Stocks In The News (EMC, AMCX, AMAT, ETM)
EMC Corporation(NYSE:EMC) is down 2.50% to $26.79 after the company announced that it has acquired privately held XtremIO. Flash storage architecture company, based in Herzliya, Israel. The transaction will be in all cash. XtremIO’s all-Flash, scale-out, enterprise storage architecture was designed to leverage the speed and new abilities of Flash memory.
AMC Networks Inc(NASDAQ:AMCX) added 2.57% to $40.64 after the company said that it earned $43 million or 60 cents a share, compared to a year profit of $30 million or 43 cents a share. First quarter net revenues increased $53 million, or 19.5%, to $326 million over the first quarter of 2011, led by 20.8% growth at National Networks and a 3.8% increase in International and Other. Analysts were estimating a profit of 43 cents a share on revenue of $301.61 million.
President and Chief Executive Officer Josh Sapan said: “2012 got off to a strong start for AMC Networks, with double digit increases in net revenues, AOCF and operating income. Continued viewer enthusiasm for our programming resulted in ratings gains for our national networks, most notably AMC’s The Walking Dead, which ended its second season with nine million total viewers, an increase of 50% over last season’s finale.
Applied Materials, Inc.(NASDAQ:AMAT) added 1% to $11.18 as the company plans to move its solar wafer manufacturing facilities to Asia from Switzerland as part of a restructuring of its environmental solutions ops, which comes in the midst of a solar-industry slump. Applied expects to record pretax charges of $70M-$100M over the next 1-1.5 years related to the restructure.
Entercom Communications Corp.(NYSE:ETM) added 1.50% to $5.45 after the company said that Net revenues for the first quarter decreased 3% to $80.0 million. Adjusted EBITDA was flat at $15.1 million.
David J. Field, President and Chief Executive Officer stated: “Entercom’s first quarter adjusted EBITDA was flat versus the prior year as operating expenses declined 4%, offsetting the dilutive impact of our extensive 2011 station reformatting on Q1 revenue. We expect these reformatted brands to have a small positive impact on second quarter revenues, with further sequential progress during the second half of the year. Our brand launches and ongoing listener and advertiser related innovation have strengthened our competitive position and enhanced our future growth prospects.”