UBS STEAMING Over Facebook IPO and 4 Hot Stocks Turning Heads Today
Cirrus Logic, Inc. (NASDAQ:CRUS): Monday, the company significantly increased its revenue outlook for the next two quarters in a move sending its share price soaring. The Austin chipmaker said it expects its revenue will grow by more than 70 percent sequentially for its current quarter, which ends in September. The company also said it expects additional growth in its December quarter. Shares of Cirrus Logic, Inc. are trading 23.63% higher today.
OCZ Technology Group Inc. (NASDAQ:OCZ): Seagate (NASDAQ:STX) CFO Pat O’Malley claims that the hard disk drive maker is interested in buying smaller rivals to bolster its presence within the solid-state drive business, according to Reuters. In response to questions regarding the interest of the company in OCZ Technology, O’Malley stated, “We look at all technology product providers (for M&A) but what I would say is that on the enterprise SSDs, there’s probably only one of them that really makes any significant money.” Shares of OCZ Technology Group Inc. are trading 7.47% lower today.
USG Corporation (NYSE:USG), a leading building products company, along with its distribution subsidiary, L&W Supply Corporation, received the David Weekley Homes “Partners of Choice” Award for its sixth year in a row. The 2012 award reflects the fifth year in a row that L&W’s Seacoast Supply achieved an “A,A” ranking, the highest ranking that can be achieved by a supplier, as part of the home builder’s world-class interactive supplier evaluation system. Shares of USG Corporation are trading 0.18% higher today.
Western Digital Corp. (NASDAQ:WDC) reported Q4 and full year 2012 earnings last Wednesday afternoon. The company achieved the rare trifecta: surpassed analysts’ estimates for EPS and revenue, raised full year 2013 guidance above consensus, and had a “clean” report with bullish management discussions. Shares of Western Digital Corp. are trading 0.27% lower today.
UBS AG (NYSE:UBS) states, “Due to the gross mishandling of Facebook’s (NASDAQ:FB) market debut by NASDAQ (NASDAQ:NDAQ) we recorded a loss of CHF 349M in our US Equities business as a result of our efforts to provide best execution for our clients. As a market maker in one of the largest IPOs in US history, we received significant orders from clients, including clients of our wealth management businesses. Due to multiple operational failures by NASDAQ, UBS’s pre-market orders were not confirmed for several hours after the stock had commenced trading. As a result of system protocols that we had designed to ensure our clients’ orders were filled consistent with regulatory guidelines and our own standards, orders were entered multiple times before the necessary confirmations from NASDAQ were received and our systems were able to process them. NASDAQ ultimately filled all of these orders, exposing UBS to far more shares than our clients had ordered. UBS’s loss resulted from NASDAQ’s multiple failures to carry out its obligations, including both opening the Facebook stock for trading and not halting trading in the stock during the day. We will take appropriate legal action against NASDAQ to address its gross mishandling of the offering and its substantial failures to perform its duties.” Shares of UBS AG are trading 4.88% lower today.
Don’t Miss: UBS Will Take Nasdaq to Court.
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