Wednesday Morning Movers (WPRT, LEN, LORL)
Westport Innovations (NASDAQ: WPRT) traded up about 10% early in the day. In a press release on Wednesday, Westport Innovations announced that it has entered into a second agreement with General Motors (NYSE: GM) advanced technology advancement program. Westport is a worldwide leader in natural gas engines. The two companies are developing combustion, emission and controls for natural gas engines.
Ian Scott, president of Westport Light Duty, stated, "The expansion of our advanced natural gas technology collaboration with GM provides the potential for greater fuel efficiency and reduced greenhouse gas emissions for the industry and the consumer."
Lennar (NYSE: LEN), a U.S. homebuilder, saw second-quarter profits and sales increase on an improving house market. For the second quarter of the fiscal year 2012, Lennar had a net gain of $452.7 million, compared to only 13.8% in the same period in 2011. CEO of Lennar, Stuart Miller, stated that the housing market is continuing to slowly improve, which has allowed Lennar to keep on outperforming the market.
Miller commented, "We are pleased to announce EPS of $2.06 in the second quarter, consisting of $0.21 per share related to our improving fundamental business and $1.85 per share related to the partial reversal of the valuation allowance against our deferred tax assets. These results mark our ninth consecutive quarter of profitability."
Lennar traded up 7% early in the day.
Loral Space & Communications (NASDAQ: LORL) traded up more than 13% early Wednesday. The company announced that it entered into an agreement with MacDonald Dettwiler &Associates (MDA.TO) related to the sale of Loral & Communications subsidiary Space Systems/Loral. The deal includes an $875 million transaction and cash dividends to Loral Space % Communications.
Michael Targoff, chief executive officer of Loral Space & Communications, stated, "Combining the world-recognized communications capabilities of MDA with SS/L creates a powerful space communications leader and enhances the business prospects, both commercial and government, for each of MDA and SS/L."
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