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  • Fortinet, Inc. (FTNT) - Buzz Stock of the Day

    Shares of network security systems maker, Fortinet, Inc. (Nasdaq: FTNT) were up as much as 22 percent from Friday’s closing price in morning trading on Monday, after rumors of a takeover approach from International Business Machines Corp. (NYSE: IBM).

    Although it has not yet been made public, discussions between the two companies may be at an advanced stage, though a deal could still fall apart, Bloomberg reported. IBM approached Fortinet six to eight weeks ago, a source told Bloomberg. The world’s largest computer services provider has spent more than $20 billion on 100 acquisitions since CEO, Sam Palmisano took over in 2002.

    Fortinet focuses on all-in-one network security systems, and has customers ranging from small businesses to large phone carriers. To date, Fortinet has shipped more than 500,000 appliances to more than 75,000 customers worldwide. The Sunnyvale-based company was founded in 2000, and went public last year.


    The company was taken public by Morgan Stanley, J.P. Morgan and Deutsche Bank on November 17, 2009 and raised $156 million in gross proceeds. Fortinet rose 33 percent on its first day of trading and continued upward, ending the year up 41 percent, making it one of the top ten performing IPOs of 2009.

    Fortinet’s profit increased almost two-fold to $14 million or 17 cents per share in the third quarter, up from $6.4 million, or 10 cents per share a year ago. Sales in the quarter were $85 million, a 29 percent increase over the same quarter last year. Analysts polled by Thomson Reuters had forecast earnings of 11 cents per share.

    “We are very pleased with our third quarter results, which marks the fourth consecutive quarter as a publicly traded company that we have exceeded our expectations in terms of billings, revenue and profitability,” said Fortinet’s chief financial officer, Ken Goldman in a statement.

    Shares of Fortinet, Inc. are up more than 97 percent over the past three months. 

    Disclosure: No Positions.
    Nov 01 2:30 PM | Link | Comment!
  • Saks, Incorporated (SKS) Buzz Stock of the Day

    Shares of luxury goods provider Saks Incorporated (NYSE: SKS) skyrocketed Tuesday as acquisition rumors gained momentum, rallying as much as 34.00% at the open  to secure an intraday high of $8.85. Saks shares are currently hovering at $8.13 in afternoon trading, a 23.2 percent increase from yesterday’s close. Before Tuesday, Saks's stock had risen less than 1% this year, outpacing the S&P Retail Index's 3.5% decline.

    Britain’s tabloid Daily Mail newspaper, which isn’t citing named sources, reports that a group of American and British private-equity houses have been reviewing Saks for months and are looking to make an offer for the company for $11 a share, or $1.7 billion. Saks spokeswoman Julia Bentley said the company doesn't comment on rumors or speculation.

    There are numerous attributes that might make Saks attractive to potential buyers. The luxury-fashion retailer has seen its earnings improve recently because of cost-cutting and higher demand for high-end products. Luxury goods sales have held up relatively well throughout the downturn, partly because unemployment is significantly lower for people with white-collar jobs, at around 5%, compared with the national 9.5% rate.

    Under Chief Executive Steve Sadove, Saks has narrowed its losses and improved its sales after demand faltered in the wake of the financial-sector meltdown in 2008 that led the company to offer sharp discounts.  To bolster company financials, Saks issued $120 million in May 2009 in convertible debt and in October completed a $100 million common stock offering to help it reduce borrowings on its revolving line.








    Tags: SKS, Retail, Luxury
    Aug 31 2:59 PM | Link | Comment!
  • Molecular Insight Pharmaceuticals, Inc. (MIPI) – Buzz Stock of the Day
    Shares of oncology-focused biotech, Molecular Insight Pharmaceuticals, Inc. (Nasdaq: MIPI) were up more than 28 percent in morning trading on Friday.

    Last week, the Cambridge-based Molecular Insight Pharmaceuticals presented nonclinical data demonstrating the utility of the Company’s novel radiopharmaceutical compounds for the molecular imaging of prostate and other tumors at the Society of Nuclear Medicine (SNM) annual meeting in Salt Lake City.


    “Molecular Insight has established a deep pipeline of novel radio-imaging and radiotherapeutic compounds capable of binding to specific disease-related changes at the cellular level for a given cancer for highly targeted results,” said John W. Babich, Ph.D., Executive Vice President, Chief Scientific Officer, and President of Research and Development for Molecular Insight Pharmaceuticals, Inc.

    Molecular Insight also announced the receipt of SNM’s 2010 Berson-Yalow Award for a nonclinical study demonstrating the potential of Molecular Insight’s compound 99mTc-MIP-1340 to provide accurate imaging of metastatic prostate cancer. 99mTc-MIP-1340 is a small molecule inhibitor of PSMA for molecular imaging of prostate cancer. Preclinical results have confirmed that 99mTc-MIP-1340 binds specifically and with high affinity to PSMA and accumulates in human prostate cancer xenografts.

    Other notable biotech for this week include: Neurocrine Biosciences, Inc. (Nasdaq: NBIX), Celgene Corp. (Nasdaq: CELG) and CardioNet, Inc. (Nasdaq: BEAT). Biotech could be a bright spot in the market this year, according to some experts.

    Disclosure: No Positions.
    Jun 18 12:27 PM | Link | Comment!
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