Jan
24
Luna Innovations Incorporated (NASDAQ:LUNA) tumbled 31.00% yesterday on profit-taking following 89.39% to more than 3-year high on Wednesday after taking decision to sell its shape-sensing technology for medical applications to Intuitive Surgical, Inc. (NASDAQ:ISRG), enabling it to focus on the growth potential of its fiber-optic sensing business while significantly strengthening the company’s balance sheet. Pursuant to the terms of the deal, Luna will receive $12 million upfront in two tranches and almost an additional $18 million upon certain technical milestones and commercial measures.
Luna plans to sell its fiber optic shape-sensing and localization technology, including related patents, and hire a number of engineering employees formerly utilized in Luna’s medical shape-sensing business.
Arctic Cat Inc (NASDAQ:ACAT) plunged 11.00% after it posted a fall in third-quarter earnings mainly due to lower margins on snowmobile models the company had built for Yamaha and the all-terrain vehicle product mix. Further, the company reduced its outlook for 2014.
Grupo Financiero Galicia S.A. (ADR) (NASDAQ:GGAL), Banco Macro SA (ADR) (NYSE:BMA) and BBVA Banco Frances S.A. (ADR) (NYSE:BFR) each faced declines around 10% after news that a shrinking reserve of foreign currency forced the nation’s central bank, Banco De La Republica Argentina (BCRA) to stop intervening in the foreign exchange market.
Hercules Offshore, Inc. (NASDAQ:HERO) lost 15.13% to new low after Global Hunter Securities analyst Brian Uhlmer downgraded shares of HERO from a buy rating to a neutral rating, and lowered the price target from $12 to $6. The rating firm pointed to disappointing contracts for Discovery rigs, and Gulf of Mexico dayrates have reduced the upside for a business that recovered nicely last year.
The analyst said “Going into this FSR, we wanted to see: 1) meaningful contracts for the Discovery rigs; 2) a tick higher in GOM dayrates; and 3) PEMEX recontracting several of the legacy jackups set to roll in 2014, indicating to the market that its newbuild awards are not solely replacement rigs but rather incremental.”
500.com Ltd (NYSE:WBAI) and Bitauto Hldg Ltd (ADR) (NYSE:BITA) faced sharp declines as U.S.-traded Chinese stocks traded lower after a U.S. Securities and Exchange Commission judge ruled that the Chinese units of the world’s top accounting firms should be suspended from auditing U.S.-listed Chinese companies.
Tags: 500.com, ACAT, Arctic Cat Inc, BITA, Bitauto Hldg, GGAL, Grupo Financiero Galicia, Hercules Offshore, LUNA, Luna Innovations, NASDAQ:HERO, WBAI
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