Kolkata, West Bengal -- (SBWIRE) -- 09/10/2013 -- Specialpennystockalert.com, an investment community with a special focus on updating investors with recent news on the U.S. stock market, issues news alert on Qihoo 360 Technology Co Ltd (NYSE:QIHU), Facebook Inc(NASDAQ:FB), Vale SA (ADR)(NYSE:VALE).
Qihoo 360 Technology Co Ltd (NYSE:QIHU) shares increased 2.99% to $85.56. The company on Sept. 5 announced the closing of its private placement of US$600 million in aggregate principal amount of convertible senior notes due 2018, including US$50 million in principal amount of notes issued upon the exercise in full of the over-allotment option that the Company previously granted to the initial purchasers of the notes. Qihoo 360 anticipates using the proceeds for general corporate purposes.
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Additionally, the company on August 25 said its profit for the quarter surged to $33.0 million or $0.26 per ADS from $7.0 million or $0.06 per ADS last year. Adjusted net income rose to $51.0 million or $0.40 per ADS from $20.6 million or $0.17 ADS last year. Total revenues for the quarter rose 108 percent to $151.7 million from $72.8 million last year.Analysts expected earnings of $0.26 per ADS on revenues of $144.19 million for the quarter.
Facebook Inc(NASDAQ:FB) shares increased 0.20% to $44.04. The company on August 29 said it is considering incorporating most of its 1 billion-plus members' profile photos into its growing facial recognition database, expanding the scope of the social network's controversial technology.
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The possible move is intended to improve the performance of its "Tag Suggest" feature. The feature uses facial recognition technology to speed up the process of labeling or "tagging" friends and acquaintances who appear in photos posted on the network.
Additionally, the company on August 13 plans to buy the maker of a speech recognition and language translation app, providing technology that could bolster the social networking company's mobile efforts. Facebook did not disclose the financial terms of its deal for Pittsburgh-based Mobile Technologies.
Moreover, the company on July 24 reported second quarter adjusted EPS of $0.19, up from $0.12 in the previous year. The consensus estimate was for EPS of $0.14. Revenues rose 53% to $1.81 billion from $1.18 billion in the same quarter last year. The consensus estimate was for revenues of $1.62 billion.
Vale SA (ADR)(NYSE:VALE) shares gained 4.55% and closed at $16.33. The company on August 7 said its net profit plunged in the second quarter as a sharp depreciation in the local currency bludgeoned its financial results while softening commodities prices weighed on cash flow.
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The company’s net profit sank 84% in the April-to-June period from a year earlier, to $424 million, falling well short of expectations. Analysts had expected the firm to post $2.68 billion in net profit.
The company received an average of $99.21 per ton of iron ore in the second quarter, down 11% from the first three months of the year. The drop reflected a broader trend in the seaborne iron-ore market, which hit a trough in late May as slower-than-expected economic growth in China led steel producers there to draw from stocks.
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