The top pre-market NASDAQ Stock Market gainers are: Technology Research, SORL Auto Parts, Gulf Resources, Magic Software Enterprises, and Lululemon Athletica. The top pre-market NASDAQ Stock Market losers are: Apollo Group, Anadigics, Alliance Holdings GP, CryptoLogic, and Silicon Image.
Technology Research Corp. (TRCI) stock jumped 40.23 percent to $7.18 in the pre-market trading, as it agreed to be acquired by Coleman Cable, Inc. (CCIX) for $7.20 a share in cash, or a total of about $51.5 million on a fully diluted basis. Technology Research said its board of directors recommend its shareholders to tender their shares in the offer contemplated by the merger agreement. Coleman owns 323,710 TRCI shares, or about 4.9 percent of TRCI's outstanding shares.
Under the terms of the agreement, it is anticipated that Coleman will commence a tender offer for all of the outstanding shares of Technology Research on April 11. The tender offer will not be closed until the conclusion of the go shop period.
SORL Auto Parts, Inc. (SORL) stock grew 8.18 percent to $7.01 in the pre-market trading, as its fourth quarter earnings exceeded Street view. Profit was $5.9 million or 31 cents a share, up from $5.6 million or 30 cents a share last year. Sales rose 19.4 percent to $54.8 million. Analysts had expected profit of 23 cents a share on revenue of $50.72 million. For the first quarter, the company expects sales of about $50 million and earnings of $4.6 million, while Street predicts sales of $48.43 million.
Gulf Resources, Inc. (GFRE) stock increased 7.43 percent to $5.93 in the pre-market trading. The company expects fiscal 2011 earnings of $64 million to $66 million, representing growth of 24.8 percent to 28.7 percent from last year, and revenue of $195 million to $198 million, representing growth of 23.2 percent to 25.1 percent from last year.
Magic Software Enterprises Ltd. (MGIC) stock rose 3.72 percent to $6.69 in the pre-market trading. The company said Oxalys Technologies chose Magic Software's uniPaaS application platform to develop new business applications. Oxalys decided to continue its long association with Magic Software because of the superior Rich Internet Application (RIA) development and deployment capabilities of uniPaaS. Oxalys Technologies will use Magic Software's uniPaaS RIA solution to develop and deploy applications for automating and processing their key e-Purchasing tasks.
Lululemon Athletica Inc. (LULU) stock gained 2.62 percent to $87.50 in the pre-market trading. The company said its board has approved a two-for-one stock split of its common stock. The board also approved a two-for-one split of the company's Special Voting Stock. Further, the company's board also approved an increase in its authorized common stock to 400 million shares from 200 million shares, and an increase in its authorized Special Voting Stock to 60 million from 30 million.
The company said its stockholders will have the opportunity to approve the stock split and proposed share increase at its annual meeting expected to be held on June 8, 2011. Upon stockholder approval of the stock split and the proposed increase in the authorized number of shares, the stock split will be implemented as soon as practicable following the annual meeting.
Apollo Group Inc. (APOL) stock plunged 8.50 percent to $38.75 in the pre-market trading, as its second quarter new student enrolments nearly halved and forecast sharp revenue declines through 2012 as the company reels under the impact of a tighter regulatory environment. For fiscal 2011, the company expects revenue of $4.65 billion to $4.75 billion and adjusted operating income of $1.15 billion to $1.20 billion, while Street predicts revenue of $4.69 billion. For the fiscal 2012, the company expects adjusted operating income of $675 million to $800 million and revenue of $4.0 billion to $4.25 billion, while Street predicts revenue of $4.52 billion.
Apollo reported second quarter loss from continuing operations of $66.6 million or 47 cents a share, compared to earnings of $103.24 million or 67 cents a share last year. Adjusted earnings from continuing operations were $118.18 million or 83 cents a share, down from $130.12 million or 84 cents a share last year. Revenue declined to $1.05 billion from $1.07 billion. Analysts had expected profit of 69 cents a share on revenue of $1.03 billion. University of Phoenix Degreed Enrollment fell 11.6 percent to 405,300 as new Degreed enrollment plunged 44.9 percent.
Apollo believes the decline in New Degreed Enrollment is primarily the result of the operational changes and initiatives it has implemented to more effectively support students and improve educational outcomes, including changes in the manner in which admissions and other employees are evaluated and compensated, the full implementation of University Orientation, and the continued refinement of the company’s marketing approaches to more effectively identify students who have a greater likelihood to succeed in University of Phoenix’s educational programs.
Anadigics, Inc. (ANAD) stock plunged 7.53 percent to $4.30 in the pre-market trading. The company announced the resignation of president and chief executive officer Mario Rivas and senior vice president Greg White. Ron Michels, who was the senior vice president, chief technology and strategy officer, will assume the responsibilities of the chief executive officer.
Anadigics said Tom Shields, who currently serves as EVP & chief financial officer , will assume the additional post of chief operating officer and John Van Saders, who was the VP advanced technology, will serve as senior vice president, RF Products. The company also said its first quarter revenue guidance remains on track with previous forecast of $42 million to $44 million, while Street predicts $43.13 million.
Alliance Holdings GP, L.P. (AHGP) stock fell 5.12 percent to $53.70 in the pre-market trading. The company announced the commencement of a secondary underwritten public offering of 2.75 million common units representing limited partner interests in AHGP by certain selling unitholders. The selling unitholders expect to grant the underwriters a 30-day option to purchase up to an additional 412,500 common units. The company will not receive any of the proceeds from this offering and the number of outstanding common units of AHGP will remain unchanged.
CryptoLogic Ltd. (CRYP) stock decreased 5.09 percent to $2.05 in the pre-market trading.
Silicon Image, Inc. (SIMG) stock declined 5 percent to $9.31 in the pre-market trading.