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Omar Venerio
Omar Venerio
Articles (946) 

3 Stocks Move on Monday

Foresight Autonomous falls, General Cable and Blue Apron gain

December 04, 2017 | About:

Shares of Foresight Autonomous Holdings Ltd. (NASDAQ:FRSX) fell on Monday after reporting financial results for the third quarter.

The company reported GAAP net profit of $4,466,000, compared to a GAAP net profit of $523,000 in the year-ago quarter. The increase is due to the revaluation of derivative warrant liability.The non-GAAP net loss for the quarter, however, was $2,086,000, compared to a non-GAAP net loss of $879,000 in the prior-year quarter.

“This quarter, we completed two additional pilot tests with leading Chinese car manufacturers where we successfully demonstrated our potentially life-saving technology," CEO Haim Siboni said. "We plan to broaden our outreach to additional manufacturers, and to sign commercial agreements, in our efforts to expand globally. Furthermore, our successful system demonstration and anticipated commercial agreement with Uniti Sweden proves that our competitive technology aligns with our long-term corporate development strategy to become a leader in the automated transportation industry”.

Further, the company completed a pilot agreement with two chinese car manufacturers.

Shares of General Cable Corp. (BGC) skyrocketed in premarket trading after announcing Prysmian will acquire it for $30 per share in cash, or $3 billion, including debt and some liabilities. 

"This combination ensures we are well-positioned to meet the future opportunities and challenges in the dynamic and evolving wire and cable industry,” CEO Michael McDonnell said.

Shares of Blue Apron Holdings Inc. (NYSE:APRN) were up after analysts at Barclays upgraded it to equal-weight from underweight due to more confidence in the company and improved margins.

Disclosure: The author holds no positions in any stocks mentioned.

About the author:

Omar Venerio
Omar Venerio is capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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