A-Power Energy (APWR) announced it signed a Memorandum of Understanding with Macau Natural Gas, to construct an offshore complex on a new artificial island, which will be used to import, store, and distribute liquefied natural gas. The total cost of the project is currently estimated to be 1.5 billion dollars. Once the construction of the liquified natural gas terminals has been completed, the intention is to build a natural gas power plant on the site. A-Power shares jumped nearly 17% Friday morning on the news.
Kennametal (KMT), one of Thursday's "big losers", changed direction Friday, after announcing it priced its previously announced common stock offering, at 15 dollars and 75 cents per share -- that price a few cents above where the stock was trading in our report yesterday. Also Kennametal sold an additional half a million shares beyond the initial amount proposed, bringing the total to 7 million shares. Kennametal will use the net proceeds from the offering to pay down outstanding bank debt. Shares recovered to just above 17 dollars in early trading Friday, up over 8%.
Shares of Dana Holding Company (DAN), a supplier of axles, driveshafts, and other automotive products, surged over 28% Friday, boosted by a Barclays upgrade. Barclays said its confidence was growing that Dana would be able to steer clear of breaching its debt convenants, and forecasted earnings to rebound materially in the second quarter. Barclays raised its rating from "equal weight" to "overweight."
Also getting a boost from upgrades today are Geokinetics (GOK), upped by RBC Capital Markets from "underperform" all the way to "outperform" -- that stock up almost 9% -- and Navigant Consulting (NCI), upped by JMP Securities from "market perform" to "outperform" -- that stock up 8%.
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