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Mid-Day Alerts for June 14; International Game Technology (IGT), General Moly Inc. (GMO), Edward Lifesciences Corp. (NYSE: EW)

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Shares of International Game Technology (NYSE: IGT), a global gaming company, are seeing a huge rally in today’s trading.

At last check, IGT shares were trading 11.20% higher at $14.70, with volume up from daily average of 3.16 million to 8.29 million. The stock touched an intra-day high of $14.94 in today’s trading.

IGT shares are surging after the company today announced a new $1 billion share buyback program. The company said that its Board of Directors authorized a new share buyback program of up to $1 billion of the company’s outstanding common stock.

In addition to the new buyback program, IDT also entered into an accelerated stock buyback agreement with Goldman Sachs & Co. under which it will repurchase approximately $400 million of its common stock.

The company said that the accelerated stock repurchase will be conducted as the first part of its new $1 billion share buyback authorization. The company expects to utilize the remaining $600 million over the next 3 to 4 years.

International Game Technology said that the buyback shows the Board’s confidence’s and the company’s continued dedication to responsible capital deployment.

Shares of General Moly Inc. (AMEX: GMO), a development-stage company engaged in the business of exploration, development and mining of properties primarily containing molybdenum, are soaring in today’s trading.

At last check, GMO shares were trading 20.22% higher at $3.27, with volume up from daily average of 304,028 to 1.09 million. The stock gained 31.33% in the last three trading sessions.

GMO shares are surging in today’s trading after the company announced that a Nevada State District Court issued its order supporting Nevada State Engineer’s ruling of July 2011, approving the Mt. Hope Project’s water rights and the NSE’s December 2011 and January 2012 issuance of water permits for the Mt. Hope Project.

Commenting on the development, Bruce D. Hansen, CEO of General Moly, said that he is extremely pleased that the State Engineer’s thorough and inclusive process in approving the Mt. Hope Project’s water rights and permits has been affirmed by the court. Hansen said that obtaining water rights for the Mt. Hope Project has been a long process and GMO is eager to move beyond the protests and appeals of the past three years toward a more positive and engaged dialogue with the County of Eureka and its citizens.

Shares of Edward Lifesciences Corp. (NYSE: EW), an Irvine, California-based company engaged in the science of heart valves and hemodynamic monitoring, are up sharply in today’s trading.

At last check, EW shares were trading 8.24% higher at $98, with volume up from daily average of 1.08 million to 2.70 million. The stock gained 11.14% in the last three trading sessions.

EW shares are surging in today’s trading after a FDA Panel recommended approval of the company’s Edwards SAPIEN transcatheter heart valve through transfemoral and transapical delivery for the treatment of high-risk patients with severe, symptomatic aortic stenosis. The FDA panel voted 11 to 0 in favor of the Edwards SAPIEN transcatheter, with one abstention.

Edwards Lifesciences had submitted a Premarket Application back in April 2011. CEO Michael A. Mussallem said that EW is very encouraged by the Advisory Panel’s strong recommendation for approval to expand the current indication for the Edwards SAPIEN valve to patients at high risk for surgery. Although a positive recommendation does not guaranty an approval from the FDA, it raises the chances of an eventual approval from the agency.

Posted by on Thursday, June 14th, 2012. Filed under Internet, Stocks. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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