Did Omnivision Insiders Benefit From Privileged Trading Information?
Smartphone image-sensor maker OmniVision Technologies (NASDAQ:OVTI) recently reported an increase in its sales numbers from Q1 and its Q2 outlook beat expectations, a move that may have led companies officials to scramble to make insider trades.
According to Investor's Business Daily, the company is widely believed to be among Apple's suppliers for its iPhone and iPad, and despite a lack of confirmation by either party, OmniVision may benefit from the release of the new iPhone that is expected to be released at the end of September.
Analysts expect the company to see cost improvements as Omnivision ramps up production of new products.
"... demand growth from smartphone and tablet applications continues to accelerate," OmniVision CEO Shaw Hong told analysts on a conference call late Thursday. "We believe our participation in the mobile phone market and the entertainment market will continue to be the major driver for our top line performance in fiscal 2013."
Shares of the company's stock rose following the quarterly report and speculation that it had regained its spot with Apple in supplying its image sensor to the firm for the iPhone 5, according to Barron's.
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