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Great stock to trade
VSR news another contract for 4.2mil yesterday look for this to break out again
Things are looking up still keeping very tight stop orders in case it turns south again
Vndm is always a Hugh seller take profits and run
I think that's good news
Nov 20s are at 1.82 cha Ching bought them at .48 stock is looking good
I think they should buy them
Japan Display Said to Delay Screen Shipments to Apple
By Yuji Nakamura and Takashi Amano
October 15, 2014 5:00 PM EDT
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Japan Display Inc. (6740), a maker of mobile-device screens, forecast a surprise annual loss because of delayed shipments to Apple Inc. (AAPL) and reduced sales to Sony Corp. (6758), according to a person familiar with the matter.
Japan Display couldn’t secure the necessary parts to meet Apple orders, causing the delay, while shipments to Sony will fall in the second half, the person said, asking not to be identified because the information isn’t public. Japan Display expects a net loss of 10 billion yen ($93 million) in the year ending March, compared with a previous forecast for net income of 26.8 billion yen, according to a statement yesterday that didn’t identify its customers.
Apple is planning to unveil its latest iPads at an event today, a person familiar with the matter has said, as it seeks to revive tablet computer sales, while Sony last month widened its loss forecast to write down its faltering smartphone business. Sluggish demand for tablets and a plant closing forced Japan Display to lower forecasts, the Tokyo-based company said.
“This is a problem with production efficiency,” said Masahiko Ishino, an analyst at Advanced Research Japan Co. in Tokyo. “The client may have been Apple, but the result is that the loss in efficiency is what caused this.”
Takashi Takebayashi, a Tokyo-based spokesman for Apple, didn’t respond to a request for comment. Chie Tanaka, a spokeswoman for Japan Display, and Mai Hora, a spokeswoman for Sony, declined to comment.
IPO Flop
Japan Display, which held an initial public offering in March, has lost 51 percent since its listing. The shares were unchanged yesterday at 439 yen before the loss forecast was announced.
Apple suppliers including Nissha Printing Co. and GT Advanced Technologies Inc. have suffered as a result of their relationships with the iPhone maker, according to Amir Anvarzadeh, a manager of Japanese equity sales at BGC Partners Inc. in Singapore.
GT Advanced Technologies this month asked for bankruptcy court permission to shut down its synthetic-sapphire operations, citing terms of a contract with Apple that it called “oppressive” and “burdensome.”
The cash burn at GT Advanced’s sapphire manufacturing operations isn’t sustainable, the company said in court papers.
“Given Apple’s size it’s a very alluring opportunity for suppliers,’ said Anvarzadeh. ‘‘But by pushing its preferred technology, irrespective of yields, Apple is leaving a trail of wreckage among its suppliers.”
Fukaya Factory
Japan Display will shut its factory at Fukaya north of Tokyo, resulting in a charge of 7 billion yen, and the company won’t pay an interim dividend, it said. The company gets about 32 percent of sales from Apple while Sony is its second-largest client, accounting for 9.4 percent of revenue, according to data compiled by Bloomberg.
Japan Display was created in 2012 when Sony, Toshiba Corp. and Hitachi Ltd. spun off their panel businesses to state-backed Innovation Network Corp. of Japan after failing to keep pace with South Korea’s Samsung Electronics Co. INCJ sold the company in an initial public offering in March, with the stock plunging 15 percent on debut.
The company lowered its annual operating profit forecast to 6.5 billion yen from 40 billion yen, according to the statement.
To contact the reporters on this story: Yuji Nakamura in Tokyo at ynakamura56@bloomberg.net; Takashi Amano in Tokyo at tamano6@bloomberg.net
To contact the editors responsible for this story: Michael Tighe at mtighe4@bloomberg.net Aaron Clark, John Lear
More News: Asia, Japan, Technology, Apple
Perfect u bought some nov 20 calls at .48
I agree the whole sector is under water but if we could catch a short covering rally we myth see 19.50 to 20 level
Time to buy :)
GT says confidentiality pact rules out bankruptcy explanation
Thu Oct 9, 2014 2:42pm EDT
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(Reuters) - Apple Inc (AAPL.O) supplier GT Advanced Technologies Inc (GTAT.O) argued on Thursday it could not reveal why it filed for bankruptcy and asked a court to keep crucial documents sealed, a highly unusual move that may keep investors in the dark about its unexpected financial implosion.
The company, which had been slated to provide Apple with scratch-resistant sapphire for future mobile devices, told the U.S. Bankruptcy Court it was barred from disclosures because it was "tied up in knots" by a confidentiality agreement.
At the first public hearing since GT Advanced's unexpected Monday bankruptcy filing, a lawyer for the company said the agreement also prevented it from revealing its Chapter 11 game plan.
