Companies whose shares are expected to trade actively in today’s session are Suntech Power Holdings Co., Ltd. (ADR) (NYSE:STP), Quicksilver Resources Inc (NYSE:KWK), Constellation Brands, Inc. (NYSE:STZ), New Oriental Education & Tech Grp (ADR) (NYSE:EDU) and Quantum Corp (NYSE:QTM).
Suntech Power Holdings Co., Ltd. (ADR) (NYSE:STP): Shares of the solar energy company surged 8.57 percent after the company announced that it hasn’t made necessary payments on $541 million of bonds that matured last week. Markets are still speculating how the company is planning to repay investors or whether it is planning to file for bankruptcy.
Mangrove Partners Narrowly Avoids “Extinction-Level Event”
Nathaniel August's Mangrove Partners is having a rough 2020. According to a copy of the hedge fund's August update, a copy of which ValueWalk has been able to review, for the year to August 5, Mangrove Funds have returned -38%. Over the trailing 12-month period, the funds returned -44%. The S&P 500 produced a positive Read More
Quicksilver Resources Inc (NYSE:KWK): The oil and gas company announced that it will restate the earnings results for the first three quarters of the last year due to accounting errors. The restated results are expected to be better than the previously reported results. Shares soared to $2.80 in early trading session.
Constellation Brands, Inc. (NYSE:STZ): The beer company’s shares rose 2.73 percent to $47 after the Justice Department, Anheuser-Busch InBev and Grupo Modelo requested a federal court to give more time to discussion that may resolve the antitrust lawsuit against the planned merger. After the Justice Department filed a lawsuit to block the deal involving the three companies in January, Anheuser-Busch InBev said it agrees to offer Constellation Brands additional assets for $2.9 billion to protect the acquisition of Modelo. Additionally, Anheuser-Busch InBev said it will also sell a Mexican brewery to Constellation Brands.
New Oriental Education & Tech Grp (ADR) (NYSE:EDU): American shares of the Chinese private education services provider surged 4.24 percent to $16.70 after another Chinese education firm Ambow Education Holding Ltd received a buyout offer as traders speculated that EDU may also be a takeover target.
Quantum Corp (NYSE:QTM): The data protection and management services provider’s StorNext File System and StorNext Storage Manager have been selected by Framestore, an animation studio for better management. Framestore expects the move to increase productivity by 40-60 percent. Quantum shares jumped 8.25 percent to $1.43 in early trading.