Stocks To Watch (CTFO, RHT, NCT, MM)
China TransInfo Technology Corp. (NASDAQ: CTFO) shares slid in the pre-market session after the company’s fourth quarter net income fell to $5 million or $0.20 a share from $5.8 million or $0.23 a share in the same quarter a year earlier. Quarterly revenues rose 24.3% to $48.2 million from $38.8 million.
Looking forward, the company expects fiscal 2012 revenues to be approximately $170 million and adjusted net income to be approximately $14 million. Analysts were expecting the company to report revenues of $152 million and net income of $16 million for fiscal 2012.
Red Hat, Inc. (NYSE: RHT) surged 7.01% to $54.99 in the pre-market session after the company reported a fourth quarter profit of $36 million, up from $33.5 million, a year earlier. Revenue improved 21% to $297 million. Analysts predicted profit of $0.27 cents a share on revenue of $291 million.
Additionally, the company’s Board of Directors has authorized the repurchase of up to $300 million of Red Hat’s common stock from time to time on the open market or in privately negotiated transactions.
Newcastle Investment Corp. (NYSE:NCT) declined 4.94% to $6.16 in the pre-market session. The company plans to make a public offering of 16,500,000 shares of its common stock and intends to grant the underwriters an option for 30 days to purchase up to an additional 2,475,000 shares of common stock. The Company plans to use the net proceeds from this offering to make investments in excess mortgage servicing rights and for other general corporate purposes.
Mood Media Corp (TSE:MM) closed at $3.79 in previous trading session. The 52 week trading range for the company is $2.12 – $4.00. In 2012, the company has surged over 57%. Earlier this month, the company has inked a deal to acquire DMX Holdings Inc. for $86.1 million in cash.