NEW YORK, NY / ACCESSWIRE / November 26, 2018 / Roku shares were little changed on Friday despite a report on Apple reportedly creating a streaming device. Shares of Orchids Paper were blowing up on news of a significant new customer and a $5.9 million increase in its credit line.
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Orchids Paper Products Company
Orchids Paper Products Company shares were on fire on Friday, closing up a staggering 164.71% on colossal trading volume of around 15.2 million shares traded. Average trading volume for the stock is only around 514,000 shares. The national supplier of high-quality consumer tissue products said it has reached an agreement with its creditors, amending its credit agreement. Jeff Schoen, President and Chief Executive Officer, stated, "Our lenders continue to support and maintain access to the liquidity needed to operate our business. On November 20, we executed modifications to our credit facilities to increase the amount available under our revolving line of credit by $5.9 million and to defer future principal and interest payments to December 31, 2018. In addition, the amended agreement extends the milestone dates to execute a transaction to December 31, 2018. At the end of the third quarter, the Company had $5.1 million of cash on hand. He added, "Additionally, we recently won a significant bid from a national supercenter retailer as the sole supplier of 100% recycled ultra-premium kitchen towel and bath tissue supporting the sustainable product channel, which will be serviced out of our Barnwell facility using QRT paper. We expect this business to begin shipping in March 2019 and to make a significant contribution to the overall profitability of the Company."
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Roku, Inc. shares were down modestly on Friday on around 2.4 million shares traded. The streaming device maker could be facing some stiff competition as its been reported that iPhone maker Apple is reportedly creating a new streaming device to help better compete with Amazon’s fire stick and Roku. The Information has reported that Apple may launch a low-cost streaming TV dongle. Separately Roku began shipping Roku TV™ Wireless Speakers on November 16. They became available to customers in the U.S. at Roku.com for a Black Friday promotional price of $149.99 from November 16 through Cyber Monday, November 26. "Sound is an important part of the TV experience yet often overlooked by consumers because of product complexities, choice and price. Roku TV Wireless Speakers offer premium sound with no hassle. Our sophisticated software powers both the Roku TV and the Roku TV Wireless Speakers allowing us to offer a simple set up, multi-dimensional sound with stereo separation, voice control and much more,” said Mark Ely, vice president of whole home product management at Roku. He added, “We believe our Roku TV customers are going to be thrilled with how easy the Roku TV Wireless Speakers are to use and at the difference they hear when they watch and listen to entertainment at home.”
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