Gildan Reprimanded by NYSE and 2 Stocks Hitting 52-Week Highs

Gildan Activewear (NYSE:GIL) has said in a regulatory filing that it received a letter from the New York Stock Exchange which constitutes a public reprimand by the Exchange, resulting from its failure to provide timely notification of the record date for the firm’s upcoming annual meeting scheduled for February 7th. The Exchange stated in the letter that, “The Company acknowledged that it notified the Toronto Stock Exchange, the principal trading market for the Company’s common shares, of the record date on November 8, 2012. However, due to an administrative error, the Company did not report this information to the Exchange until December 21, 2012. The Company therefore failed to make a timely notification to the Exchange pursuant to Sections 204.21 and 401.02…the Exchange [has elected to issue] a public reprimand letter to [the] listed company that has violated a listing standard as an alternative to suspending trading in or delisting the listed company.” Shares closed up 2.12 percent on the day at $36.58, having been traded in a 52-week range of $19.02 to $36.61.

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McMoRan Exploration (NYSE:MMR) saw the offer of Freeport-McMoRan Copper & Gold (NYSE:FCX) lowered for it by about 5 percent to $14.75 per share just prior to its announcement of plans to acquire the company, because of poor test results at one of McMoRan’s wells, according to an SEC filing, says Reuters. Shares closed up 1.9 percent on the day at $16.05, and have been traded in a 52-week range of $7.25 to $15.97.

WPP (NASDAQ:WPPGY): Budget reductions might be experienced by advertising agencies, as the fiscal cliff impacts advertisers, according the Wall Street Journal. If there is no Congressional budget deal, “further belt tightening” in the advertising and media business will likely occur, said Chief Executive Laura Desmond of Starcom MediaVest, which is a media buying major owned by Publicis Groupe (PUBGY). Shares closed up 2.17 percent on the day at $72.90, having been traded  traded in a 52-week range of $51.70 to $72.74.

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