Mitel Networks Corporation was a big mover last session, as its shares rose over 6% on the day. The move came after the company entered into an agreement to buy ShoreTel, Inc. for $430 million. This deal is likely to help the company concentrate better in its core business. This led to too far more shares changing hands than in a normal session. This continues the recent uptrend for the company as the stock is now up over 17% in the past one-month time frame.
The company has seen one negative estimate revision in the last 30 days, while its Zacks Consensus Estimate moved lower over the said time frame, suggesting there may be trouble down the road. So make sure to keep an eye on this stock going forward to see if Friday’s move higher can last.
Mitel Networks currently carries a Zacks Rank #5 (Strong Sell).
A better-ranked stock from the Wireless Equipment space is DragonWave Inc. , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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