Nidec Sees Drastic Demand Decline and 2 Stocks HItting 52-Week Lows
ITT Educational Service (NYSE:ESI): Closing price $16.86
During its fourth quarter conference call, the company said it does not think that it will violate any covenants under the line of credit, or any regulatory financial metrics. Additionally, ITT says that federal cohort default rates are moving in a positive direction. Shares closed up 17.74 percent on the day at $16.86, and have been traded in a 52-week range of $13.90 to $77.00.
Nidec Corporation (NYSE:NJ): Closing price $14.06
Nidec has seen a sharp fall in demand for its core products, among which include those used in personal computers, digital still cameras, and LCD panel manufacturing equipment, since the middle of its third quarter ended December 31st. Providing that the slumped demand conditions would continue to impact its businesses through the fourth quarter, the firm began a structural reform to reinforce its earnings strength and thus incurred the resulting expenses in the preceding period. Nidec is prepared to incur more streamlining costs and associated adjustment expenses in the fourth quarter and presently expects that its sales and operating income for fiscal year 2013 to significantly underperform its prior predictions announced in October. Shares closed down 6.52 percent on the day at $14.06, having been traded in a 52-week range of $13.84 to $24.71.
Uroplasty (NASDAQ:UPI): Closing price $2.64
A company statement reads, “Looking forward, we anticipate a strong finish to FY13 and healthy momentum from Urgent PC sales going into the new fiscal year. While early in its implementation, our practice enhancement program, designed to help our physician customers find and treat patients with OAB, is demonstrating good potential. We continue to aggressively call on new urologists and related physicians in our coverage areas to educate them on the safety and efficacy benefits of Urgent PC. With our large base of positive payer coverage policies, experienced sales team and potential for increased penetration at existing accounts, we are well-positioned to grow. Finally, the outlook for two new additional products – our implantable tibial nerve stimulator as well as an indication for use of Urgent PC in treating fecal incontinence in the United States – is very promising and offers potential for incremental future revenues. We are optimistic about the opportunities ahead for Uroplasty and our ability to drive revenue growth and improved operating results.” Shares closed down 6.38 percent on the day at $2.64, and have been traded in a 52-week range of $2.66 to $6.48.
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