Best Buy Revenue Dips and 3 Stocks Falling to 52-Week Lows
Best Buy Co.’s (NYSE:BBY) domestic segment revenue decline mirrored a 4 percent comparable store sales decrease, along with the impact of store closures. Also, international comparable store sales fell by 5.2 percent, while comparable store sales growth in Europe was more than outweighed by declines in Canada and China. Shares closed down 13.02 percent on the day at $11.96, but have traded in a 52-week range of $13.52 to $28.53.
Trina Solar Limited (NYSE:TSL) believes that its overall gross margin for the fourth quarter, as it notes wafer and cell quantities outsourced from third party suppliers to satisfy demand in excess of its internal capacity and other requirements, will be about the same as that in the third quarter. This guidance is calculated on the exchange rate between the euro and dollar as of November 22nd. The firm has revised its fiscal year 2012 expectations for total PV module shipments to be between 1.55 and 1.6 gigawatts compared to its prior guidance of 1.75 to 1.8 gigawatts. Shares closed down 8.75 percent on the day at $2.19, having been traded in a 52-week range of $2.17 to $12.19.
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Momenta Pharmaceuticals (NASDAQ:MNTA) reports that the United States Court of Appeals for the Federal Circuit has turned down its request for a rehearing en banc to reconsider its three-judge panel decision in the case of Momenta Pharmaceuticals vs. Amphastar Pharmaceuticals. President and Chief Executive Craig Wheeler said that “We will continue to pursue our appellate options and we plan to file a petition for certiorari, asking the Supreme Court to review this case.” Shares closed down 2.54 percent on the day at $10.75, and have traded in a 52-week range of $10.39 to $19.64.
PMFG (NASDAQ:PMFG) was awarded an order for environmental emissions-control equipment, which is estimated in excess of $2 million. The order is for Selective Catalytic Reduction systems to be installed in domestic-based industrial boilers. Completion of the site construction should be in mid-summer of next year. Shares closed down 1.37 percent on the day at $5.74, having been traded in a 52-week range of $5.70 to $27.40.
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