Morning Buzz: Apple (AAPL), MagneGas (MNGA), Roundy’s, Inc. (RNDY), Mbia Inc. (MBI), 3D Systems (DDD)

Shares of Apple Inc. (AAPL) are higher by 0.50% to $130.84 in premarket trading on Tuesday. The Wall Street Journal reported this morning that Cupertino has dropped its plans to introduce a TV set. Instead, the tech giant is working on a new Apple TV set-top box and related online services, the newspaper said.

Earlier on Monday, billionaire investor Carl Icahn wrote an open letter to Apple’s Tim Cook, saying that the iPhone maker’s stock is undervalued and its shares are worth $240. Icahn’s new price target is driven by his belief that Apple will enter, and dominate by fiscal 2020, the television business and the automobile business. He also urged Cook that “now is the time for a much larger buyback.”

MagneGas Corporation (MNGA) shares surged 22.90% to $1.61 in premarket trading after the company announced today that it successfully completed a MagneGas2 presentation to a second top ten utility company in the United States. Formal demonstration and testing has been scheduled for June.

In February, MagneGas2 was accepted by one of the nation’s top 5 utilities as a replacement for acetylene because of its improved productivity and safety features.

“We continue to have major industry leaders contact us to learn about MagneGas. The industrial gas market is clearly open to innovative, disruptive products that can positively impact our environment and the workplace. MagneGas2 is one of those new products that is expanding our market share with the growing demand and recognition for our products. We are excited at the enormity of these opportunities presented to us in just the last 30 days,” stated Ermanno Santilli, CEO Magnegas Corporation.

Shares of Roundy’s, Inc. (RNDY) are down $0.60, or 13.36%, at $3.89, after the company this morning announced a proposed underwritten secondary offering of 3.5 mmillion shares of its common stock owned by funds controlled by Willis Stein and Partners, LLC. An additional 525,000 shares may be sold by Willis Stein if the underwriter exercises in full its option to purchase additional shares. Roundy’s said it will not receive any proceeds from the proposed secondary offering.

MBIA Inc. (MBI) today announced a secondary offering of 27.25 million shares by investment funds affiliated with Warburg Pincus LLC. The municipal bond insurer said it will not sell any of those shares, nor will it receive any proceeds.

The stock was down $0.66, or 6.73%, to $9.15 as of 8:58 a.m. ET.

3D Systems Corporation (DDD) shares climbed 1.93% to $23.23 in premarket trading after the company announced a reseller agreement with Thermo Fisher Scientific (TMO) for laboratories, and science and technology education.

Under the new agreement, TMO will immediately begin to offer DDD’s popular line of Cube and CubePro 3D printers, Sense 3D scanners.

Be the first to comment

Leave a Reply

Your email address will not be published.


*