NEW YORK, NY / ACCESSWIRE / August 24, 2018 / Seven Stars Cloud Group continued to see more gains on Thursday as it rallied all week on the news that it has won a $24 billion three-year deal with China’s biggest full-service operator for electric buses. Shares of Synopsys Inc. also saw gains after reporting a beat on both the top and bottom line in its third quarter financial report.
RDI Initiates Coverage on:
Seven Stars Cloud Group, Inc.
Seven Stars Cloud Group, Inc. shares were exploding in Thursday trading, closing the day up 14.37% and seeing an additional gain of 2.05% in after-hours trading. The stock has been on fire this week since the global technology firm focusing on digital asset production and distribution in the People's Republic of China, announced that it had won a $24 billion, three-year deal with National Transportation Capacity Co. Ltd., to provide fixed income lease financing-based products to fund upgrades of China's buses and make them electric by 2021 as mandated by the government. National Transportation Capacity Co. Ltd. is China's biggest full-service operator for electric buses.
Bruno Wu, Chairman and CEO of Seven Stars Cloud remarked: "This is a truly ground-breaking deal globally for blockchain-based fintech companies to gain such a large-scale, asset-backed, contract. It represents a new era and a paradigm shift in the way in which we view asset-based financial products; and it will serve as a window to the world on how asset value and liquidity can be unlocked by traditional industries as we take fixed income products into the digital era. By combining regulated financial infrastructure, and the market confidence in asset-based products, with AI-enhanced risk management and the dynamics of blockchain-enabled fractionalization, securitization, tokenization, and global trading of token-based offerings, we are delivering the next-generation of financial products which will be compelling for both asset-rich industries and investors alike. It's an exciting time for SSC, and we're extremely pleased and honored to partner with NTS on this offering." Shares of the stock have climbed from around $2.00 to over $4.00 this week.
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Synopsys, Inc. shares closed up 6.36% on about 4 million shares traded yesterday, significantly higher than the stock's average trading volume of just 940,441 shares. The stock also hit a new high of $101.76 after reporting third quarter financial results. Not only did the provider of electronic design automation (EDA) software products used to design and test integrated circuits (ICs) beat on both the top and bottom line but results also revealed year-over-year improvement. Synopsys reported non-GAAp earnings of 95 cents a share. This was 3.3% higher than the year ago period and also beat the 92 cents that analysts had been expecting. Revenue of $779.7 million was a 12.1% increase year over year and was higher than the $775 million expected. Aart J. de Geus, Synopsys, Inc., co-founder, Chairman & co-CEO said during the earnings call, "I am happy to report that Synopsys delivered another outstanding quarter and passed the $3 billion mark in trailing 12-month revenue, an exciting milestone as we enter our next phase of growth."
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