What’s Moving These Hot Stocks: Achillion Pharma, Gentex, First Horizon, Sprint, Nokia
Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) shares implode on the Hepatitis-C news from Europe, which Wells Fargo calls an “overreaction.’ Meanwhile, UBS drops the pharma to a Sell rating.
Gentex Corp. (NASDAQ:GNTX) remains confident that unit shipments of SmartbeamHigh Beam Headlamp Assist product will increase between 40 to 45% in 2012.
First Horizon National Corp. (NYSE:FHN) is ratcheting its share repurchase program up to $200 million and also extended the buyback timeframe for its common stock through January 2013. The shares are to be bought in the open market, subject to conditions.
Sprint Nextel Corp. (NYSE:S): New York Attorney General Eric T. Schneiderman claims that Sprint deliberately undercollected and underpayed New York state and local sales taxes on flat-rate access charges for wireless calling plans, amounting to millions of dollars. Bringing a lawsuit against the company under the New York False Claims Act, the AG seeks to force it to pay three times its underpayment of over $100 million, plus penalties if found liable., noting that all of Sprint’s major wireless competitors, including Verizon (NYSE:VZ), AT&T (NYSE:T), T-Mobile (DTEGY), and MetroPCS (NYSE:PCS), have followed the law regarding these taxes.
Nokia Corporation (NYSE:NOK) reports that Colin Giles, EVP of sales and a member of the Nokia Leadership Team, will resign from his position and the Nokia Leadership Team effective June 30, ‘to be closer to his family.’ At that point, the company will reconfigure the sales organization and promote greater focus on customers, by shrinking a layer of sales management. The change should also provide senior leaders greater visibility into the market dynamics.
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