NEW YORK, November 19, 2013 /PRNewswire/ --
Market Buzz Report provides daily updates on U.S. stock markets. Here are today's top stocks to watch: Pan Global Corp(OTCMKTS:PGLO), Ariad Pharmaceuticals, Inc.(NASDAQ:ARIA), Alpha Natural Resources, Inc.(NYSE:ANR), Tesla Motors Inc(NASDAQ:TSLA), Brocade Communications Systems, Inc.(NASDAQ:BRCD)
Pan Global Corp(OTCMKTS:PGLO) announced receiving results of final engineering from Tractebel Engineering Pvt. Ltd. This receipt is a pre-closing condition for consummation of first tranche of the firm's recent announcement of acquiring 100% outstanding shares and convertible debt of Regency Yamuna Energy Limited, a privately held India corporation installing 5.7 MW small-hydro project in northern India worth Rs 671 million.
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The recommendation by Tractebel Report would aid the firm's plan to go ahead with acquisition of RYEL.
The company intent is to make sure that the project construction involves highest professional engineering standards.
Pan Asia Infratech had entered into a definitive Stock Purchase Agreement a month back for acquiring 100% outstanding shares as well as convertible debt of RYEL.
The Acquisition Agreement has details on customary representations and warranties, post-closing covenants along with mutual indemnification obligations for breach of any representation.
Ariad Pharmaceuticals, Inc.(NASDAQ:ARIA) is looking to trim spending by 35% in the next year as it hopes to bring back the cancer drug Iclusig in the market. The firm had suspended sales of the drug in previous month due to concerns over patients suffering life-threatening blood clots.
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The firm has confirmed eliminating 200 jobs and would cut costs.
Ariad may spend about $240 million to $245 million on operations in the current year. The firm has enough cash and securities for funding operations till 2015. Iclusig received approval in December as treatment for two rare types of leukemia.
Ariad had a loss of $ $66.3 million for the quarter including per share loss of 36 cents. The firm had confirmed giving pink slips to 40 percent employees by 2013 end, which would leave the company with roughly about 259 employees.
Coal producer Alpha Natural Resources, Inc.(NYSE:ANR) is looking to remove 230 people from the company for cutting costs. The company is developing plans for reducing operating as well as other expenses by about $200 million in 2014 and further.
Free Urgent Insider Catalyst Report For ANR Available Here: http://marketbuzzreport.com/index.php?code=ANR (Or Copy and paste the URL into your browser)
Spokesman Steve Higginbottom opined that the reductions are part of the firm's efforts to align company's overheads. The company has mining operations in West Virginia, Kentucky and Wyoming.
Tesla Motors Inc(NASDAQ:TSLA)'s Model S, the plug-in electric sedan marketed by the company as "the safest car in America," is being investigated by U.S. auto regulators in a possible precursor to a recall.
The investigation, following three fires in five weeks after roadway mishaps, may further lower Tesla shares. They have slid 37 percent since reaching a closing peak of $193.37 on Sept. 30, the day before the first fire.
Free Urgent Insider Catalyst Report For TSLA Available Here: http://marketbuzzreport.com/index.php?code=TSLA (Or Copy and paste the URL into your browser)
The U.S. National Highway Traffic Safety Administration announced the probe today in a website posting, saying it would look into the fire risks from the cars' undercarriages striking objects. The probe involves all 13,108 Model S vehicles, it said.
Brocade Communications Systems, Inc.(NASDAQ:BRCD) guides on page 20 of its FQ4 earnings presentation for FQ1 revenue of $540M-$560M and EPS of $0.19-$0.21, in-line with a consensus of $559.8M and $0.20. SAN (storage networking) revenue is expected to rise 3%-5% Q/Q thanks to season strength, but IP networking (Ethernet switches, routers) revenue is expected to fall 10%-17% Q/Q due to a "seasonally down quarter" for U.S. federal.FQ4 EPS was boosted by a gross margin of 67.2%, +240 bps Q/Q and +160 bps Y/Y.
Free Urgent Insider Catalyst Report For BRCD Available Here: http://marketbuzzreport.com/index.php?code=BRCD (Or Copy and paste the URL into your browser)
Also helping: an 11% Y/Y drop in sales/marketing spend to $134.1M (job cuts). R&D spend fell 1% to $89.4M. $53M was spent on buybacks, down from $100M in FQ3.SAN revenue (68% of total revenue) fell 4% Y/Y (worse than FQ3's 2% drop) due to storage industry weakness (OEM partners EMC, IBM, H-P, and NetApp have all posted weak numbers).
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