Pixelworks, Inc. (NASDAQ:PXLW) Takes Moderate Pounding, Down 14.63%
Northern, WI 06/17/2013 (GDPInsider) – Pixelworks, Inc. (NASDAQ:PXLW) started toady’s trading at 4.00, down 0.10 cents on its previous close and since then has been having a rough time in market valuation. The stock is down 14.63% on a massive surge in volume of 1.116 million traded shares – a whopping 433.53% above average volume of 209.32K.
PXLW has a range for the day of 3.46 and 4.11 and a 52-week range of 2.11 and 4.95. The downtrend comes after the company made a few positive developments between May 29 and June 03, 2013.
On May 29, PXLW which specializes in the development and manufacture of innovative video and display procession technology announced that it would display its latest innovation for the lucrative projector market at InfoComm 2013. PXLW stated that the display will not only showcase the latest innovations to feature projector standards, but that it would demonstrate capabilities that significantly enhance the viewing experience.
Graham Loveridge, Sr. Vice President of Marketing at Pixelworks expressed confidence in the display, stating that, “We’re very much looking forward to showing off our technology at InfoComm. Quite frankly, we’ve been working hard implementing our new technology across all our markets—UHD TVs, projectors and mobile—and now it’s time to display the results.”
The next major announcement came on June 3 when the company stated its intent to hold invitation-only meetings at this year’s COMPUTEX TAIPEI. According to the announcement, PXLW plans to bring its innovative video display processor technology to Tablets and Ultrabooks, with a special focus on Windows 8™ Tablets and Ultrabooks based on Intel’s 4th generation Core™ processors.
Again Mr Loveridge highlighted the company’s confidence in delivering something special for the market place: “Pixelworks has always been about video quality, and we believe that every screen, especially the highest resolution Tablets and Ultrabooks, are ideal platforms for the very best video processing technology.”
In the intervening periods the stock has rallied 66.82% on its 52-week and delivered increase in market valuation of +8.48% and +.20.11% on the 12th and 13th of June respectively. Things have settled down since then and the downtrend now sees PXLW trading 9.76% above its SMA20 and 31.75% above its SMA50. RSI is still strong at 56.61 and there are 18.46 million shares still outstanding in PXLW.
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