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Stock Market & Financial Investment News

News Breaks
June 6, 2014
11:53 EDTVSAT, LLL, CMTL, HRSComtech 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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December 19, 2014
09:02 EDTHRSHarris awarded $18M order from Armed Forces of the Philippines
Harris Corporation has been awarded an $18M initial order to provide the Armed Forces of the Philippines with Harris Falcon III tactical vehicular radios and intercom systems. The Philippine Army will acquire the radios for its tactical communications modernization program. The order was received during the first quarter of fiscal 2015.
December 18, 2014
14:33 EDTHRSHarris awarded $50M communication system order from Middle East nation
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10:01 EDTCMTLComtech says unit awarded $1.1M contract
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December 16, 2014
06:12 EDTLLLL-3 Communications to sell MSI business to Wärtsilä for EUR285M
L-3 Communications announced that it has entered into a definitive agreement with Wärtsilä to sell its Marine Systems International, or L-3 MSI, business. The transaction is anticipated to be completed in the Q2 of FY15, subject to customary closing conditions and regulatory approvals. The transaction, with a base purchase price of EUR285M, is subject to customary adjustments and an estimated reduction of EUR60 million for L-3 MSI employee pension-related liabilities to be assumed by Wärtsilä.
December 15, 2014
16:26 EDTHRSHarris receives $38M order from Australian Department of Defence
Harris has received a $38M order to deliver Falcon III tactical radios that will provide Australia’s armed forces with reliable and secure Type-1 tactical voice and data communications. The order was awarded by the Defence Materiel Organisation of the Australian Department of Defence to support project JP2097. This project delivers enhancements to Networked Communications to meet Special Operations Command Land Mobility and Command, Control and Communications requirements. The Australian Department of Defence is acquiring AN/PRC-152A handheld and AN/PRC-117G manpack radios to provide its forces with wideband tactical networking capabilities, as well as line-of-sight, ground-to-air and tactical satellite communications. The wideband network enables operators to send and receive tactical voice, video, and data, resulting in enhanced situational awareness and real-time intelligence. In addition, the AN/PRC-152A and AN/PRC-117G provide users with interoperability through legacy narrowband waveforms.
December 10, 2014
16:22 EDTCMTLComtech backs FY15 EPS view of $1.70-$1.86, consensus $1.79
Narrows FY15 revenue guidance to $355M-$365M, consensus $359.67M.
16:20 EDTCMTLComtech reports Q1 EPS 34c, consensus 29c
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09:01 EDTHRSHarris awarded three-year $20M NOAA contract
Harris Corporation has been awarded a three-year, $20M contract by the National Oceanic and Atmospheric Administration, or NOAA, for the Geostationary Weather Satellite Antenna System program. The contract was awarded in the first quarter of Harris fiscal year 2015. Harris will provide its new WxConnect products that receive and process satellite weather observations from the NOAA Geostationary Operational Environmental Satellite R-Series Rebroadcast and Japanese HimawariCast services. These products will be deployed at eight National Weather Service locations to support a broad range of mission critical forecasting operations.
December 9, 2014
16:33 EDTCMTLComtech ends strategic review, decides to remain independent
Comtech Telecommunications announced that its board of directors has completed a review of strategic alternatives with the assistance of its financial advisor, Citibank, its legal counsel, Proskauer Rose, and its special counsel, Morris, Nichols, Arsht & Tunnell. After considering various strategic alternatives to enhance shareholder value, including a possible merger or sale of the company, the board has determined that the interests of the company and its shareholders will be best served by the company remaining independent. Comtech Chairman and CEO, Fred Kornberg, stated: “At the end of a thorough and rigorous process, our Board concluded that the company is best positioned to maximize shareholder value by continuing to execute on its strategies of enhancing its leadership positions in the markets we serve, participating in emerging technologies that enhance or expand our product portfolio, carefully pursuing acquisitions of businesses and technologies, and returning cash to our shareholders.”
December 8, 2014
13:00 EDTCMTLComtech receives $3.5M order for SATCOM equipment
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10:12 EDTCMTLComtech receives $7.4M in additional orders relating to satellite system project
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