WESTON, Fla., Oct. 6, 2004 (PRIMEZONE) -- Wall Street News Alert's "stocks to watch" this morning are: CDC Systems Inc. (Pink Sheets:CUPY), McDATA Corporation (Nasdaq:MCDT), Nokia Corporation (NYSE:NOK) and QUALCOMM, Inc. (Nasdaq:QCOM).
Aggressive investors and traders will be watching CDC Systems Inc. (OTC: CUPY) this morning! Yesterday after the markets closed, the company issued two major press releases. The first press release stated that negotiations with Strawn Oil and CDC Systems Inc. have been successful, and the second press release announced that the Board of Directors has decided to retire 54 million shares of the Company's restricted common stock to increase shareholder value.
This is more great news for investors! Strawn Oil is planning to drill 8 new wells by the end of the first quarter of 2005 and has selected CDC Systems to be the preferred compressor supplier. According to the press release, the first 8 wells have an annual revenue potential of $264,000.00.
CDC Systems Inc. will have expected annual revenue of $2,764,000.00 with the additional revenues described above.
Investors watch this one! It was just yesterday that we reported on the company's press release announcing that Seago Operating has decided to select CDC Systems Inc. to be their preferred natural gas compressor supplier! According to that press release, Seago needs compressor units for 15 wells over the next 6 months.
The stock closed yesterday at around $4.85 a share.
In case you are not familiar with the company: CDC Systems Inc. has developed innovative, highly-efficient natural gas compressors to convert marginal, non-profitable wells into profitable producers. The market of marginal wells numbers 225,000 nationwide and is growing 10,000 to 15,000 every year. CDC Systems compressors are also well-suited for the market of newly drilled wells, which is expected to number approximately 25,000 for 2004 -- the market most commonly focused on by leading compressor companies.
Stocks showing interesting activity yesterday at the close of the regular trading day were: McDATA Corporation (Nasdaq:MCDT) up 5.5% on 8 million shares traded, Nokia Corporation (NYSE:NOK) down 0.6% on 10.3 million shares traded and QUALCOMM, Inc. (Nasdaq:QCOM) up 0.5% on 8.8 million shares traded.
Commentary:
"Oil prices leaped above $51 a barrel on Tuesday as a prolonged U.S. production outage following Hurricane Ivan attracted fresh speculative buying. U.S. light crude set a new high of $51.29 a barrel, later easing to settle at $51.09, a gain of $1.18 on the day," stated Mario Cardenas in Wall Street News Alert's daily commentary continued at: http://www.WallStreetNewsAlert.com.
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