GT Advanced forged a deal last year with Apple that involved outfitting an Arizona factory to make sapphire exclusively for the iPhone maker. Apple, which zealously guards the secrecy of its product pipeline, has been known in general to place strict confidentiality requirements on its many suppliers.
Thursday's request underscores the highly unusual nature of the case, starting with GT Advanced’s bankruptcy filing which caught everyone from Wall Street investors to Apple itself off guard.
Lawyer Luc Despins of Paul Hastings told U.S. Bankruptcy Judge Henry Boroff an unspecified confidentiality agreement prevented GT Advanced from disclosing the cause of its bankruptcy, or its turnaround plan. He also acknowledged the 90 percent drop in the company’s stock price in the first three trading days of this week.
“I want to convey to all shareholders and creditors that the company feels terrible about that loss of value and will work every day to recover that value,” he said.
“That’s an aspirational statement, not a guarantee.”
The judge ended the two-hour public hearing by retreating to his chambers for a private meeting with GT Advanced and lawyers for Apple and the U.S. Trustee, a Department of Justice official who acts as a watchdog in bankruptcy cases.
Despins said at the close of the hearing the sealing request was complex. “It’s like a Russian doll. You open the first one and there are four more in there.”
Ann Marie Dirsa, a lawyer from the Office of the U.S. Trustee, criticized the lack of disclosure by GT Advanced.
“The record is insufficient for the court to find what the court needs to find.”
By early afternoon, it was unclear what action Boroff had taken on the sealing motion, which GT Advanced said was needed due to a confidentiality agreement with unidentified party. GT Advanced acknowledged the request might be unprecedented but said it risked damages of $50 million per violation of the agreement.
The company will return to court on Oct. 21 to ask the court to make permanent many of the orders that were entered on a temporary basis on Thursday.
In the interim, Office of the U.S. Trustee will form an official committee of unsecured creditors which will play a key role in working with the company to draft a plan of reorganization. Boroff said he expected that GT Advanced would only have to provide creditors sensitive information if they signed a confidentiality agreement.
On Thursday, shares of GT Advanced were up 7.2 percent at $1.18 on Nasdaq.
CAUGHT UNAWARES
GT Advanced had promised on Monday to fill in the blanks on a bankruptcy filing that offered scant explanation as to what prompted a move that wiped out around 90 percent of the solar and sapphire supplier's market value.
Industry insiders and Wall Street analysts have been left to speculate. Their musings centered on GT's half-billion dollar deal with the iPhone maker, under which Apple helped bankroll a manufacturing plant in Mesa, Arizona, on the condition that GT hit certain operational targets.
Under terms of the deal, Apple said it would provide a total prepayment of about $578 million to help install furnaces and other gear in the factory, which would be owned by Apple and slated to employ more than 700. Apple would then be paid back over five years starting 2015.
Apple said on Wednesday that it was surprised with the bankruptcy filing and that it was working with Arizona officials on its next moves.
A Pennsylvania shareholder, Adam Levy, filed a proposed class action against the company's officers and directors alleging the management provided false and misleading information regarding last year's stock and bonds offerings.
The lawsuit also named as defendants the underwriters of those securities - Morgan Stanley, Goldman Sachs Group Inc and Canaccord Genuity Inc.
The case is In re: GT Advanced Technologies Inc, U.S. Bankruptcy Court, District of New Hampshire, No: 14-11916.
I think it's do for a major pull back
It's called dilution
I agree
I am looking and I don't see the .22 gone almost 600k traded at .22 already
There are two different orders
Well over sold here look for a bounce here or a short squeeze close to 1 mil shrs on the bid here
Maybe some one should call ghazi hajj the ceo and ask him what's happening here is the number (561) 289-3658 he's the worst ceo in history
I am long and strong on this
I think your on point 30 mil plus on the short side and if any positive news comes out be ready
Short squeeze coming big block trades going off today
Corinthian Colleges Inc. (COCO - NGS)
Corinthian Colleges, U.S. Department of Education Agree in Principle on Transition Plan
Corinthian Colleges, U.S. Department of Education Agree in Principle on Transition Plan
SANTA ANA, Calif., June 23, 2014 (GLOBE NEWSWIRE) -- Corinthian Colleges, Inc. (Nasdaq:COCO) announced today that it has reached a memorandum of understanding with the U.S. Department of Education (the "Department") that maintains uninterrupted daily operations at its schools, until the Company and the Department finalize a more detailed transition plan. Corinthian currently serves about 72,000 students at 107 campuses and online.
Corinthian and the Department agreed upon a Memorandum of Understanding ("MOU") under which Corinthian will immediately receive $16 million in federal student aid funds earned through enrollment, avoiding an immediate cash shortfall that will allow its students to continue their educational programs as planned. Under the terms of the MOU, Corinthian and the Department will enter into an Operating Agreement that will allow Corinthian to proceed with its plan to pursue strategic alternatives for its operations, including the sale and teach-out of schools in a manner that will best protect the interests of students, faculty and staff, ensure the integrity of federal student aid funds and preserve the value of the schools. The Department and Corinthian have agreed to finalize the details of the transition plan in an Operating Agreement by Tuesday, July 1, 2014. For more information, see the 8-K issued by the Company today.
