In this report: PNM Resources (NYSE:PNM), MannKind Corp. (NASDAQ:MNKD), Royal Dutch Shell (NYSE:RDS-A) and Youku.com Inc. (NYSE:YOKU).
PNM Resources (NYSE:PNM) is trading more than 16.9 percent higher today after the company announced that it will sell its competitive business in Texas so that it can focus on it regulated utilities business. It is hoped that streamlining the company will help in making cash flows and earnings consistent as well as making the core of the company stronger. The company said that it will sell its First Choice Power Business to Direct Energy for $270 million in cash plus additional working capital. The deal is expected to close on November 1st if regulators approve the deal. PNM Resources went on to boost its outlook for 2011 adjusted profits to between 98 cents a share and $1.05 a share. It had previously expected to earn between 80 cents and 92 cents a share.
MannKind Corp. is sitting more than 11.3 percent higher today after it announced that its will sell senior secured discount notes which are due in 2017 in order to raise around $370 million. Proceeds from the sale will go towards development and operating capital including clinical trials of its Afrezza drug which is a type of insulin to help patients with Type 1 and Type 2 diabetes. Part of the money raised will also be used to commercialize Afrezza. MannKind’s stock currently trades at $3.54 a share, a 11.32 percent gain on the day so far.
Royal Dutch Shell (NYSE:RDS-A) is trading more than 1.4 percent lower today despite the energy giant receiving an upgraded by analysts at the Benchmark Company. The firm now rates Shell with a ‘Hold’ rating, up from ’Sell’. The analyst cited that a better valuation of the company and its enhance profitability motivated him to boost his rating.
Youku.com Inc. (NYSE:YOKU) has soared by more than 19 percent today after the company was upgraded by an analysts at Susquehanna to a ‘Positive’ rating from ‘Neutral’. The company’s stock price currently sits at $17.08, a gain of 19.39 percent.
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