Monday, July 25, 2011

Focus Stocks: RIMM, ETFC, YRCW, CSIQ

Research In Motion (NASDAQ: RIMM) announced that it will slash about 2,000 jobs, or 11 percent of it workforce. The company said that any one-time charges associated with the cost optimization program are not included in RIM's Q2 and full year outlook, but will be identified and disclosed on September 15, 2011. The BlackBerry maker also said its Chief Operating Officer Don Morrison is planning to retire and Thorsten Heins is taking on the expanded role of COO, product and sales.  

E*Trade Financial Corp. (NASDAQ: ETFC) rallied more than 5% in Monday's pre-market trading after the online brokerage said that it plans to hire Morgan Stanley (NYSE: MS) to explore a sale after its largest shareholder, Citadel LLC, said the company needed to take action to reverse “catastrophic losses” for investors. Meanwhile,  the Wall Street Journal reported Monday that  TD Ameritrade Holding's (NASDAQ: AMTD directors plan to discuss at a meeting Tuesday the possibility of trying to aquire E*Trade Financial Corp.

YRC Worldwide Inc. (NASDAQ: YRCW) late Friday announced that transportation industry veteran James L. Welch, a former President and CEO of Yellow Transportation, has been named as the company's new Chief Executive Officer. Mr. Welch was appointed CEO, effective immediately, by the new YRC Worldwide Board of Directors.

Canadian Solar Inc. (NASDAQ: CSIQ) said Monday that it expects second quarter shipments to be about 295 MW, above the high-end of its earlier shipments outlook of about 245-255 MW. However, the company said that it expects second-quarter gross margins at the lower end of its prior outlook range as the company bought more cells from outside to meet strong demand. Canadian Solar expects gross margins of 13-15 percent for the second quarter. The company also named Michael Potter as its new chief financial officer effective July 20, 2011. Potter will replace Andrew Chen, who will continue as a special adviser to the CEO till September 30, 2011.  

Full Disclosure: None.
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