Dallas, Texas 08/09/2013 (Financialstrend) – Some stocks showing noteworthy market activity on Friday August 9, 2013
North American Oil & Gas Corp. (OTCBB:NAMG) 1.62 0.04 (2%)
NAMG continues an amazing march higher as today marks the 10th day in a row that the stock is seeing green. This unprecedented rally has lifted the stock from July 26th low of $0.69 to brand new all time highs of $1.67 today. Representing a potential 142% off the bottom, the stock shows no sign of retracement, and each level of profit taking appears to be met with new buyers.
NAMG, an oil and gas Company, is focused on the prolific San Joaquin Basin, onshore California, with existing foundation assets targeting exploration and exploitation of high impact oil and gas projects located near infrastructure and existing discoveries.
As of June 30, 2013, NAMG owned interests in approximately 8,243 gross acres (4,944 net acres) in the southern San Joaquin Basin: 1) White Wolf 4,823 gross (2,098 net) acres; 2) Tejon Main 2,874 gross (2,600 net) acres; and 3) Tejon Extension 546 gross (346 net) acres.
Noah Holdings Limited (NYSE:NOAH) 16.32 3.32 (25.54%)
While some China stocks are being avoided like the plague as investor sentiment has grown weary with many fraudulent companies coming out of the eastern hemisphere, one stands alone as a legitimate growth story.
Noah Holdings operates as a wealth management service provider with focus on distributing wealth management products in China. The company serves high net worth individuals; enterprises affiliated with high net worth individuals; and wholesale clients, primarily local commercial banks or branches of national commercial banks that distribute wealth management products to their own clients.
The Company released surprising earnings in which they state non-GAAP net income attributable to Noah shareholders for the full year 2013 is expected to be in a range of US$50.0 million and US$55.0 million, representing a year-over-year increase in the range of 86.4% and 105.0%.
Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, “We are very pleased to announce our updated 2013 forecast, which is above the previously announced range of US$33.0 million and US$37.0 million. The growth in our business has been faster than we had anticipated. We started to make structural improvements and take strategic initiatives in organizational structure, management, and product innovation since the first half of 2012. All of our business units, including our asset management business, our mutual fund business and our Hong Kong business, had meaningful growth in the first half of 2013. We look forward to a robust year in 2013.”
As a result the stock was upgraded from Oppenheimer and has traded to new 52 week highs today.
Performance Technologies Inc. (NASDAQ:PTIX) 2.4852 1.2152 (95.69%)
Performance Technologies is turning in quite the performance today as the stock has spiked higher to brand new 52 week highs of $3.97 before retracing and consolidating around the $2.50 mark.
PTIX, a leading global provider of advanced network communications solutions, today announced financial results for the second quarter 2013 of $7.1 million, compared to $5.0 million in the second quarter 2012. Revenue amounted to $13.4 million for the six months ended June 30, 2013 and in the corresponding period in 2012. Net income in the second quarter 2013 amounted to $.2 million, or $.02 per diluted share.
On June 30, 2013, the Company had cash and investments amounting to $12.3 million, working capital of $17.0 million and no long-term debt. At present levels, the valuation places the stock at an undervalued $27.6M market cap.