The Below Cash Stock ~ And Debt Free
Two stocks were included in the writeup, Emerson Radio Corp. (MSN) and Career Education (CECO), and the article referred to the free list of stocks selling below cash at WallStreetNewsNetwork.com. One of the stocks which was one the list of about ten stocks was iGo, Inc. (IGOI), the company that makes and markets power products for mobile electronic devices, such as chargers and surge protectors. The stock was trading at 2.28 on Wednesday, and closed at 2.29 on Thursday. This was approximately a 36% discount to the company's cash per share. In addition, the company has no debt.
iGo Really Did Go - Up!!!
After the market close on Thursday, it was announced that Steel Excel (SXCL) made a cash tender offer to purchase up to 44% of the outstanding shares of the common stock of iGo at a price of 3.95 per share. This is a premium of over 71%.
Huge One Day Increase
On Friday, the stock opened at 3.37 on the news, and closed at 3.42 for the day, about a 50% increase (49.34% to be exact).
By the way, Emerson Radio is down eight cents from Wednesday, but Career Education is up 3.4%.