Investors were happy to hear that mobile device accessory-maker ZAGG (ZAGG) had partnered with a major smartphone and tablet maker, sending ZAGG stock up more than 7% in Wednesday morning trading.
ZAGG says it is now participating in the Samsung Mobile Accessory Program. Mobile accessories from companies that join the program receive a certification logo attesting that the mobile accessories meet Samsung standards.
ZAGG stock has fallen about 27% since July. Its CEO and president noted that joining the Samsung mobile accessories program would expand ZAGG’s “reach into new, global markets.”
Last month, ZAGG stock fell sharply after the company reduced its 2013 earnings forecast from earlier estimates of between $245 million and $252 million to a range of $212 million to $218 million. Wall Street had been looking for annual earnings of about $241.9 million, the Associated Press noted.