NetSol Technologies Drops After Signing an Agreement with Fortune 500 Company (NTWK)

NetSol Technologies (NASDAQ: NTWK) stock dropped on the same day it announced an agreement with a Fortune 500 company to implement its smartOCITM search engine software. The stock fell 5.3% and closed at a share price of $0.54. Just after 12 pm, the stock hit an intraday low of $0.515. Volume of the stock also fell to 311,745 shares, below its average of 505,957 shares.

Today, July 18, 2012, NetSol announced an agreement between its subsidiary, Vroozi, and a Fortune 500 communication technology company to implement Vroozi’s smartOCITM search engine software. The name of the company and terms of the agreement were not disclosed for competitive reasons.

Despite today’s drop, NetSol Technologies has a total gain of 30% since the start of 2012. The stock staged a huge rally by February 10, 2012, when the share price of the stock peaked at $0.84. The next highest share price was $0.60 on May 7, 2012.

NetSol has been promoted by a number of newsletters. There are 50 results found on regarding the promotion of NetSol, which may include duplicate entries. According to @pennystock24 on Twitter, Penny Stock Pushing promoted NetSol today.

Recent headlines for NetSol also include:

  • July 12, 2012: NetSol provided preliminary revenue and earnings per share results for the fiscal year and fourth quarter ended June 30, 2012. Preliminary revenue results indicate the company’s strongest year ever, with consecutive sequential quarterly growth throughout, and the highest quarterly revenue in the company’s history.
  • June 27, 2012: NetSol unveiled the name of its newest customer for a previously disclosed contract with a leading global consumer finance entity for the company’s entire NetSol Financial Suite solution. The contract was established with Santander Consumer Finance S.A. and its joint venture partner Anhui Jianghuai Automobile to support their business activities in China.
  • June 12, 2012: NetSol announced it has signed a contract with a leading global bank valued at approximately $5 million, whereby the company will implement its entire NetSol Financial Suite solution, including the Wholesale and Retail platform.

NetSol Technologies designs, develops, markets and exports software products to customers in the automobile finance and leasing, banking, healthcare and financial services industries worldwide.

The company also provides system integration, consulting, IT products and services.

NetSol maintains services, product and sales offices in Australia, China, Thailand, the Kingdom of Saudi Arabia and Pakistan.

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Published by Fiona Gibson

Fiona is a finance graduate and an expert in analyzing market trends.