On Tuesday, Shares of Armco Metals Holdings, Inc (NYSEMKT:AMCO), surged 42.11% to $1.62.
Armco Metals Holdings, declared that its auxiliaries will possibly benefit from the recent export tariff changes by China government, which export tariffs of 94 commodities closely related with the iron and steel industry will be adjusted starting from May 2015, according to the declaration from the Ministry of Finance of China on April 23, 2015. Iron and steel granules and powders, tungsten, and molybdenum will be exempt from export tariffs, and wrought aluminum products will have a zero tax rate. Export tariffs on 90 commodities in the list will be eliminated and the other four commodities will receive a tax reduction. Export tariffs before the adjustment range up to 25% depending upon the commodity.
Armco Metals Holdings, Inc. engages in the import, sale, and distribution of metal ore and non-ferrous metals in the People’s Republic of China. The company offers iron, chrome, nickel, copper, titanium, manganese, and magnesium ores; and non-ferrous metals, coal, and steel billets, in addition to provides sourcing and pricing services for various metals to its network of customers.
At the end of Tuesday’s trade, Shares of ServiceSource International, Inc. (NASDAQ:SREV), jumped 9.50% to $3.69.
ServiceSource, designated professional services and technology leader, Joe Kovach, as the company’s new Chief Transformation Officer, effective May 15. Kovach, who will oversee ServiceSource’s Corporate IT and Technical Operations teams, brings 30 years of industry experience and expertise counting sales, service delivery, account administration, business development and executive administration to the role. Kovach will be responsible for transforming ServiceSource’s use of cutting-edge technology and best-practice processes to deliver Revenue Lifecycle Administration (RLM) solutions that provide extremely high levels of customer satisfaction, efficiency and effectiveness.
Preceding to joining ServiceSource, Kovach worked with Capgemini as the senior vice president for Americas. Before that, he served as senior vice president of the ATOS Systems Integration Practice in North America, where he significantly grew the practice through assisting his clients apply leading-edge technology and process improvement to their business challenges. In previous roles, Kovach has served as the CIO of R.L. Polk and Company and Advanced Energy Industries, leading successful transformation efforts at both companies. He has also been vice president of professional services at Siemens IT Solutions and Services, and vice president of C&I Worldwide at Hewlett-Packard.
ServiceSource International, Inc. provides recurring revenue administration, maintenance, support, and subscription for technology and technology-enabled healthcare and life sciences companies.
AK Steel Holding Corporation (NYSE:AKS), ended its last trade with 9.41% gain, and closed at $5.35.
AK Steel, stated its financial results for the first quarter of 2015.
Net sales for the first quarter of 2015 were $1.75 billion on shipments of 1,750,500 tons, contrast to net sales of $1.38 billion on shipments of 1,262,100 tons for the year-ago first quarter and net sales of $2.00 billion on shipments of 2,010,200 tons for the fourth quarter of 2014. The enhance in shipments for the first quarter of 2015 contrast to the year-ago period was primarily due to the addition of shipments from Dearborn Works following the acquisition of that facility in September 2014 and continued strong shipments of carbon and stainless steels to the automotive markets. The company’s shipments in the first quarter of 2015 were lower than the fourth quarter of 2014, primarily as a result of excess supply in the United States carbon steel market caused by raised levels of imports.
The company said that its average selling price for the first quarter of 2015 was $999 per ton, up 1% from the fourth quarter of 2014. The enhance in average selling price is primarily attributable to a richer product mix comprising of a higher percentage of value-added shipments in relation to total shipments for the quarter.
Carbon steel spot market selling prices declined throughout the first quarter of 2015, which AK Steel believes also is primarily the result of raised imports. The lower carbon steel spot market selling prices, combined with the higher proportion of hot-rolled coil shipments in the overall sales mix following the Dearborn acquisition, resulted in the company’s average selling price for the first quarter of 2015 decreasing 9% contrast to the first quarter of 2014.
The 2015 first quarter results comprise a LIFO credit of $17.1 million, contrast to a LIFO credit of $1.5 million for the first quarter of 2014 and a LIFO credit of $5.3 million for the fourth quarter of 2014. The company ended the first quarter of 2015 with total liquidity of $806.6 million, comprising of cash and cash equivalents and $746.7 million of availability under the company’s revolving credit facility.
AK Steel Holding Corporation, through its partner, AK Steel Corporation, produces flat-rolled carbon, stainless and electrical steel, and tubular products in the United States and internationally. It produces flat-rolled value-added carbon steels, counting coated, cold-rolled, and hot-rolled carbon steel products; and specialty stainless and electrical steels in sheet and strip forms.
Finally, Prana Biotechnology Limited (NASDAQ:PRAN), closed at $1.24, with 8.77% gain.
Prana Biotechnology, declared the European Medicines Agency’s Committee for Orphan Medicinal Products (COMP) has adopted a positive opinion recommending designation of PBT2 for the treatment of Huntington disease as an orphan medicinal product to the European Commission (EC).
Following finalization of relevant documents the European Medicines Agency forwards the opinion to the EC for its decision on the designation.
Orphan designation is granted by the EC to encourage the development of medicines to treat rare diseases. Rare diseases are defined as life-threatening or chronically debilitating conditions that affect no more than five in 10,000 people in Europe.
Huntington disease is a neurodegenerative genetic disorder that affects muscle coordination and leads to cognitive decline and behavioral symptoms. The Huntington’s Outreach Project for Education estimates there are between 40-100 cases of Huntington disease per million people in Europe.
The EC offers orphan medicinal product developers incentives counting scientific advice, market exclusivity for 10 years for approved drugs and reduced fees.
Prana Biotechnology Limited develops therapies for the treatment of neurodegenerative diseases in Australia. The company focuses on the Alzheimer’s and Huntington’s diseases, in addition to other age-related degeneration disorders.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should might occur.
