Hot Stocks: Zhone Technologies Inc (NASDAQ:ZHNE); The Wet Seal, Inc. (NASDAQ:WTSL); United Technologies Corporation (NYSE:UTX)
Dallas, Texas, 10/03/2014 (ustrademedia) – Zhone Technologies Inc (NASDAQ:ZHNE) filed a SEC update on October 2, 2014. The update included preliminary results from its third quarter operations which ended in August. The relatively weak estimates announced by the firm sent the stock of the telecom tech provider plummeting downwards during trading yesterday. The new estimates have pegged Q3 revenue to come in the range of $29 to $30 million. Previously, the firm had anticipated revenue during the Q3 would grow in low single digits from its Q2 revenue levels. It has also anticipated gross margins to come in the range of 35 to 37 percent. Also troubling was the estimation that its operational expenditure would go up by nearly $2M to breach the $11.5 million mark for the reporting quarter.
Specialty retailer The Wet Seal, Inc. (NASDAQ:WTSL) announced on 2nd October that its Chief Financial Officer, Steve Benrubi, has decided to put in his papers. His resignation would become effective 1st December this year, the company press note indicated. It has also disclosed that the board of directors have initiated executive search activities to identify Mr. Benrubi’s replacement. The outgoing CFO has been with the firm for the past nine years.
United Technologies Corporation (NYSE:UTX) fully owned unit Pratt & Whitney announced on 2nd October that it has appointed Mr. Gregory Gernhardt as president to oversee the expanding activities of its commercial engines unit. His appointment took effect immediately. He replaces Mr. David Brantner who had tendered his resignation recently. The churn at the top echelons of Pratt & Whitney comes at a crucial time. The tech firm has lined up a series of new engine launches which are designed to meet the needs of burgeoning commercial jets segment. In the recent past, Pratt & Whitney has poured in nearly $1 billion to strengthen its R&D unit which developed these new engines.