Benzinga's Microcap Movers for Friday March 16, 2012
Below are highlights from Benzinga's daily coverage of microcap securities making big moves:
Corporate Media International
Shares of Corporate Media International (CMDL), the Staten Island, NY printing services and direct mail company, rose 4800% Friday on 84,000 shares.
CEO Chuck Rothstein told Benzinga he had no clue as to what caused the move, and said 'we have not released any news pertaining to CMDL'. Rothstein added, 'I am hopeful that in the future we will be able to do some positive things with the company'.
Corporate Media International closed at $0.06 on Friday.
Shares of Dynegy (NYSE: DYN), the Houston, TX electric energy company, rose 42% Friday on 3 times the average daily volume.
Dynegy announced Friday that it has filed a response to the Examiner's Report with the United States Bankruptcy Court for the Southern District of New York, Poughkeepsie Division. In connection with the filing of the response, the Company noted that the Examiner's Report is not evidence, is non-binding and is not the conclusion of any court.
“Dynegy is both troubled and disappointed by the Examiner's Report as we continue to believe our restructuring activities benefited all stakeholders and were conducted in the proper manner,” commented Robert C. Flexon, Dynegy President and Chief Executive Officer.
The Examiner conducted a 60 day review of the Company's pre-petition restructuring transactions and concluded that many of the elements of the Company's strategy, including the ring-fencing of CoalCo and GasCo and related financings, were proper. The Examiner's criticism was directed exclusively at a single transaction: the transfer of CoalCo from Dynegy Gas Investments, a debt-free, wholly-owned subsidiary of Dynegy Holdings, to Dynegy Inc. in exchange for a $1.25 billion Undertaking on September 1, 2011.
Dynegy closed at $0.89 on Friday.
Shares of Avalon Holdings (NYSE: AWX), the Warren, OH provider of waste management services to industrial, commercial, municipal and governmental customers in selected northeastern and midwestern U.S. markets, rose 26% Friday on 10 times the average daily volume.
Avalon Holdings announced Friday financial results for the fourth quarter of 2011.
Net operating revenues were $16.9 million in the fourth quarter of 2011 compared with $11.3 million in the fourth quarter of the prior year. The Company recorded net income of $.7 million or $.19 per share in the fourth quarter of 2011 compared with a net income of $.1 million or $.02 per share in the fourth quarter of 2010.
Avalon Holdings closed at $4.29 on Friday.
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