Boston, MA 10/07/2014 (wallstreetpr) – Canada headquartered engine maker Westport Innovations Inc. (USA) (NASDAQ:WPRT) announced on 6th October that it has decided to reduce its revenue outlook for full year 2014 operations. The firm now estimates its revenue to come in the range of $130 million to $140 million for the full year. This was well below the analyst estimates. The outlook trimming comes on the back of the firm witnessing weak sales from its priority markets of China, Europe and Russia. On the back of the release of the disappointing news, six brokerages stepped in to cut their price targets on the stock of Westport Innovations Inc. (USA) (NASDAQ:WPRT). The stock is down by nearly 35 percent over the past five days of trading due to the above developments.
Wayfair Inc (NYSE:W) started trading on the New York Stock Exchange on 2nd October. Since then, the stock has been surging upwards and has seen a 24 percent appreciation in comparison to its debut price. The IPO exercise helped the e-commerce portal operator raise nearly $319 million from the market. This is the second instance of an e-commerce firm following Alibaba Group Holding Ltd (NYSE:BABA) record IPO debut in September. The Boston headquartered firm has tied up nearly 7000 branded suppliers from across the globe to offer an e commerce platform.
Privately owned Cummins Westport Inc. (CWI) announced on 6th October that it has decided to promote Mr. Rob Neitzke, who is currently working as the General Manager Company’s Construction Segment to the post of President. The appointment is set to take effect from January 1, 2015. In his welcome note Cummins Westport Inc. (CWI) Chairman Ed Pence has expressed happiness at the development. In his welcome note to the new president, the Chairman has commented that the leadership shown by Mr. Neitzke in leading the Cummins Construction Segment over the past few years would be replicated across the company going forward.
