Here’s Why These Five Stocks Are on the Move Today

Cognizant Technology Solutions Corp (NASDAQ:CTSH) is 13% in the red after the company said in an 8-K filing with the SEC that it is conducting an internal investigation as to whether certain payments relating to facilities in India were made in possible violation of the U.S. Foreign Corrupt Practices Act. The company has voluntarily notified the DoJ and SEC. In addition, the company announced that Gordon Coburn has resigned from his position as President of the company and will be replaced by Rajeev Mehta. The smart money sentiment towards Cognizant Technology Solutions Corp (NASDAQ:CTSH) was relatively stable in the second quarter, as 40 funds from our database were long Cognizant Technology Solutions Corp (NASDAQ:CTSH) at the end of June, up by two funds from the previous quarter.

Delcath Systems, Inc. (NASDAQ:DCTH) shares have retreated by 26% after the company priced its public offering of 425,000 shares of common stock plus additional warrants at $3 per share plus fraction of warrant. Buying a common share at the offering also entitles buyers to 0.35 warrants to purchase an additional share of common stock at an initial exercise price of $3 per share with a term of five years. The number of investors tracked by us with holdings in Delcath Systems, Inc. (NASDAQ:DCTH) fell by one quarter-over-quarter to two at the end of June.

Last but not least, Nova Lifestyle Inc (NASDAQ:NVFY) is up by over 35% after the company signed a share transfer agreement to sell its China-based subsidiaries to Kuka Design Limited for an aggregate purchase price of $8.5 million. CEO Jeffrey Wong said:

“We feel this is truly a win-win for both Kuka Design BVI and Nova LifeStyle, as this transaction will allow our Company to focus its entire attention on designing, developing, branding, marketing and distribution of furniture products and the fast growing e-commerce market…We intend for the transaction process to continue over the next month and will keep investors apprised of our progress.”

The transaction is expected to be consummated by October 30, 2016 if all goes well. None of the funds tracked by Insider Monkey held shares of Nova Lifestyle Inc (NASDAQ:NVFY) at the end of the second quarter.

Disclosure: none