Markets Looking to Shake Slump, RITT, HTCH, LMPL Lead the Way
The markets are trying hard to rebound this morning and shake of the slump the market has been in. The Dow is up over 1% climbing 120 points heading into the midday trading hours. The Nasdaq and S&P 500 are also up over 1% each. Today’s market rally is due in large part to retail sales news. Retail sales were down slightly last month by .2% which is slightly better than analyst had expected. The downward dip was due to a drop in new car sales which comes in direct correlation to reduced imports from Japan. Excluding the drop in new car sales, retail sales increased by .3%. Lets take a look at a few of the active stocks that are pacing the market.
RIT Technologies Ltd. (Nasdaq:RITT) shares have doubled this morning rising 146% to $7.35 per share with an intraday high of $9.15. Volume is trading very heavy in comparison to the average daily volume of 6K shares on news of a partnership with Samsung Fiber Optics. In the deal, Samsung Fiber Optics will market, sell, and distribute RITT’s PatchView Intelligent Infrastructure Management (IIM) solution. The partnership has led Samsung to install the PatchView IIM in one of Korea’s largest convention centers for its first project. Samsung Fiber Optics is a division of Samsung Electronics.
Hutchinson Technology Inc. (Nasdaq:HTCH) shares are on the rise this morning climbing 17% to $2.44 per share. Volume has nearly tripled this morning on news that HTCH has revised its 2011 3Q outlook. Hutchinson now expects suspension assembly shipments to grow by as much as 10% to nearly 112.5 million units. To date 11 weeks into the 3Q approximately 93 million units have been shipped. HTCH also announced the company is currently in discussion with an un-named US bank to establish a secure credit facility of up to $35 million. Hutchinson Technology is expected to release its 3Q results on July 26, 2011.
LML Payment Systems, Inc. (Nasdaq:LMLP) share are up this morning jumping 18% to $3.61 with an intraday high of $3.79. Volume is up as more than 1.6 million share have been traded on 4Q fiscal results. Gross profit for LMLP was up 53% to $13.2 million. Net Income was $7.3 million or $.26 per share compared to a net loss of $185,000 for the 4Q in the previous year. For the full year net income was $10.3 million or $.38 per share compared to a net loss for the previous year of $126,000.
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