Movers roundup: Apple, Dish Network
Shares of Apple Inc. jumped to a record high amid a broader market rally after the technology company said its highly anticipated iPad tablets will go on sale April 3.
Shares of Dish Network Corp. got a boost after a Collins Stewart analyst upgraded the satellite TV operator, saying the bulk of a legal defeat from TiVo Inc. is now priced into the stock.
Shares of Dynamic Materials Corp. dropped sharply after the maker of explosion-welded clad metal plates turned in a fourth-quarter profit well below what analysts had been expecting.
Shares of ArcSight Inc., a provider of network security software and services, fell after its fiscal third-quarter profit missed analyst expectations. [Read the full article]
YRC Worldwide Inc. said on Friday that it has gotten a delisting notice from the Nasdaq Stock Market, and that it plans a reverse split of its stock by the end of June.
The Nasdaq notice, which YRC said it received Wednesday, came because its shares have traded below $1 for more than 30 days. YRC, one of the country’s largest trucking companies, has until Aug. 30 to get the shares back above $1.
The company said it plans to carry out the reverse split between April 24, when its agreement with debt holders first permits it, and June 30. Under a reverse split, shareholders are left with fewer shares, but they are worth proportionally more. That would put the share price back above $1, satisfying Nasdaq’s listing requirements.
YRC had a brush with bankruptcy near the end of 2009 and on Feb. 5 reported a fourth-quarter operating loss $95.4 million. But it said then that it has momentum coming into this year. [Read the full article]
General Motors Co. reported Friday that newly promoted Vice Chairman Stephen Girsky is getting $5 million in a package that includes salary and stock.
Girsky, 47, named vice chairman of corporate strategy and business development last month, will receive a $500,000 annual salary, $3 million in salary stock and $1.5 million in restricted stock, according to a filing with the Securities and Exchange Commission.
Girsky was a longtime Wall Street auto analyst named to the automaker’s board of directors last July representing the United Auto Workers union. GM disclosed in January it was paying Girsky $1.1 million a year in cash and company stock for his dual role as board member and adviser to Chairman and CEO Ed Whitacre.
GM said in the filing that Girsky will continue as a board member. The revised pay package was completed Monday.
Whitacre, an auto industry newcomer when he joined GM last summer, has said he relies heavily on Girsky’s advice. [Read the full article]