Novatel Wireless CEO: Turnaround Nearly Complete, Traders Following Falcone

Novatel Wireless shares have surged in recent months due to the company's recent management changes and new product introductions, said the company's CEO Alex Mashinsky.
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Novatel Wireless shares have surged in recent months due to the company's recent management changes and new product introductions, said the company's CEO Alex Mashinsky. Mashinsky added that many institutional investors are also buying the stock in the wake of hedge fund manager Phil Falcone's addition to the company's board and $23 million investment in the wireless provider. He said the Verizon Jetpack MiFi 6620L will soon be the company's top product and he intends to aggressively market it internationally. Finally, Mashinsky said the company cut its losses significantly in Q3 and expects it to be profitable in the fourth quarter.