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Small-Cap Snapshot: Coda Octopus' stock rockets after Navy R&D pact

Last updated: 18:35 16 Jul 2018 BST, First published: 18:01 16 Jul 2018 BST

Coda diver equipment
Coda shares sang Monday after sealing US Navy deal for its DAVD-HUD diver equipment

Shares of Coda Octopus Group Inc. (NASDAQ:CODA) rocketed Monday, after the 3D sonar tech company said it has entered into a research development pact with the US Navy to transition its prototype Divers Augmented Vision Display-Head Up Display (DAVD-HUD) into a complete system ready for operational use. The plan indicates that the DAVD-HUD diver equipment will advance naval activities "significantly," and is considered a critical deliverable to Naval Sea Systems Command.

Coda stock soared 67.1% to US$6.25.

ARC Document Solutions Inc (NYSE: ARC) stock soared Monday after the California-based document solutions provider said that it expects to report year-over-year consolidated sales growth for the first time in three years. "We are encouraged by our preliminary estimates," said ARC Document Solutions CEO Suri Suriyakumar. "Rather than withholding these positive developments until our earnings call, we thought it prudent to announce ARC's progress given the current volatility of the stock market and the disruption around our exit from the Russell 2000. We want to remind shareholders of the company's improving revenue lines for the first time in several years." The company will report second-quarter earnings on August 2 after the market close. 

Shares rose 22.5% to US$2.02.

Ability Inc (NASDAQ:ABIL) shares fell after the provider of geolocation and cyber intelligence products said it received a letter from Nasdaq indicating it did not meet a deadline to regain compliance. The letter noted that the company failed to maintain a minimum of $2,500,000 in shareholders’ equity. As a result, the company would be subject to delisting on July 23 unless it requested a hearing before a Nasdaq listing qualifications panel.

The stock plunged nearly 28% to US$5.12.

Shares of SuperCom Ltd. (NASDAQ:SPCB) tumbled after the traditional and digital identity solutions provider reported fiscal first-quarter earnings of US$0.07 per share on shrinking revenue of US$7mln. Revenue fell 15.8% compared to the same quarter a year ago. “We have been expanding organically into new countries and governments with an exceptionally high win rate, including 8 new multi-year project wins in the last 6 months alone. This brings us to over 16 concurrent multi-year project deployments globally, which are expected to generate long-term recurring revenues,” said SuperCom CEO Arie Trabelsi. “This in turn has increased our working capital needs.”

SuperCom stock declined 9.4% to US$1.94 after earnings.

Read: ShiftPixy delays its earnings report but preliminary numbers send shares soaring

Investors booked profits in ShiftPixy Inc (NASDAQ:PIXY) after shares in the California-based staffing and outsourcing services company jumped Friday on stellar preliminary fiscal third-quarter earnings. Billings for the tech company, which has an app that connects employers with the gig economy workforce, doubled to US$60.2mln compared with US$27.5mln in the quarter. But the stock fell 22.7% to US$3.57 Monday on a burst of profit-taking. It was understandable given the stock had shot up more than 45% to close at US$4.62 Friday.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

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