Shares of Skilled Healthcare Group, Inc. (NYSE: SKH) soared as much as 37% after the company announced today that it has reached agreement to settle the Humboldt County Class Action. Under the terms of the settlement, the Company will deposit a total of $50 million into escrow accounts to cover settlement payments to class members, notice and claims administration costs, certain service payments to named plaintiffs, plaintiffs' attorneys' fees and costs (to be approved by the Humboldt County Court) and certain other payments. The escrow accounts are expected to be funded by Skilled Healthcare's revolving credit facility. Additionally there is an injunction which requires the 22 defendants that operate California nursing facilities to provide specified nurse staffing levels, comply with specified state and federal laws governing staffing levels and posting requirements, and provide reports and information to a monitor. The injunction will remain in effect for a period of 24 months unless extended for additional three-month periods as to those defendants that may be found in violation. Defendants demonstrating compliance for an 18-month period may petition for termination of the injunction.
Altera Corporation (NASDAQ: ALTR) today announced that, based on quarter-to-date results and the company's outlook for the remainder of the quarter, third quarter revenue is now expected to be 10 to 14 percent above second quarter levels. The company's prior guidance was for sequential growth of 4 to 8 percent. Growth continues to be broad. It is likely that all four of the company's vertical markets will show sequential growth. The telecom and wireless vertical market is on track to be the fastest growing portion of the business, driven in large part by 3G wireless deployments and needs for additional wireless backhaul capacity. The company will announce third quarter results after the market close on October 19, 2010. Shares Of Altera surged more than 2% in the pre-market trading.
Shares of JA Solar Holdings Co. Ltd. (NASDAQ: JASO), jumped more than 4% after it announced today that it has signed multiple supply agreements with several customers to provide over 500MW of mono-crystalline and multi-crystalline solar cells for 2011 delivery. Under the terms of the agreements, JA Solar will supply these customers with solar cells beginning in January 2011 through December 2011. These supply agreements come with prepayments for committed solar cell delivery in 2011. "We are seeing very strong demand for our technologically advanced, high-quality products from our diverse global customer base," said Dr. Peng Fang, CEO of JA Solar. "Our customers view JA Solar as a reliable supplier partner, and rely on JA to provide them with their 2011 product requirements. We are pleased to have secured these new supply contracts for next year delivery, which further improves our 2011 visibility and reflects our continued leadership in supplying high-quality solar products to the industry."
Full Disclosure: None.
Altera Corporation (NASDAQ: ALTR) today announced that, based on quarter-to-date results and the company's outlook for the remainder of the quarter, third quarter revenue is now expected to be 10 to 14 percent above second quarter levels. The company's prior guidance was for sequential growth of 4 to 8 percent. Growth continues to be broad. It is likely that all four of the company's vertical markets will show sequential growth. The telecom and wireless vertical market is on track to be the fastest growing portion of the business, driven in large part by 3G wireless deployments and needs for additional wireless backhaul capacity. The company will announce third quarter results after the market close on October 19, 2010. Shares Of Altera surged more than 2% in the pre-market trading.
Shares of JA Solar Holdings Co. Ltd. (NASDAQ: JASO), jumped more than 4% after it announced today that it has signed multiple supply agreements with several customers to provide over 500MW of mono-crystalline and multi-crystalline solar cells for 2011 delivery. Under the terms of the agreements, JA Solar will supply these customers with solar cells beginning in January 2011 through December 2011. These supply agreements come with prepayments for committed solar cell delivery in 2011. "We are seeing very strong demand for our technologically advanced, high-quality products from our diverse global customer base," said Dr. Peng Fang, CEO of JA Solar. "Our customers view JA Solar as a reliable supplier partner, and rely on JA to provide them with their 2011 product requirements. We are pleased to have secured these new supply contracts for next year delivery, which further improves our 2011 visibility and reflects our continued leadership in supplying high-quality solar products to the industry."
Full Disclosure: None.
