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10.07.2019 22:30:00

Why Harmonic, SMART Global Holdings, and Noble Jumped Today

The stock market had a celebration on Wednesday as investors anticipated that the Federal Reserve won't rain on their parade when it comes to setting future monetary policy. Testimony from Fed Chair Jerome Powell suggested that even with some favorable economic data having come out in the past couple of weeks, the health of the overall U.S. economy remains fragile, and that supported those who believe that short-term interest rate cuts are likely to happen later this month. Some stocks had much larger gains than what the major indexes posted. Harmonic (NASDAQ: HLIT), SMART Global Holdings (NASDAQ: SGH), and Noble (NYSE: NE) were among the top performers. Here's why they did so well.Shares of Harmonic soared nearly 25% after the communications equipment specialist revealed good news from one of its major customers. Harmonic said that Comcast affiliate Comcast Cable Communications Management had committed to pay $175 million in software license fees over the four-year term of a license between the two companies, with the Comcast affiliate getting the benefit of enterprise license pricing for the CableOS software that Harmonic offers. Comcast Cable will make an initial $50 million license payment in 2019. As part of the move, Comcast will now be fully vested in warrants to purchase more than 7.8 million shares at $4.76 each, well below the current share price around $7.50. Nevertheless, Harmonic investors were pleased at the vote of confidence from Comcast.Image source: Harmonic.Continue reading
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