Cyprus Secures Bailout but Major Exchanges still Decline. Shares of BlackBerry Take a Tumble after Downgrade
NEW YORK, March 26, 2013 /PRNewswire/ --
Cyprus reached a deal to avoid financial meltdown on Monday but comments from a top Euro Zone official Jeroen Dijsselbloem indicated that trouble in other regions may not be over. After a disappointing launch of the Company's new touchscreen in the U.S., shares of BlackBerry were downgraded by Goldman Sachs on Monday. Simona Jankowski said in a research note that retail checks at over 20 store locations since March 22, including AT&T, Best Buy and Radio Shack, revealed a surprising lack of marketing support and poor positioning of the new Z10 touchscreen BlackBerry. Goldman Sachs downgraded BBRY to "neutral" from "buy" and Jankowski lowered her 12-month target on the stock from $19 to $17. Blackberry closed down 4.56% at $14.23.
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Veeco Instruments Inc. (Nasdaq: VECO) - Shares of VECO hit a new 52-week high on Monday at $40.34. Trading volume yesterday was also significantly higher than the stock's average of 598,121 shares. Together with its subsidiaries, the Company designs, manufactures, and markets various equipments to make light emitting diodes (LEDs) and hard-disk drives worldwide. Veeco announced last week that the world record for energy efficiency of a commercial-ready production solar cell by Solar Junction was achieved on its Dual GEN200® Molecular Beam Epitaxy (MBE) System. VECO closed at $37.93, up 8.50%.
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Stereotaxis Inc. (Nasdaq: STXS) - Sterotaxis was one of the most active stocks on the Nasdaq composite on Monday. The Company announced yesterday that it has received regulatory approval of its Niobe(R) remote magnetic technology for cardiac ablations in Japan. This is a critical milestone in securing full market entry into the country. Approval by the Pharmaceuticals and Medical Devices Agency, Japan's is equivalent to the U.S. Food and Drug Administration. The company also received notice on March 20 from the Nasdaq Stock Market that the company was not in compliance with the market's rule that it must have $50 million in total assets and total revenues for the most recently completed fiscal year or for two of the last three most recently completed fiscal years. Shares of STXS closed up 33.52% at $2.39.
Apollo Group Inc. (Nasdaq: APOL) - Shares of APOL saw a boost on Monday trading as high as $19.63 in intra-day trading - a premium to its 50-day moving average of $18.10. The boost on Monday could have been contributed to the Company's 2013 outlook. Excluding one-time items, calls for net revenue of $3.65 billion to $3.75 billion on operating income of $500 million to $550 million. Analysts, on average, were expecting current-year revenues of $3.73 billion. Shares of APOL closed up 7.10% at $18.25. The stock has a 52-week trading range of 15.98 - 43.80. Trading volume on Monday at roughly 15 million shares traded was about five times higher than the stock's average of 2,734,290 shares. The Company, through its subsidiaries, provides online and on-campus educational programs and services at the undergraduate, masters, and doctoral levels.
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Idenix Pharmaceuticals Inc. (Nasdaq: IDIX) - IDIX was one of the biggest decliners on the Nasdaq composite on Monday. The stock closed down 19.78% at $3.69. In intra-day trading the stock even went as low as $3.40, just five cents above its 52-week low. Shares tumbled after the Company released a PR announcing that the U.S. Patent and Trademark Office determined a competitor was the first to request a patent for a hepatitis therapy. The patent dispute covers certain 2'-methyl-2' fluoro nucleoside compounds used in hepatitis-C treatment and waas filed by Idenix last March. The U.S. Patent and Trademark Office determined that Gilead (Nasdaq: GILD) is the senior party and that Idenix is the junior party.
USG Corporation (NYSE: USG) - USG corporation shares sank on Monday on significantly high trading volume. The stock traded roughly 7.6 million shares yesterday in comparison to about 1.7 million shares. USG announced last Friday that its Board of Directors amended the Corporation's existing stockholder rights plan to lower the ownership threshold to a level that could provide protection to USG's net operating loss carryforwards ("NOLs") and related deferred tax assets. The Company through its subsidiaries engages in the manufacture and distribution of building materials worldwide. Shares closed at $26.91 down 8.53%.
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