Wednesday, April 13, 2011

Hot Stocks Of The Day: MGM, ZOOM, QTM, CAK, GTXI

MGM Resorts International (NYSE: MGM) rallied more than 7% Wednesday after the casino operator said that it it reached deals with partner Pansy Ho that will give it 51 percent ownership and management control of MGM China Holdings Ltd. once it goes public on the Hong Kong Stock Exchange.

Zoom Technologies, Inc. (NASDAQ: ZOOM) soared more than 35% after the company announced that it has entered into a subscriber unit license agreement with Qualcomm Inc. (NASDAQ: QCOM). Under the terms of the agreement, Qualcomm has granted Zoom a worldwide, royalty-bearing patent license to develop, manufacture and sell WCDMA and TD-SCDMA subscriber units. The royalties payable by Zoom are at Qualcomm's standard worldwide rates.

Quantum Corp. (NYSE: QTM) jumped more than 16% after the company announced that it has entered into an agreement with NetApp enabling it to resell Quantum's StorNext software. Effective immediately, NetApp will market and sell StorNext File System and StorNext Storage Manager(TM) software through its worldwide sales network.

Camac Energy Inc. (AMEX: CAK) surged more than 52% after the oil and gas producer said that an independent engineering report prepared by Netherland Sewell & Associates found that it may be able to recover more crude from an area off Nigeria than previously estimated. 

GTX Inc. (NASDAQ: GTXI) soared more than 33% after Citigroup upgraded its rating on the company to Buy from Hold, citing potential for the company's prostate cancer Capesaris and valuation.

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