SmartHeat, SanDisk, G&K, GMC Buzzing Among Traders Wednesday
SmartHeat Inc (NASDAQ:HEAT): SmartHeat announced that while it ordinarily does not comment on market activity or market rumors, in view of the recent unusual market activity in its stock, SmartHeat confirms that it is not aware of any material corporate developments that could account for the unusual trading activity. Shares of SmartHeat Inc are trading 30.29% higher today.
SanDisk Corporation (NASDAQ:SNDK): CLSA said SanDisk’s lowered Q1 outlook is not a complete surprise following Micron’s comments regarding weaker NAND pricing trends and SSD inventory challenges in late March. The firm expects shares to be range bound near-term but believes valuation is attractive given its traction in Ultrabooks, strong Enterprise SSD, and growth in embedded NAND. Shares are Outperform rated with a $54 price target. Shares of SanDisk Corporation are trading 8.88% lower today.
G&K Services Inc (NASDAQ:GKSR): G&K Services announced that its Board of Directors declared a special cash dividend of $6.00 per share, payable on April 27, 2012 to shareholders of record at the close of business on April 13, 2012. The stock will begin to trade ex-dividend on April 11, 2012. The total special dividend payment will be approximately $113M and will be funded through the company’s revolving credit facility. After payment of the special dividend, the company maintains significant liquidity, with over $100M of debt capacity available under its credit facilities. Shares of G&K Services Inc are trading 7.06% higher today.
GMX Resources Inc. (NYSE:GMXR): GMX RESOURCES announces that the company has successfully drilled and completed its fourth operated horizontal Bakken well, the Lange 11-30-1H, 89% working interest, located in Sections 30&31 Township 147N Range 99W in McKenzie County, North Dakota. The Lange 11-30-1H was drilled to a measured depth of 20,519′ with a lateral length of 9,348′. It was completed as a 32 stage frac Middle Bakken producer achieving a peak rate of 2,549 boepd @1,500 psi flowing casing pressure. Shares of GMX Resources Inc. are trading 24% higher today.
MSC Industrial Direct Co Inc (NYSE:MSM): Reported Q2 revenue $562.97M versus consensus $554.69M Shares of MSC Industrial Direct Co Inc are trading 2.06% lower today.
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