Orlando, FL -- (SBWIRE) -- 08/15/2013 -- Hot Stock Profits provides investors and traders with valuable trading tools and content as well as micro-cap stock alerts via eMail and text messages. To Join Our Text Message Alerts Service Just Text The Word Stocks To 555888 From Your Cell Phone. Our Focus Today Is On: New Gold Inc. (USA) (NYSEMKT:NGD), Office Depot Inc (NYSE:ODP).
New Gold Inc. (USA)(NYSEMKT:NGD) has posted a profit for the quarter, but missed Street expectations. It also failed to beat the revenue estimates as well.
Are investors worried about the recent updates with NGD? Find out with a free trend analysis HERE
Earnings Per Share post adjustment fell 90% from last year to $0.01 in the quarter. EPS decreased 75% sequentially. The EPS is comparable with earnings of $0.10 in the year-ago period. Analysts had estimated $0.05.
Revenue climbed 5.34% to $185.5 million year-over-year. The average revenue estimate was $209.17 million.
Executive Chairman, Randall Oliphant stated:
“The second quarter delivered on planned increases in gold production at lower costs. In the second half of the year, we expect a 30 percent increase in gold production relative to the first half of 2013 at lower costs, which should result in increased earnings and cash flow.
“Beyond this near-term momentum, we continue to feel well positioned for the future with our strong cash balance and robust organic project pipeline.”
Analysts have lowered their outlook for the company’s next-quarter performance. The average estimate for the current quarter’s earnings has reduced from a profit of $0.10 to a profit $0.07. For the current year, analysts’ estimates have fallen from a profit of $0.41 to a profit of $0.26
Meanwhile, Office Depot Inc(NYSE:ODP) has expressed its willingness to reach a compromise with its biggest shareholder regarding the composition of its board.
Is ODP going to continue its rally or drop like a rock? Find out with a free trend analysis HERE
Starboard Value LP, holds about 14.6 percent of Office Depot stock, and wants to replace four board members. Office Depot thinks that this would handicap its efforts to search for a CEO for the new company that will be formed with OfficeMax.
The two companies are in the middle of the merger process. Two of the directors that Starboard wants out are part of the CEO selection committee.
Office Depot now says that that if the two directors, Tom Colligan and Marsha Evans, are re-elected, then it will accept any of the three Starboard Value LP nominees supported by two proxy advisory firms that are also joining its board.
Office Depot will increase the board size after the annual shareholders meeting.
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