Tuesday’s Gainers; DoubelDown Interactive, Big Lots, & Avid Technology
DoubleDown Interactive announces results of a special shareholder meeting
DoubleDown Interactive Co Ltd (NASDAQ: DDI) jumped 12.2% after announcing that it held an extraordinary shareholder meeting on August 26, 2022, at 11:00 am in Seoul, South Korea. The shareholders who attended the meeting were those that were on record as of August 3, 2022, and they adopted and approved various resolutions as previously proposed by the board of directors. As a result, the current directors, Joseph A. Sigrist, Haenam Kim, Ki Chul Kim, and Keuk Kim, were re-elected for an additional three years, starting August 26, 2022, up to August 25, 2025.
Also, Whanlim Kim was elected as a non-executive independent director of the firm for three years, beginning on August 26, 2022, through August 25, 2025. The shareholders also approved a DoubleDown Interactive capital reserve reduction to around KRW 70 billion under Korean Commercial Code. Currently, the company has three non-executive independent directors on the board, and the other two non-executive independent directors, Jaesung Chung and Yanghoon Choo were not up for re-election, with their terms expiring in May 2023.
Avid Technology to replace Plantronics on S&P SmallCap 600
Avid Technology Inc (NASDAQ: AVID) gained 12.06% following the announcement that the company will replace Plantronics on the S&P SmallCap 600 from September 1, 2022. On the other hand, S&P 500 constituent HP (HPQ) bought Plantronics in a transaction entered on August 29, 2022.
The company recently announced an agreement seeking to have cloud-based editorial to the expanding late of Amazon Studio of close to 300 original series and movies. Following the agreement, these teams will receive similar performance and experience as on-premise editorial bay without the difficulty and time necessary to put up and bring down traditional hardware. This includes collaborative workflow coupled with end-to-end media and shared storage management. The volume of original television shows and films produced by Amazon Studios consistently meets the highest innovation and quality standards.
Big Lots reports a net loss of $2.91 per share in Q2 2022
Big Lots Inc (NYSE: BIG) jumped 11.74% after announcing its Q2 2022 financial results for the period ending July 30, 2022. The company had a net loss of $84.2 million or $2.91 per share, which included an after-tax charge of $18.1 million or $0.633 per share related to impairment charges of store assets. Minus the charge, the company had an adjusted net loss of $66 million or $2.28 per share. A year ago, the company had a net income of $37.7 million or $1.09 per diluted share.
In the second quarter, net sales were $1.35 billion representing a YoY increase of 7.6% and a 7.5% increase compared to Q2 2019. A year ago, the decline in comp sales was 9.2%. The three-year comp sales growth in the second quarter was 3.6% representing an increase from 1.9% in Q1 2022.