What’s better than momentum? Mo’ momentum. Let’s take a closer look at five of this past week’s biggest scorchers.
|Company||June 21||Weekly Gain|
|Spreadtrum Communications, Inc (ADR) (NASDAQ:SPRD)||$25.91||22%|
|Inergy, L.P. (NYSE:NRGY)||$16.21||15%|
|Finisar Corporation (NASDAQ:FNSR)||$16.22||14%|
|Ruckus Wireless Inc (NYSE:RKUS)||$12.11||12%|
|Gray Television, Inc. (NYSE:GTN)||$7.16||10%|
Let’s start with Spreadtrum Communications, Inc (ADR) (NASDAQ:SPRD). The maker of smartphone chipsets received a nearly $1.5 billion buyout offer from a government-owned subsidiary. There have been a surprising number of Chinese companies taken private lately, reinforcing the notion that fears of bogus accounting at Chinese companies may be overblown. Would Chinese companies be spending real money to take their fellow companies out if the numbers were doctored? It definitely happens, but the resulting dips often result in buying opportunities.
Inergy, L.P. (NYSE:NRGY) moved higher, fueled by a distribution that sets the stage for the propane seller and natural gas storage provider to hand majority control of the limited partnership to Crestwood Midstream. Inergy, L.P. (NYSE:NRGY) announced on Wednesday that it successfully distributed 56.4 million common units to its investors. Crestwood should achieve majority control of Inergy, L.P. (NYSE:NRGY) by the end of next quarter.
Finisar Corporation (NASDAQ:FNSR) also opened more than a few eyes out there. The optical-networking bellwether posted better-than-expected quarterly results that may not seem impressive at first glance. Revenue inched just 2% higher, and Finisar Corporation (NASDAQ:FNSR)’s profit of $0.20 a share was less than the $0.21 it posted a year earlier. However, analysts were holding out for net income of just $0.18.
Finisar Corporation (NASDAQ:FNSR)’s guidance was encouraging, leading Stifel analysts to bump their price target from $18 to $20.
Ruckus Wireless bounced back after receiving some props as a place to work. The Bay Area News Group named the wireless-solutions provider one of Silicon Valley’s top workplaces. It was the only employer in the telecommunications category.
Ruckus could use the bounce. The stock has shed more than half of its value since peaking in February.
Gray TV got a pop earlier in the week, when a Seeking Alpha article played up the television station owner’s prospects as a takeover candidate. The Atlanta-based broadcaster that owns dozens of channels wrapped up the week on a potentially problematic note, however, by announcing that President and COO Robert Prather is stepping down effective immediately. The abrupt departure that was revealed shortly after Friday’s close will be something to watch in the trading week ahead.
Keep the good vibes coming
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The article 5 of Last Week’s Biggest Winners originally appeared on Fool.com.
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