Tech Stocks: Facebook Inc Retreats Slightly – STP, VHC, FB, BIDU, KITD
Suntech Power Holdings Co Ltd (ADR) (NYSE:STP) increased 5.80% to $0.920 on a traded volume of 555k. Law Offices of Todd M. Garber announced that shareholders of Suntech Power Holdings Co Ltd have until October 1, 2012 to move for lead plaintiff status in the shareholder lawsuit filed in the United States District Court for the Northern District of California. The lawsuit was filed on behalf of a class comprising all purchasers of Suntech American Depositary Shares between August 18, 2010 and July 30, 2012.
The Company said that to reduce production cost and operating expenses. The Company has temporarily closed a portion of its solar cell production capacity in Wuxi, China and will continue to optimize its organization.
VirnetX Holding Corporation (NYSEAMEX: VHC) soared 2.13% to $29.75. VirnetX Inc, the wholly-owned subsidiary of VirnetX Holding Corporation has re-filed its complaint with the United States International Trade Commission alleging that Apple Inc has engaged in unfair trade practices by the importation, sale for importation, and sale after importation of certain devices with secure communication capabilities that infringe one or more claims of VirnetX’s U.S. Patent No. 8,051,181.
Facebook Inc (NASDAQ:FB) went down 0.45% to $21.90 on a traded volume of 20.61 million shares. Capstone maintained a buy rating on the stock with the price target of $26. The firm said that the Company user’s growth totaled 1.5% throughout the past month, as user growth continued to increase.
Baidu.com Inc (ADR) (NASDAQ:BIDU) declined 1.56% to $113.85 on a traded volume of 1.48 million shares. The stock is down as the Company is facing tough competition from its business rivals like SINA, SOHU and YOKU. All these rival companies are taking their best initiative to get maximum mileage for making revenue out of online business.
KIT digital Inc (NASDAQ:KITD) went up 1.0% to $3.04. The Company announced the implementation of workforce reductions. This is done due to the restructuring program announced earlier this year. This phase will right size operation and streamline general corporate functions, while maintaining the Company’s high standards of customer service and technical delivery. The restructuring will further enhance efficiencies and focus in the Company’s principal areas of operation.