"Throughout several days of intensive discussions with the Department, our goal has been to protect the interests of our students, 12,000 employees, taxpayers and other stakeholders," said Jack Massimino, Corinthian Chairman and Chief Executive Officer. "This agreement helps achieve that goal. We worked collaboratively with the Department to reach consensus, and we will continue to do so as we finalize and implement the detailed transition plan."
Under the MOU, Corinthian will identify and engage an independent compliance and business monitor acceptable to the Department. The monitor will have full access to Corinthian's financial and operating records and information and report to the Department on Corinthian's progress in the implementation of the transition plan contemplated by the MOU.
Corinthian will continue to seek new owners for most of its campuses with the goal of entering into definitive sales agreements with one or more third parties for such campuses within approximately six months, and will proceed in an orderly fashion with the "teach-out" of schools that are under-performing or whose continued participation in the Title IV student aid programs has been terminated by the Department. During the teach-out process, no new students will be enrolled at the affected schools, but all current students will be able to complete their instructional programs or transfer to another institution.
Background
On June 19, 2014, Corinthian disclosed in a Form 8-K that the Department had changed the process through which it disburses federal Title IV education funds to the company, moving from its Advanced Payment system to financial oversight called Heightened Cash Monitoring 1 (HCM1). As part of HCM1, the Department imposed a 21-day delay in the disbursement of Title IV funds. In its disclosure, Corinthian said this delay, coming at fiscal year-end when cash flows are at their lowest point, could "cause the company to be unable to continue as a going concern." The MOU between the Department and Corinthian maintains HCM1, but immediately disburses $16 million in federal funds to Corinthian to avoid a sudden and unplanned disruption of school operations.
Liquidity Needs
Although Corinthian believes the MOU is a positive step for the Department, Corinthian and all of its stakeholders, the Company will still need to obtain additional sources of liquidity to fund its operations. During negotiations over the final Operating Agreement between now and July 1, 2014, Corinthian hopes to work cooperatively with the Department to find mutually agreeable modifications to the 21-day delay imposed by the Department in connection with HCM1 that will permit Corinthian to receive regular disbursements of Title IV funds to fund its operations. Additionally, Corinthian may continue to seek additional sources of liquidity through new financings, additional cost reductions, accelerated asset sales or some combination thereof. There can be no assurance that the Department will modify the 21-day delay as a result of the Operating Agreement, or that Corinthian will be able to obtain any such additional needed liquidity on a timely basis, on terms acceptable to it, or at all.
Other
During Corinthian's discussions with the Department regarding the MOU, the Department indicated that, in connection with its ongoing review of Corinthian and its schools, it is considering denial of recertification or removal of certification of institutional Title IV eligibility with respect to certain of the Company's schools. Many Corinthian schools hold provisional Title IV Program Participation Agreements with the Department, and the Participation Agreements of others has or is about to expire. The Department may decline to renew expiring Participation Agreements or terminate existing Participation Agreements in the event it identifies significant institutional failures, which, depending on the schools, could have a material adverse effect on Corinthian.
About Corinthian
Corinthian is one of the largest post-secondary education companies in North America. Our mission is to change students' lives. We offer diploma and degree programs that prepare students for careers in demand or for advancement in their chosen fields. Our program areas include health care, business, criminal justice, transportation technology and maintenance, construction trades and information technology. We have 107 Everest, Heald and WyoTech campuses, and also offer degrees online. For more information, go to http://www.cci.edu.
It's trading pre mkt .45 to .46 on 17 mil shares boom short squeeze coming
This is another Dennis Mcl scam beware it's all over it don't believe the bullshit
It smells like a loser down 49% and going lower next stop .02 6.8 mil shares converted (don't buy this pig )
It's a scam don't trust it
NESI has been moving up nicely
I think the additional shares are held in escrow from the credit facility that the company signed up for 3 mil dollars from TCA capital but once the facility is paid down the company gets the shares back
That's all bullshit get your facts right before you speak or post
Thanks for the heads up
Yep I think over 12 months we will see above $50
That pump and dump website is owned by short sellers that try to bash everyone or every deal that goes live
As an investor I guess you learn who to do business with and who not too
NESI the pub Co was bought out from Pharmstar the people that run this company have nothing to do with kit chambers nor is it a scam, and yes I got screwed by GRLT I put money into it.
It's more like a dump that keeps getting shorted
Do you think this company is worth 77mil market cap ? He'll no
The dump is on
This company is a fraud run by Dennis McLaughlin and kit chambers and ray Dias