GM Sparks Electric Vehicle Program, Sprint Beats Expectations, and 3 Other Hot Stocks
General Motors (NYSE:GM): The new generation Spark, one of GM’s compact offerings, may get nearly double the range of the Volt once the same plug-in drive train is shoe-horned into the vehicle this summer. EPA estimates put the combined mileage (city and highway) of the car — which will only be sold in California and Oregon, to start — at 82 miles before the gasoline engine boots up, trumping the Volt’s 40 estimated miles currently.
Sprint Nextel (NYSE:S): Sprint has come away from the recent quarter exceeding both earnings and revenue expectations. Earnings per share of -$0.21 beat by $0.09, and revenue of $8.79 billion beat by $0.08 billion. Wireless network revenue of $7.1 billion is the highest figure recorded ever, as a result of a record number of subscribers — 53.9 million, to be specific. “This is a transformative year for Sprint and we’ve gotten off to a good start,” said Dan Hesse, Sprint CEO. “Record Sprint platform service revenue and subscriber levels fueled our performance. We achieved significant Adjusted OIBDA growth (some 25 percent) while investing heavily to improve our network, expanding our 4G LTE footprint and offering customers the best smartphones with truly unlimited data plans.”
Barclays (NYSE:BCS): Overall expectations were missed, although profit at its investment banking unit revealed stronger than anticipated performance thanks to cost cutting measures made by the bank. ”The Barclays thesis can’t work unless the returns on the investment bank work, and we like the clear strategy,” says Bernstein’s analyst Chirantan Baura.
AcelRx Pharmaceuticals (NASDAQ:ACRX): Shares of AcelRX are rising thanks to a favorable initiation of coverage by Jefferies, which started the firm out with a Buy rating and price target of $8. “”We expect FDA approval of ACRX’s lead product candidate, ARX-01 (a novel sufentanil nanotab PCA system), in 2014 given the solid body of data from Ph2/initial Ph3 success,” said analyst Corey Davis. “We see a clear market opportunity for ARX-01 given the current standard of care for post-op pain control is fraught with drawbacks.”
InterOil (NYSE:IOC): The retirement of CEO CEO Phil Mulacek is expected to speed up the process of finding a partner for its Gulf natural gas joint venture. Dubbed a “sharply polarizing figure,” Mulacek has been seen as a barrier in forming a deal with potential partners. ExxonMobil (NYSE:XOM) and Royal Dutch Shell (NYSE:RDSA) are among the interested parties.
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