Today’s Research Reports on Stocks to Watch: Astrotech and GameStop
Astrotech was on a rocket in Tuesday trading, soaring over 200% after it was announced by its subsidiary, 1st Detect, that its new explosives trace detector (ETD), the TRACER 1000, will enter the European Civil Aviation Conference (ECAC)’s Common Evaluation Process (CEP) for airport checkpoint screening of passengers and cargo. Shares of GameStop continued to soar on Tuesday after the company confirmed that it is indeed in talks with third parties to explore a sale.
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Astrotech Corporation was one of the biggest winners on the NASDAQ in Tuesday trading, closing the day up over 226%. The stock hit a new high of $8.15 on about 42.4 million shares traded yesterday. The company’s 1st Detect subsidiary had announced that its new explosives trace detector (ETD), the TRACER 1000, will enter the European Civil Aviation Conference (ECAC)’s Common Evaluation Process (CEP) for airport checkpoint screening of passengers and cargo in the coming months. CEO of 1st Detect and Astrotech, Thomas B. Pickens III, stated, “We are pleased to be taking this major step toward European Qualification of our TRACER 1000, and are confident that our system will meet and exceed CEP performance standards." COO of 1st Detect as well as Astrotech, Raj Mellacheruvu, stated, "In addition to achieving TSA certification for passenger and cargo screening, both of which are on track, we look forward to having another major endorsement that serves to validate our system’s superior detection and security capabilities."
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GameStop Corp. shares closed up 3.62% yesterday on a little over 10 million shares traded. Shares moved higher for a second day in a row after the video game company confirmed that it is in "exploratory discussions with third parties.” It was in May that the company’s CEO Michael Mauler had resigned after only three months on the job. Recently a Reuters report had also said Sycamore Partners was a likely buyer and cited a New York-based private equity firm. It was on Monday that shares of the company rose as much as 11% after news of the sale hit Wall Street. There is no guarantee however that Sycamore will buy the company. GameStop said, "There can be no assurance any agreement will result from these discussions." CNBC recently reviewed a letter that was written by Hedge fund Tiger Management, who has a stake in the company. It read, "We view the recent management departures and crisis of confidence as an unprecedented opportunity for the Board to launch a strategic review and revive shareholder confidence in the sustainability of the GameStop business model."
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Our Actionable Research on Astrotech Corporation (NASDAQ: ASTC) and GameStop Corp. (NYSE: GME) can be downloaded free of charge at Research Driven Investing.
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