Spreadtrum Soared Over 10.50% (GM, SPRD, NOA, HMPR)
General Motors Company (NYSE:GM) shares gained 1.78% to $22.84 in the morning hour. The European Bank for Reconstruction and Development said that it is ready to sell its 16.8% stake in the joint venture between AvtoVAZ and General Motors to the two companies. The joint venture, where both AvtoVAZ and GM hold a 41.6% stake each, was set up at AvtoVAZ’s main production plant in Togliatti to produce the Chevrolet-Niva model.
Spreadtrum Communications, Inc (ADR) (NASDAQ:SPRD) shares soared 10.67% to $18.25 in the early hour. Spreadtrum Comms was upgraded by equities research analysts at JPMorgan Chase from an “overweight” rating to a “positive” rating in a research note issued to investors today. The analysts wrote that Spreadtrum won two out of three TD smartphone designs picked by China Mobile in its 2Q12 tender, a positive surprise to the market. Hence they think a rerating is justified given that 1) its monthly smartphone chipset shipments should exceed 1MM units in 3Q12, and 2) new leadership at China Mobile is supportive of TD development.
North American Energy Partners Inc.(USA) (NYSE:NOA) shares soared 29.88% to $3.26 in the morning hour after the company announced that Martin Ferron will join the Company as President and Chief Executive Officer and a Director of the Board effective at the close of business on June 7, 2012. Mr. Ferron succeeds Rod Ruston who is retiring from the Company and the Board to return to his native Australia.
Hampton Roads Bankshares, Inc. (NASDAQ:HMPR) shares plunged 48.72% to $1.80 in the early hour. The company is trading 17.59% above its 50 day moving average and -6.43% below its 200 day moving average. The company has today made a new 52 week low at $1.73. On May 21, 2012, Hampton Roads Bankshares, announced that it will undertake a capital raise of at least $80 million, but no more than $95 million through the sale of its common stock in a private placement and a public rights offering. The purpose of the capital raise is to satisfy all regulatory capital requirements and provide significant additional capital.