition, Global Sources also announced a cash tender offer for up to $60 million of its outstanding common shares, or approximately 6.67 million shares, at a purchase price of $9 per share in cash. The tender offer represents a 31.8% premium to Tuesday's closing price.
Global Sources shares jumped by 56 cents, or 8.2%, to $7.39. Volume topped 166,000 shares, compared to the 50-day average daily volume of 101,000, according to the Nasdaq.Elsewhere, Hauppauge Digital (HAUP) rose by 13 cents, or 4.2%, to $3.20 after the company said its second-quarter loss narrowed to 9 cents a share from a year-ago loss of 17 cents a share. Revenue climbed 9% to $13.8 million, the company said. Hauppauge Digital shares rallied last week after the company said its WinTV-HVR TV tuner boards for PCs can now stream live TV over the Internet to the Apple (AAPL) iPad, iPhone and iPod touch. Volume on Wednesday topped 2.58 million shares, compared to the 50-day average daily volume of 817,000. China Architectural Engineering (CAEI), on the other hand, slumped by 13 cents, or 12.9%, to 89 cents after the company posted a first-quarter net loss of 6 cents a share, swinging from a year-ago profit of 2 cents a share. Revenue plummeted to $11.5 million from $36.3 million in the year-ago quarter. Volume topped 477,000 shares, compared to the 50-day average daily volume of 299,000.
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