In this report: SanDisk (NASDAQ:SNDK), Hovanian Enterprises (NYSE:HOV) and Vringo’s (AMEX:VRNG).
SanDisk (NASDAQ:SNDK) has dropped over 9.4 percent today after the company lowered its first quarter revenue outlook due to softer than expected demand. The company said that it now expects revenue of $1.2 billion in the first quarter, below its previous outlook of $1.3 billion to $1.35 billion. The new prediction is also below the $1.34 billion that analysts on average predicted. Making matters worse for the company was two downgrade by analysts at RBC Capital and Caris & Co. this morning. Doug Freedman of RBC Capital cut his rating from ‘Top Pick’ to ‘Outperform’ while Craig Ellis of Caris & Co. dropped his rating on the company to ‘Above Average’ from ‘Buy’. SanDisk currently trades at $45.36 per share.
Hovanian Enterprises (NYSE:HOV) is sitting over 7.6 percent lower today after the company announced that it plans to sell 25 million shares in order to by some of its senior unsecured notes in a private transaction. The homebuilder stated that it mat also use some of the proceeds for general corporate purposes. Hovanian Enterprises currently trades at $2.18 per share.
Vringo’s (AMEX:VRNG) potential of receiving a big payday from its lawsuit against Google seemed less appealing to investors today after the stock more than double following an article by James Altucher on the weekend. The article stated that the company could be in for a big payday from its lawsuit that claims Google willfully infringed patents for technology that sorts ads based on click throughs. That technology has generated revenue of around $67 billion for Google and Vringo claims that every search engine that uses Google “is allegedly infringing on the Vringo patent and is being sued.” Vringo has dropped more than 19 percent today to a current price of $2.63 per share.
DO NOT TRADE ANY STOCK WITHOUT LEVEL 2 STOCK QUOTES! QuoteDaddy.com delivers it's user with the most in-depth Level 2 Quotation System available on the Planet! NO Downloads, NO Widgets, NO Plugins required! Stay on TOP of your trades with QuoteDaddy.com! CLICK HERE TO START YOUR FREE 30-DAY TRIAL
