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Telecommunications equipment industry

Stock Movers of Note: August 19, 2004

Strategic Insights

— 1 min read

On August 19, 2004, StreetInsider.com published a report highlighting the significant movers in the stock market. Prime Hospitality, Synopsys, Inc., Petsmart, Inc., OmniVision, Mentor Graphics Corp, DeVRY, Inc., Nortel Networks Corp, and Hot Topic, Inc. were among the top movers of the day.

Key Takeaways:

  • Prime Hospitality announced that it has signed a definitive agreement to be acquired by affiliates of The Blackstone Group for $12.25 per share, resulting in a 38.47% increase in its stock price.
  • Synopsys, Inc. reported Q3 earnings 1 cent better than estimates, but guided way below estimates for Q4, causing a 27.11% drop in its stock price.
  • Petsmart, Inc. reported Q2 earnings in-line with estimates and revenues below the consensus, leading to a 9.66% decline in its stock price.
  • OmniVision's stock price surged 9.15% higher due to Wells Fargo's comments on its potential to meet quarterly expectations and issue strong guidance.
  • Mentor Graphics Corp's stock price declined 9.13% in sympathy with Synopsys, Inc.
  • DeVRY, Inc. reported Q4 earnings 1 cent worse than expectations, leading to a 9% drop in its stock price, with downgrades from Piper Jaffray, JP Morgan, and Legg Mason.
  • Nortel Networks Corp announced a restructuring plan and updated restatement, resulting in a 8.06% increase in its stock price.
  • Hot Topic, Inc. reported Q2 earnings in-line with estimates and announced additional buyback of up to 2 million shares, causing a 7.73% surge in its stock price.

Statistics:

  • Prime Hospitality's stock price increased by $4.65 per share (38.47%) after announcing its acquisition agreement.
  • Synopsys, Inc.'s stock price declined by $6.94 per share (27.11%) after reporting its Q3 earnings.
  • Petsmart, Inc.'s stock price dropped by $2.25 per share (9.66%) after reporting its Q2 earnings.
  • OmniVision's stock price rose by $1.12 per share (9.15%) due to positive market sentiment.
  • DeVRY, Inc.'s stock price declined by $0.90 per share (9%) after reporting its Q4 earnings.

Sources:

  • StreetInsider.com's Stock Movers of Note 08/19/04
  • Prime Hospitality press release announcing acquisition agreement
  • Synopsys, Inc. Q3 earnings report
  • Petsmart, Inc. Q2 earnings report
  • OmniVision press release
  • DeVRY, Inc. Q4 earnings report
  • Nortel Networks Corp press release
  • Hot Topic, Inc. Q2 earnings report

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