Orlando, FL -- (SBWIRE) -- 10/14/2013 -- 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 Globalstar, Inc. (OTCMKTS:GSAT), Safeway Inc.(NYSE:SWY).
Globalstar, Inc. (OTCMKTS:GSAT) shares increased 2.10% to $1.46. Research firm Midtown Partners on Oct. 2 initiated coverage on GSAT’s stock with a Strong Buy rating.
Additionally, the company participated in Imperial Capital's Global Opportunities Conference in New York, NY. Jay Monroe, CEO of Globalstar, Inc. presented at 9:30am EDT on Thursday, September 19, 2013.
Are investors worried about the recent updates with GSAT? Find out with a free trend analysis HERE
Safeway Inc.(NYSE:SWY) shares gained 6.91% to $33.75. The company on Oct. 10 said it will exit the Chicago market by unloading its 72 Dominick’s grocery stores in the area, its latest move to shed unprofitable operations under pressure from an activist investor. Safeway said the move will allow it to spend less money this year, and could produce a tax benefit of $400 million to $450 million, which would partly offset expenses related to the pending sale of its Canadian business. However, Safeway could be liable to pay pension-withdrawal charges of as much as $375 million over the next 20 years, unless the buyer of the Dominick’s stores takes on those responsibilities.
Additionally, the company reported a profit of $65.8 million, or 27 cents a share, down from $157 million, or 66 cents a share, a year earlier. Adjusted earnings from continuing operations were down at 10 cents from 16 cents. Meanwhile, overall adjusted income attributable to Safeway was 30 cents a share. Revenue increased 1.1% to $8.6 billion. Analysts recently expected per-share profit of 16 cents and revenue of $8.52 billion.
Is SWY going to continue its rally or drop like a rock? Find out with a free trend analysis HERE
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