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Stock Market & Financial Investment News

News Breaks
June 6, 2014
11:53 EDTCMTL, VSAT, HRS, LLLComtech hits 52-week high after beating estimates, raising FY14 outlook
Shares of Comtech (CMTL), which produces and markets products, systems and services for advanced communications solutions, are rising after the company’s third quarter results surpassed expectations, and it raised its fiscal 2014 outlook. WHAT'S NEW: Last night, Comtech reported Q3 earnings per share of 32c and revenue of $88.9M, beating the consensus views of 18c and $77.5M, respectively. WHAT’S NOTABLE: Comtech raised its FY14 EPS outlook to $1.25-$1.30 from $1.14-$1.26, compared to consensus of $1.19. It also boosted its FY14 revenue view to $342M-$346M from $325M-$345M, versus consensus of $334.97M. FY14 adjusted EBITDA is expected to be in the range of $58M-$60M. The company cited its year-to-date results and anticipated fourth quarter performance for the revision. PRICE ACTION: In late morning trading, Comtech rose $4.46, or about 13.53%, to $37.45 on nearly three times its average daily trading volume. Earlier in the session, the stock hit a new 52-week high of $37.26. Including today’s advance, the stock has gained over 42% over the past twelve months. OTHERS TO WATCH: Other companies in the advanced communications space include ViaSat (VSAT), Harris Communications (HRS), and L-3 Communications (LLL).
News For CMTL;VSAT;HRS;LLL From The Last 14 Days
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August 26, 2014
08:12 EDTVSATViaSat announces over 3000 orders for MSS terminals
Customers are beginning to place advance orders for next-generation Mobile Satellite Services, or MSS, terminals from ViaSat for operation over the recently announced ViaSat worldwide L-band network. The orders, totaling 3,150 terminals, include a mix of both fixed-site machine-to-machine and airborne units that are scheduled for delivery next year. Vehicular, maritime, and asset tracking terminals are also available for advance order.
August 25, 2014
18:20 EDTCMTLComtech up 3% after confirming pursuit of strategic alternatives
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17:37 EDTCMTLComtech to resume trading at 5:50pm ET
Quotes resume at 5:45pm ET.
17:23 EDTCMTLComtech confirms it is exploring strategic alternatives
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16:29 EDTCMTLComtech trading halted, pending news
16:13 EDTCMTLOn The Fly: Closing Wrap
Stocks began the session in positive territory and proceeded to tack on gains throughout the morning. Despite a disappointing report on new home sales in July, the S&P surpassed the 2,000 level for the first time before noon. The market pared its gains shortly after the milestone was reached and drifted for the remainder of the session on light volume, as trading activity may be restrained all week ahead of the Labor Day weekend. ECONOMIC EVENTS: In the U.S., the Chicago Fed's National Activity index jumped to 0.39 in July from an upwardly revised 0.21 in June. Markit's preliminary August services PMI came in at 58.5, which was down from a prior reading of 60.8 but above the 58.0 consensus projection. New home sales dropped 2.4% to a 412K rate in July, missing expectations for them to have risen to a 430K annualized rate. COMPANY NEWS: Shares of InterMune (ITMN) surged $19.05, or 35.41%, to $72.85 after the company agreed to be acquired by Roche (RHHBY) for $74.00 per share in an all-cash transaction. The deal announcement comes less than two weeks after Bloomberg reported that Roche, along with big pharma peers Sanofi (SNY) and GlaxoSmithKline (GSK), had made takeover bids for the smaller drugmaker. A number of other biotech companies gained following the deal announcement, including bigger names like Gilead (GILD) and Celgene (CELG) and smaller ones such as Achillion Pharmaceuticals (ACHN) and Receptos (RCPT)... Burger King (BKW) shares rose $5.29, or 19.51%, to $32.40 after the company confirmed it is in talks regarding a potential strategic transaction with Canadian donut chain Tim Hortons (THI). Shares of Tim Horton's trading in New York also gained $11.88, or 18.91%, to $74.72 following the confirmation of news first reported by The Wall Street Journal. MAJOR MOVERS: Among the other notable gainers was Advaxis (ADXS), which advanced 75c, or 23.08%, to $4.00 after announcing it has entered into a clinical trial collaboration agreement with Merck (MRK). Also rising were shares of Comtech (CMTL), which jumped $1.70, or 4.84%, to $36.81 after Reuters said the company is working with Citigroup to explore a potential sale. Among the noteworthy losers was Chinese internet and software company Qihoo 360 Technology (QIHU), which fell $7.88, or 7.74%, to $93.87 despite reporting second quarter earnings and revenue that beat analysts' estimates. Also lower were shares of GrubHub (GRUB), which fell $3.60, or 8.42%, to $39.16 after filing to sell 10M shares of common stock. INDEXES: The Dow gained 75.65, or 0.44%, to 17,076.87, the Nasdaq rose 18.80, or 0.41%, to 4,557.35, and the S&P 500 advanced 9.54, or 0.48%, to 1,997.94.
15:50 EDTCMTLComtech said to explore potential sale, Reuters says
Comtech, a maker of communications equipment, is exploring a sale with the help of Citigroup, says Reuters, citing sources.The company has received preliminary expressions of interest in recent weeks, added Reuters. Shares of Comtech are up approximately 6% to $37 in late afternoon trading. Reference Link
15:45 EDTCMTLComtech volatility spikes, said to explore potential sale
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15:38 EDTCMTLComtech said to explore potential sale, Reuters says
Comtech said be working with Citigroup to explore potential sale, Reuters says, citing sources.
09:04 EDTHRSHarris raises quarterly dividend 12% to 47c per share
The Board of Directors of Harris Corporation has increased the quarterly cash dividend by 12% from 42c per share to 47c per share and declared a quarterly cash dividend of 47c per share, payable Sept. 23, 2014, to shareholders of record Sept. 9, 2014. The annualized cash dividend will increase from $1.68 per share to $1.88 per share. This action represents the company’s 13th consecutive annual dividend increase.
August 20, 2014
09:01 EDTHRSHarris receives Type-1 NSA certifaction for Falcon III RF-340M
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