Skypeople Volatility Continues
Nano-cap Skypeople Fruit Juice Inc (NASDAQ:SPU) shares are down by 13% today as some traders take profit on the stock’s big run-up since the beginning of July. Another reason for the selling is Skypeople’s statement made yesterday that online reports from the Chinese website EGD1319.com that Future World Group had successfully gained a listing on NASDAQ by acquiring SkyPeople is inaccurate. For those interested, this link contains the actual details related to Future World.
Traders Take Profits on Ballard Power
A day after surging sharply on the news that Ballard had won a landmark local fuel cell production contract with an estimated value of $168 million over five years, some traders are taking profits on Ballard Power Systems Inc. (USA) (NASDAQ:BLDP). Shares of the company are off by more than 18%, while the broader indexes are close to flat. Although the contract win will certainly help Ballard’s top-line, it remains to be seen whether the company’s management can deliver the growth and earnings that investors expect in the long run. Two funds tracked by Insider Monkey had a bullish position in Ballard Power Systems Inc. (USA) (NASDAQ:BLDP) at the end of the first quarter.
Ericsson Declines on Earnings
Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) shares are 6.3% in the red today after the company reported earnings of 0.83 Swedish Krona ($0.10) per share on revenue of 54.1 billion Swedish Krona ($6.28 billion) for the second quarter. Analysts were expecting earnings of 0.30 Swedish Krona ($0.03) higher. Sales as reported declined by 11% year-over-year due to soft mobile broadband sales caused by a weak macro-economic environment. The company is committed to further reduce its costs to partially compensate. The number of funds from our database with holdings in Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) advanced by seven quarter-over-quarter to 13 at the end of March.