Infosys IMPACTED by Lack of Confidence and 4 Stocks Hitting 52-Week Lows
Electronic Arts Inc. (NASDAQ:EA) CEO John Riccitiello might be asked to resign his role “soon” after the July 30 earnings call, according to GameFront, COO Peter Moore would at that time be promoted to chief executive. Shares closed down 0.77 percent on the day at $11.59, having traded in a 52-week range from $11.50 to $26.13.
Gran Tierra Energy (AMEX:GTE) has provided a production update pertaining to its operations in Colombia. Preliminary corporate production estimates, net after royalties and before changes in inventory and losses, for the three months ending June 30th averaged around 16,300 barrels of oil equivalent per day; broken into country, the figures were approximately 12,350 BOEPD in Colombia, 3,800 BOEPD in Argentina and 150 BOEPD in Brazil. About 96 percent of production consists of light oil, with the remainder consisting of natural gas. Because of changes in inventory and pipeline losses, sales volumes in the quarter might be lower than stated production. Production and sales in the second quarter have been impacted by oil delivery constraints due to disruptions on the Ecopetrol-operated Oleoducto Transandino pipeline in Colombia, the most recent of which took place on July 3rd. Due to the repeated OTA pipeline disruptions that have occurred so far, Gran Tierra Energy does not expect to attain levels its previously forecast average production for the current year of approximately 20,000 70 21,000 BOEPD net after royalties. Current production capacity stands at about 21,000 BOEPD NAR; uninterrupted consolidated production in April 2012 averaged around 20,700 BOEPD NAR prior to inventory adjustments. An updated projected average production guidance will be given once stable production is established. Shares closed down 4.55 percent on the day at $4.20, having traded in a 52-week range of $4.20 to $7.27.
China Lodging Group (NASDAQ:HTHT): In the second quarter, the company opened 35 net leased hotels and 43 net manachised hotels, and also completed an investment in Starway Hotels Limited to own a majority. As of June 30, the Group had 388 leased hotels, 365 franchised and managed hotels, and 110 franchised Starway hotels in operation. In the second quarter, excluding franchised Starway hotels, the blended revenue per available room came in at Rinminbi 176, which represented a year-to-year increase of 4 percent. Shares closed down at $11.43, having traded between $10.73 and $18.95 the last 52 weeks.
Infosys Limited’s (NASDAQ:INFY) chief executive commented that the company’s results and its visibility are being negatively impacted through the lack of confidence of large clients based on the macro environment, according to an interview summarized by New Delhi TV Profit. The Fly took note that Infosys shares plummeted in Indian trading after the company cut its guidance. Industry peers of Infosys include Wipro (NYSE:WIT), whose shares were also sharply lower in Indian trade, and Patni Computer (NYSE:PTI). Infosys shares closed down 11.16 percent on the day at $38.75, having been traded in a 52-week range of $41.40 to $64.00.
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