On Tuesday, Unwired Planet, Inc. (NASDAQ:UPIP)’s shares surged 11.63% to $0.61, after Unwired Planet declared that Boris Teksler will join the company as chief executive officer, effective June 1, 2015. Mr. Teksler will also become a member of the board of directors.
Mr. Teksler is presently senior executive vice president and president of the Technology Business Group at Technicolor, a worldwide technology leader in the media and entertainment sector. Preceding to that, Mr. Teksler, as head of Apple Inc.’s Patent Licensing & Strategy, was instrumental in driving Apple’s intellectual property initiatives.
Mr. Teksler has spent his career in technology and intellectual property. Before his tenure at Apple, he co-founded the Intellectual Property Licensing Business at Hewlett-Packard Company. During his career at HP, Mr. Teksler held several roles in senior administration and research and development counting General Manager of Mobility and Access Solutions. He holds a degree in Computer Science from the University of California, Davis.
Unwired Planet, Inc., an intellectual property licensing company, develops patents that allow mobile devices to connect to the Internet worldwide. As of August 14, 2014, the company’s patent portfolio comprised of about 2,500 issued and pending U.S. and foreign patents. Its patents cover various 2G, 3G, and 4G technologies, in addition to cloud-based mobile applications and services.
Shake Shack Inc. (NYSE:SHAK)’s shares gained 11.62% to $59.93, during the last trading session on Tuesday, hitting its highest level, as according to Zacks Equity Research , shares of this burger chain have reportedly been able to surpass all price targets set by major investment firms. The reason behind its success is that the company has continued to expand to various locations domestically in addition to internationally. Meanwhile, the company posted better-than-predictable fourth quarter 2014 results in March – its first results since the initial public offering.
The company’s adjusted loss of 1 cent per share was narrower than the Zacks Consensus Estimate of a loss of 3 cents, mainly due to a rise in proceeds. Proceeds grew 51.5% year over year to $34.8 million and beat the consensus mark by 5.62% driven by higher comps and unit growth. Comps grew 7.2% year over year, better than the preceding-year quarter growth of 6.8%.
During the earnings call, the company stated that it anticipates total proceed in the range of $159 million and $163 million in 2015 that translates to a price-to-sales ratio of 11.47 to 11.76. Meanwhile, the company also stated that at least 10 new domestic company-operated outlets and at least five international licensed outlets will be opened under its current license contracts in the U.K. and Middle East this year.
Shake Shack Inc. owns, operates, and licenses Shake Shack restaurants (Shacks) in the United States, the District of Columbia, North America, Europe, and Asia. Shacks offers hamburgers, hot dogs, crinkle-cut fries, shakes, frozen custard, beer, and wine. As of December 31, 2014, it had 63 Shacks, including 31 domestic company-operated Shacks, 5 domestic licensed Shacks, and 27 international licensed Shacks. The company was founded in 2004 and is based in New York, New York.
At the end of Tuesday’s trade, Penn West Petroleum Ltd. (NYSE:PWE)’s shares gained 11.39% to $2.25, after Penn West declared that it has reached definitive contracts with Freehold Royalties Ltd. (FRU.TO) regarding the sale by Penn West of an 8.5 percent gross overriding royalty in its working interests in a portion of the Viking play located in the Dodsland area of Saskatchewan and certain of its existing royalties and mineral title lands located in Alberta, Saskatchewan and Manitoba spanning through a variety of plays for an aggregate cash consideration of $321 million, before normal closing adjustments. Closing is predictable to occur on or about May 6, 2015, subject to the receipt of regulatory approvals and the satisfaction of customary closing conditions. TD Securities Inc. acted as financial advisor to Penn West on the transaction.
The Company intends to use the proceeds from the sale of these royalties to reduce its senior debt in accordance with the terms of the formerly declared contracts in principle with its lenders. The proceeds represent about 50 percent of Penn West’s commitment to offer aggregate net proceeds of up to $650 million received from asset dispositions to prepay at par any outstanding principal amounts owing to the holders of our senior, unsecured notes.
Penn West Petroleum Ltd. explores for, develops, and produces oil and natural gas properties in western Canada. The company’s properties are located in Alberta, British Columbia, Saskatchewan, Manitoba, and the Northwest Territories, Canada; and Wyoming, the United States.
Finally, AirMedia Group Inc. (NASDAQ:AMCN), ended its Tuesday’s trading session with 11.14% gain, and closed at $3.89, hitting its highest level. The company continued these type of gains from the previous week.
Last Wednesday, AirMedia declared that Beijing Shengshi Lianhe Advertising sold 5% of AirMedia’s advertising business to Shenzen Liantronics for RMB 150 million, giving the division a total valuation of RMB 3 billion.
The company also recently declared that partner Guangzhou Meizheng Advertising won a concession contract with Shanghai Railways Culture and Advertising Development. The contract gives the company the exclusive right to install and operate Wi-Fi systems on trains operated by the Shanghai Railway Bureau.
AirMedia Group Inc. operates out-of-home advertising platforms primarily in the People’s Republic of China. It operates a network of digital frames in airports; digital TV screens in airports and on airplanes; traditional media in airports, such as light boxes, billboards, and painted advertisements; and gas station media displays, in addition to other outdoor media displays out of the air travel advertising sector.
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