Downtrend Stocks: Wet Seal Inc (WTSL), Brainstorm Cell Therapeutics Inc (BCLI), And Laredo Petroleum Inc (LPI)
New York, NY – GDP INSIDER – 01/06/2014.
Wet Seal Inc (NASDAQ:WTSL) has been put on notice over debt default. According to a company filing with the regulator, Wet Seal said it received default notice on $27 million senior convertible notes. Including all the other related costs, the total debt amount is $28.8 million.
The clothing chain is facing a rough time as sales decline while costs soar. The company had warned that it was unclear whether it could remain in business because of the widespread challenges it faces. On a positive note, the company received a reprieve of two weeks after it entered into a forbearance deal with Hudson Bay Masters, one of its creditors.
Meanwhile, Wet Seal Inc (NASDAQ:WTSL) increased the base salary of its CEO, Thomas Hillebrandt. The CEO will now earn $350,000 up from $255,000. The move on CEO pay is a paradox coming at a time when the company claims that it lost $150 million in the last two years and would lose $88 million this year.
Brainstorm Cell Therapeutics Inc (NASDAQ:BCLI) obtained positive results in a mid-stage study of NurOwn, a drug compound designed for the treatment of Lou Gehrig’s disease. The drug was found to be tolerable and also helped in slowing down of the progression of the disease.
Subjects in the mid-stage trial of the drug received a single dose, which showed positive results. The company intends to increase the dosage of the drug to see if such a move can lead to amplified results. At least 30 patients participated in the mid-stage trial of NurOwn in Israel. There are also clinical trials of the drug in the U.S.
Laredo Petroleum Inc (NYSE:LPI) doesn’t look worried by the fallout in the oil market where the price of the commodity continues to fall. The company recently updated on its capital budget and production growth in 2015. It expects to achieve more than 12% increase in production level this year. However, the management stated that their production in 2015 would be more capital efficient to ensure that they don’t lose money.
Laredo Petroleum Inc (NYSE:LPI)’s board approved 2015 capital spending of $525 million.
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