The list of gainers was large on Friday, led by tech stocks after the Nasdaq tacked on 24 points.
Wowjoint Holdings Limited (BWOW) more than doubled, rising over 106%, after signing a new equipment contract. The company said that it signed a new equipment contract for a marine hoist. Shenzhen Land Investment & Development Center, a government control center, signed a contract with Wowjoint for approximately $400,000 to purchase a 50 ton marine hoist. The marine hoist will be used as a yacht hoist in the 2011 Shezhen Universiade. This represents the second industry that Wowjoint has been able to penetrate with its customized marine hoist and is a large market that can lead to future sales.
Southern Community Financial (SCMFO) jumped 42% after reporting strong Q2 results. The company said that it earned $511 thousand in the quarter, equating to $0.03 per common share. This is its first profit since the onset of the financial crisis in Q4 of 2008. Nonperforming loans decreased 9% to $66.8 million, or 6.42% of loans, at June 30, 2011 from $73.7 million, or 6.80% of loans, at March 31, 2011; nonperforming assets decreased 7% to $89.8 million, or 5.75% of total assets, from $96.8 million, or 6.04% of total assets, at March 31, 2011; net charge-offs of $3.9 million, or 1.46% of average loans (annualized), down from $6.0 million, or 2.19% of average loans (annualized), in the first quarter of 2011.
Advanced Micro Devices (AMD) closed 19% higher after reporting strong Q2 earnings. Revenue for Q2 was $1.57 billion and non-GAAP net income was $70 million, or $0.09 per share vs. analyst consensus of $0.08. AMD expects revenue to increase 10%, plus or minus 2%, sequentially for Q3 of 2011. Management said that today's computing experience is increasingly being defined by the ability to deliver brilliant multimedia and video content with all day battery life. Fusion APUs are ideal to meet this need, positioning AMD to gain unit market share in the mobile computing space.SanDisk (SNDK) jumped 10% after reporting strong Q2 earnings. Revenue of $1.375 billion increased 17% y/y and increased 6% on a sequential basis. On a non-GAAP basis, net income was $278 million, or $1.14 per diluted share, compared to net income of $258 million, or $1.08 per diluted share, in Q2 of fiscal 2010 and net income of $251 million. Analysts expected EPS of $1.00. The company said that solid execution on product cost reductions enabled strong profitability. The company’s integration of Pliant Technology is progressing well and they are excited by its business prospects in the enterprise storage segment.
Books-A-Million (BAMM) jumped 11% after it announced an offer for certain Borders’ locations and other items. The company submitted a bid in the Borders bankruptcy proceedings to purchase, among other things, the inventory, fixtures, equipment, and leasehold interests for 30 Borders locations. Under the proposed bid, Books-A-Million will assume the leases for these locations and continue to operate these stores.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.