Why Fitbit, Transocean and 3 Other Stocks are Gaining Ground Today

Birks Group Finally Reaches Profitability

Birks Group Inc (NYSEMKT:BGI)’s stock continues to gain ground after the company announced on Tuesday that it had climbed out of a four-year pit, reaching profitability for the first time since 2012. The Canada-based jewelry company reported a 3% year-over-year increase in comparable-store sales for fiscal year 2016 ended March 26. In a statement, Birks CEO Jean-Christophe Bédos said that the company improved its net income by $14.0 million over the previous fiscal year, when it registered a net loss of $8.6 million.

Transocean Announces Offering

Transocean LTD (NYSE:RIG) is in the news after the company said on Tuesday that it had commenced an offering of $1.5 billion aggregate principal amount of senior unsecured notes due 2023. The company is also making a cash tender offer to buy up to $1 billion principal amount of 6.5% senior notes due 2020, 6.375% senior notes due 2021 and 3.8% senior notes due 2022. An article published by Forbes said that Transocean is tapping the high-yield bond market for the first time as a ‘fallen angel’. A fallen angel is a bond issuer whose rating has been downgraded from ‘Investment Grade’ to ‘Speculative Grade’. Transocean’s stock has been punished recently due to its burgeoning number of stacked and idle rigs and its $2.75 billion in debt maturing before 2020. However, hope is growing that Transocean will be able to right itself following a rally in oil prices this year. Transocean’s stock has jumped by more than 6% so far today.

Dr. Peter Chiou Buys Stake in SemiLEDs

SemiLEDs Corporation (NASDAQ:LEDS) has skyrocketed by more than 123% after the company announced on Wednesday that it had reached a definitive agreement with Dr. Peter Chiou, according to which Dr. Chiou will purchase 577,000 shares of SemiLEDs’ common stock at $5.00 per share. Upon completion of the share purchase, Dr. Chiou will be appointed to SemiLEDs Corporation’s Board of Directors, a role which he has agreed to waive all compensation for. Dr. Chiou also intends to subscribe to a $1.615 million 0% interest convertible note with a September 29, 2017 maturity date. Only three hedge funds in our system were long SemiLEDs Corporation (NASDAQ:LEDS) at the end of the first quarter.

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