Avx Corp. Settlement Reached and 4 Stocks Falling to 52-Week Lows
Accuride Corporation (NYSE:ACW): As of September 30, 2012, Accuride Corporation had $20.3 million in cash with $20 million outstanding on the $100 million commitment of the Assest Based Lending revolver or ABL. Strong cash generated from operations during the third quarter was offset by the $14.7 million semi-annual interest payment on senior secured notes and capital expenditures. Their shares closed at $3.17, down $1.39 or 30.48% on the day. They have traded in a 52-week range of $4.49 to $9.14.
Atmel Corp. (NASDAQ:ATML): Atmel Corp. and Labelec SA, a subsidiary of Electricidade de Portugal, or EDP, announced that the two companies have signed a Memorandum of Understanding, or MoU, to develop smart grid solutions using the inter-operative powerline communication (PLC) standard powerline intelligent metering evolution, or PRIME, standard. This MoU is the industry’s first agreement between a distribution system operator, or DSO, and the technology provider for developing technology solutions using the PRIME standard. Prior to a mass smart grid roll out in the short term, Atmel and Labelec SA will collaborate on field tests and support so that they can determine the best solutions using PLC PRIME technology for the Portuguese market. Portugal will potentially serve seven million smart grid users. Their shares closed at $4.85, down $0.17 or 3.39% on the day. They have traded in a 52-week range of $4.98 to $11.72.
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Avnet (NYSE:AVT): After the company reported that their first quarter earnings per share and revenue would be significantly below analysts’ consensus estimates, Avnet, which distributes various technology components and products, is declining. The company blamed several factors for the shortfall, including better than expected sales in Asia where their profit margins are relatively low, and weaker sales in Western regions where their profit margins are higher. Sales at Avnet’s Technology Solutions unit also came in below expectations. In a note earlier today to investors, research firm Oppenheimer wrote that NetApp’s (NASDAQ:NTAP) shares could be negatively affected by Avnet’s weaker than expected results, as Avnet accounted for about 14% of NetApp’s revenue from May-July. Their shares closed at $27.33, down $1.24 or 4.34% on the day. They have traded in a 52-week range of $26.78 to $37.03.
Avx Corp. (NYSE:AVX): The Department of Justice, on behalf of the United States and Massachusettes Environmental Protection Agency, along with the Massachusetts Attorney General’s Office, said they have reached a settlement with AVX Corp. for $366.25 million plus interest regarding the New Bedford Harbor Superfund Site, in New Bedford, Mass. The settlement follows an April 18 enforcement order issued by the EPA to AVX for them to continue the ongoing cleanup work at the Harbor Site. The “cash-out” settlement will be paid to the United States and the commonwealth, jointly, and retained by the EPA for use at the Harbor Site. Their shares closed at $9.36, down $0.03 or 0.32% on the day. They have traded in a 52-week range of $9.20 to $14.33.
Cypress Semiconductor (NASDAQ:CY): Cypress Semiconductor announced the completion of their initial tender offer for all of the outstanding stock of Ramtron International Corporation (NASDAQ:RMTR). The initial offering period expired at 12:00 midnight, New York City time, on October 9, 2012. Computershare Inc., the depositary for the tender offer, has advised Cypress that at that time, 23,290,666 shares had been validly tendered and not withdrawn. This represents shares beneficially owned by Cypress, a total of approximately 70% of Ramtron’s outstanding stock. An additional 559,785 shares were tendered, subject to guaranteed delivery procedures, representing approximately 2% of Ramtron’s outstanding stock. All shares validly tendered and not withdrawn were accepted for payment. Their shares closed at $9.95, down $0.45 or 4.33% on the day. They have traded in a 52-week range of $10.21 to $20.50.
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