Apple Inc. Shares Rise After Galaxy Launch - Futures Indicate Lower Open as the Market Takes Back Some of its Gains
NEW YORK, March 18, 2013 /PRNewswire/ --
Apple shares hit an unusual high of $444.23 in intra-day trading on Friday; the highest point the stock has reached in two weeks. On Thursday, Apple's chief competitor, Samsung Electronics Co., launched its new top-of-the-line smartphone model - the Galaxy S IV. Shares of Apple closed up 2.58% at $443.66 on Friday.
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Team, Inc. (NYSE: TISI) - Team, Inc. was one of the biggest decliners on the NYSE on Friday. The stock fell more than 19% at the close. The big drop came after the Company cut its FY13 outlook. The Company announced that it is lowering its earnings guidance for its fiscal year ending May 31, 2013 to a range of $1.70 to $1.85 per fully diluted share. Team, Inc. provides specialty maintenance and construction services for maintaining high temperature and high pressure piping systems and vessels that are primarily utilized in heavy industries. The stock closed at $37.45 on Friday.
Ulta Salon, Cosmetics & Fragrance, Inc. (Nasdaq: ULTA) - ULTA shares sank to a new 52-week low of $72.51 on Friday. At the close shares were down 16.10% closing at $74.14. The big drop came after the Company revealed a weak first-quarter outlook late Thursday. On Thursday shares fell 11% in after-hours trading. Ulta forecasted a Q1 EPS of 60-63 cents, well below analyst estimates of 72 cents. Ulta sees Q1 sales of $568 million to $577 million, below forecasts for $579.7 million. Oppenheimer downgraded its rating on Ulta from "outperform" to "perform".
Ambow Education Holding Ltd. (NYSE: AMBO) - Ambow Education Holding Ltd. was one of the biggest advancers on the NYSE on Friday. The stock closed up 53.47% at $1.55 on trading volume, nearly fifteen times higher than the stock's average. Before the sudden advance, shares hit a new 52-week low of $0.95 in intra-day trading. The stock surged on a rumored buyout offer. Ambow provides educational and career enhancement services in the People's Republic of China.
Suntech Power Holdings Co. Ltd. (NYSE: STP) - Shares of STP saw unusual gains on Friday, hitting as high as $0.87 in intra-day trading. Friday was the deadline for Suntech to make a $541 million payment to bondholder Trondheim Capital Partners LP. Trondheim Capital Partners said it would sue the Chinese solar panel maker if it failed to make the principal payment on $541 million of bonds. Suntech said on Thursday that it would continue to work with its lenders on restructuring the debt, but had no plans to make payments. STP closed up 4.48% on Friday.
Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX) - Progenics Pharmaceuticals was one of the biggest gainers on the Nasdaq composite on Friday. Shares closed up 28.99% on Friday and hit as high as $4.94 in intra-day trading. The Company beat Wall Street's expectations and also beat the revenue expectation. Revenue rose 303.64% to $8.88 million from the year-earlier quarter. The Company reported adjusted EPS loss of $0.01 per share, beating the mean analyst estimate of $-0.31. It beat the average revenue estimate of $1.16 million. Trading volume on Friday at a little over 4 million shares was roughly sixteen times higher than the stock's average. The Company engages in research and development of biotechnology product candidates in the areas of oncology, virology, supportive care, and gastroenterology worldwide.
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