Credit Suisse TANKS and 4 Stocks SLAMMING to 52-Week Lows
Arkansas Best Corp. (NASDAQ:ABFS): Part-load trucker and freight forwarder Arkansas Best has agreed to purchase logistics firm Panther Expedited Services, from private equity player Fenway Partners LLC in a $180 million deal subject to adjustments and repayment of Panther’s outstanding debt counting as part of the transaction. The transaction is likely to close by around June 15 and comes with the usual riders including a new term loan arrangement for Arkansas Best. The shares have traded in a 52-week range of $10.95 to $27.44.
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Credit Suisse Group (NYSE:CS): Credit Suisse received a diktat from the Swiss National bank to improve its capital base through a clampdown on dividends or, in the alternative, issue fresh shares as a defense against an escalation in the sovereign debt crisis plaguing Europe. The shares have traded in a 52-week range of $18.81 to $40.47.
Flir Systems (NASDAQ:FLIR): Imaging and surveillance defense company Flir reacted on the downside based on a report in Politico that said the industry is likely to send layoff notices in the hundreds of thousands a few days before Election Day to meet the minimum notice period of 60 days required to be provided to workers – note that January 2 will see automatic sequestration cuts kicking in. The shares have traded in a 52-week range of $20.08 to $34.74.
Lattice Semiconductor (NASDAQ:LSCC): Latest guidance puts gross margins down 1 percent to 51 percent (compared to the earlier guidance of 55 percent); operating expenses are likely to be $39.5 million including acquisition-related costs of about $1 million. The shares have traded in a 52-week range of $4.20 to $7.18.
Medical Action Indus (NASDAQ:MDCI): Shares closed sharply lower on the company’s Q4 report: Revenues were $108.2 million versus estimates of $110.96 million; special items impacting EPS this quarter are $1.2 million on account of higher resin costs, $0.8 million tax valuation allowance and $0.4 million due to higher procurement prices paid to Chinese vendors.The shares have traded in a 52-week range of $3.77 to $8.71.
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