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U.S. indices were down this morning after China's main index plunged 6.7%, adding to a nearly 3% drop on Friday. The sell-off in Chinese shares has been fueled by worries over bank lending that could affect the country's economy as a whole.
Plunging Right Ahead
Gaining over 29% ($0.62) in early trading today, AuthenTec, Inc., (AUTH) http://www.authentec.com/ set a new market cap of $77 million. AUTH is currently trading in the $2.66 range on the NASDAQ. The 3-Month average daily trading volume of AUTH is 236,362 shares and it had easily tripled that number topping 996,219 shares traded by 10:30 a.m. EST.
The volume surge and stock price gain came on Company news that AUTH will expand into the greater Chinese mainland at the direction of a new Vice President. AUTH has headquarters in Shangai, China and is based in Melbourne, Australia. Dr. Lunji Qiu was named as Vice President & General Manager of AuthenTec China.
Dr. Qiu previously held positions as Vice President of Product Development & General Manager of Atrua Technologies, General Manager of Broadcom China, and held management and engineering positions with Motorola in Singapore.
"His background and expertise, coupled with our expansion initiatives will help us further pursue the tremendous growth opportunities not only in China but the rest of the world, as well," said Scott Moody, AuthenTec Chairman and CEO.
AuthenTec's design center in Shanghai serves as a base of operations for AuthenTec China's software development, sales and technical support teams. The Company recently added three new players to its 28-member China team, including two senior field applications engineers and a sales account manager.
AUTH management noted that China is a key region for growth in AuthenTec's target markets of notebook PCs, netbooks and smartphones. AuthenTec has the broadest portfolio of silicon fingerprint sensors on the market today. On August 7, AUTH reported revenues of $8.4 million for the period ending July third, up from $7 million in the first quarter and ahead of its guidance of between $7.8 million and $8.3 million.
AUTH provides fingerprint authentication sensors and solutions to nearlt 50 million personal computer and wireless device markets via its TrueSuite and Power of Touch applications.
At $2.66, AUTH is below its 52-week high of $8.39 set on 09-02-08 and above its 52-week low of $1.26 set on 02-27-09. At $2.66, AUTH is ahread of both its 50-day and 200-day moving averages. Auth has trailing twelve month revenues of $45 million. Its shares out versus float ratio is near-parity.
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