Renren Rises 10% On New Agreement (RENN, WZE, BBY, SNE)
Renren Inc (NYSE:RENN) shares climbed 10.11% to $6.10 in the morning hour after Japan’s SoapDish food photo app entered a partnership with Renren. The partnership will allow Renren.com suers to share food photos directly through an iOS app. The 52 week trading rnage for the company is $3.21 – $24.00. The Company’s platform enables its users to connect and communicate with each other, share information and user-generated content, play online games, listen to music, shop for deals and a range of other services.
Wizzard Software Corporation (NYSEAMEX:WZE) stock gained 9.36% to $3.27 in the early hour after the company announced that it has signed a definitive share exchange agreement to acquire 100% of the outstanding shares of China’s Digital Entertainment International Ltd., herein referred to as FAB. In return for 100% of the outstanding shares of FAB, Wizzard will issue shares equal to 49% of its outstanding shares at the time of the closing and two new seats on the Board of Directors. However, the terms of the transaction were not disclosed.
Best Buy Co., Inc. (NYSE:BBY) stock surged 1.24% to $22.93 in the morning hour after the company announces leadership transition. The company today said that Brian Dunn has resigned as chief executive officer and director. However, there were no disagreements between Dunn and the company on any matter relating to operations, financial controls, policies or procedures and the decision was a mutual agreement. Director G. Mike Mikan has been named interim CEO.
Dunn had served Best Buy as CEO for the last three years and served 28-year tenure at the company. He started at the company as a store clerk.
Sony Corporation (ADR) (NYSE:SNE) shares declined 7.86% to $18.52 in the early hour after the company estimated fourth quarter net loss to double to $6.4 billion owing to tax charges. However, the company expects to report positive operating results in the next year on foreign exchange impact.
The company now expects net loss of $6.41 billion or 520 billion yen for the fourth straight year, significantly greater than the February forecast of 220 billion yen loss and last year’s reported net loss of 259.6 billion yen.
Looking forward, the company expects consolidated income for the fiscal year starting April 1, to be approximately 180 billion yen. The company will provide consolidated results forecast for the fiscal year ending March 31, 2013, while announcing annual results on May 10.