Tech Stocks Broker Alerts- Western Digital Corp (WDC), MeetMe Inc (MEET)
Shares of Western Digital Corp (NASDAQ:WDC) ended Tuesday session in red amid volatile trading. The shares closed down -2.64 points or -4.45% at $56.62 with 6.39 million shares getting traded. Post opening the session at $59.26, the shares hit an intraday low of $56.05 and an intraday high of $59.35 and the price vacillated in this range throughout the day. The company has a market cap of $16.30 billion and the numbers of outstanding shares have been calculated to be 284.96 million shares.
Western Digital Corp (WDC) introduced modern and innovative redesigns of its My Passport®, My Passport for Mac, and My Book® hard drive lines, which have been highly recognized leading sellers for more than a decade. In partnership with fuseproject, an award-winning industrial design and branding firm, the reimagined products were built with the customer in mind. Developed to help make a connection between the device and user, the new drives also include password protection and hardware encryption so customers will love their hard drive as much as they cherish the content stored on it.
“As the storage landscape continues to rapidly evolve, and the bars for design and user-experience have increased, the team focused on the design and user experience to catapult My Passport and My Book to the next level,” said Jim Welsh, senior vice president, Content Solutions Business Unit, Western Digital. “Through the reimagined design language, we want to engage consumers in a conversation about how storage is core to their lives and how they feel more empowered by the real benefits of capturing, protecting and enjoying life’s precious memories.”
Shares of MeetMe Inc (NASDAQ:MEET) ended Tuesday session in red amid volatile trading. The shares closed down -0.16 points or -2.77% at $5.62 with 1.92 million shares getting traded. Post opening the session at $5.72, the shares hit an intraday low of $5.51 and an intraday high of $5.80 and the price vacillated in this range throughout the day. The company has a market cap of $301.75 million and the numbers of outstanding shares have been calculated to be 52.48 million shares.
MeetMe Inc (MEET) announced that it has completed its acquisition of Skout, Inc., a leading global mobile network for meeting new people. MeetMe expects the acquisition, which closed on October 3, 2016, to significantly increase both the size of its user base and its total revenue, allowing for greater monetization, strong operating leverage and increased profitability. Skout’s revenue for its third quarter ended September 30, 2016 is expected to be approximately $6.6 million and its trailing twelve months’ revenue as of September 30, 2016 is expected to be approximately $26 million.
MeetMe also announced preliminary revenue results for its third quarter of 2016, ended September 30, 2016. For the third quarter MeetMe expects its standalone revenue to be approximately $17.2 million, which is within the company’s previously provided guidance range and represents growth of approximately 20% year over year.
Geoff Cook, CEO of MeetMe, said, “With the completion of this acquisition, we have brought together two of the largest mobile apps for meeting and chatting with new people, which combined have more than eight million monthly active users and boast one of the largest mobile user bases of the coveted millennial generation. As we continue to capitalize on the increase in ad dollars being spent on mobile advertising, we believe we are well positioned with our significantly increased scale to deliver greater monetization and increased profitability.”