Eltek: Shares quadruple on turnaround plans, profit forecast

Eltek

29/05/2019 16:10

** Shares of semiconductor company  ELTK.O  surge nearly
250% to $5.60 in volatile trade after company forecasts positive
adj EBITDA for Q3 and Q4
    ** Stock top gainer across U.S. exchanges
    ** Co's cost saving plans expected to save $15 mln annually;
to cut 20% jobs which include eliminating 11 senior executive
roles
    ** In Q1, net sales dropped 16% from a year earlier to
$131.5 mln while net loss widened to $21 mln from $3 mln
 urn:newsml:reuters.com:*:nGNX85VmyM
    ** CEO says "identified the primary causes for Evine's
dramatic financial declines these last few quarters and begun to
implement focused remediation actions"
    ** Co also announces a batch of senior management changes
and plan to expand TV and online retailing
    ** More than 16.4 mln shares changed hands, 6x its 25-DMA
and the stocks' most active day ever
    ** Co erases all losses from 2019 and is now up 160%
including session gains

 (Reporting by Medha Singh in Bengaluru)
 ((medha.singh@thomsonreuters.com))