In this report: Pacific Ethanol (NASDAQ:PEIX), Mitel Networks (NASDAQ:MITL) and Flotek Industries (NYSE:FTK).
Pacific Ethanol (NASDAQ:PEIX) has soared for a second straight day after the company announced that it has purchase and additional 7 percent ownership in New PE Holdco. The company forked out $4.5 million for the 7 percent stake in the company and brings its total ownership interest to 27 percent. The company originally purchased a 20 percent stake in New PE Holdco on October 6th, 2010 for $23.3 million. Pacific Ethanol is trading over 9 percent higher today and currently trades at $1.48 per share.
Mitel Networks (NASDAQ:MITL) has rallied by more than 23 percent today after the company announced its second quarter financials yesterday after the markets closed. The company reported a net income of $13.3 million, or 24 cents per share for the second quarter, up 50 percent from last years $9.1 million, or 16 cents per share. Revenue during the period rose to $168.8 million from last years $161.1 million. The company beat analyst expectations by 7 cents per share and topped revenue estimates. For the third quarter the company expects to see revenue of $164 to $170 million with a gross margin of 49.4 to 49.9 percent.
Flotek Industries (NYSE:FTK) is trading over 9.5 percent higher today after the company received a ‘Buy’ rating from Global Hunters. The firm initiated the positive rating on the company on Friday which helped pushed its stock to its current price of $9.85 per share.
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