Pre-Market Buzzers: Mechel OAO (MCX:MTLR), Fortress Investment Group LLC NYSE:FIG) and Lannett Company, Inc. (NYSE:LCI)
Dallas, Texas, 09/24/2014 (ustrademedia) – Russia-based Mechel OAO (MCX:MTLR), shares on Monday were found to have had a massive fall of 20% on the stock markets. MTLR price fall was triggered by the Economic Minister, Alexei Ulyukayev comments’ that the metal as well as mining group is most likely to play the bankruptcy card. He attributed the increasing pressure on the group to repay debts made to banks as the immediate cause for a likely bankruptcy filing. Thus far, the largest funders of Mechel, VTB, Sberbank, and Gazprombank banks have been calling upon Mechel OAO (MCX:MTLR) to repay the debt, instead of seeking solutions to restructure the debt itself. Mechel had earlier refused a debt for equity swap request, which eventually led to lenders threatening legal recourse. Shares continue to report slide, following the developments and the Ministers’ comments.
Fortress Investment Group LLC (NYSE:FIG) has on Monday reported that it will follow a prioritized investment plan for its Japan-based hotels. A senior executive affirmed that the prioritising strategy will help FIG to leverage the recent drive to increase tourism to Japan, prior to the 2020 Olympics in Tokyo. Akio Yamashita, managing director for Fortress Investment Group (Japan) GK, while talking to Reuters said: “While there are signs that demand for accommodation is set to increase, supply of the hotel is even falling in Japan.”
Lannett Company, Inc. (NYSE:LCI) announced on Monday, that it expects to see the sale of is Digoxin to grow strong in the ensuing quarters. LCI in a press release also confirmed that the company was in-line with the Fiscal 2015 Guidance and is all set to achieve the same. Lannett President and Chief Executive Officer Arthur P. Bedrosian commented “The earlier than anticipated launch combined with continued strong sales of our Digoxin product in the first quarter provide us with additional confidence to reaffirm our financial guidance for the fiscal 2015 full year.”