Results tagged “C” from MarketMinute.com Market Updates
Disappointing earnings along with falling consumer sentiment sent the markets into a tailspin with the Dow collapsing 261 points to close at 10,097. Nasdaq plummeted 70 points to 2179.
On the upside
VocalTec (Nasdaq: VOCL) announced a 1-for-5 reverse stock split.
Wall Street Equity Research issued an upbeat report on Tellabs (NYSE: TLAB) citing improving market conditions.
Shareholders of SandRidge Energy (NYSE: SD) and Arena Resources (NYSE: ARD) approved the proposed merger between the two companies.
On the downside
Second quarter earnings plunged for Citigroup (NYSE: C) as revenue dropped in its investment banking unit.
Although Bank of America (NYSE: BAC) reported higher second quarter earnings that topped analyst expectations, revenue fell sparking concerns about future profitability.
Second quarter earnings for General Electric (NYSE: GE) rose to beat expectations but revenue dropped.
In the broad market, declining issues outpaced advancers by a margin of 7 to 2 on the NYSE and by more than 7 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 24 points to 610.
Better than expected earnings lifted the markets modestly during the midday with the Dow rising 27 points to 10,390. Nasdaq gained 13 points to 2255.
On the upside
Motorola's (NYSE: MOT) and ExtenData's Direct Store Delivery solution was selected by Foster Farms Dairy to improve operations and increase delivery route productivity.
Monsanto (NYSE: MON) chairman, chief executive and president Hugh Grant purchased nearly $2 million worth of company stock while chief financial officer Carl M. Casale bought approximately $1.5 million in stock.
Expeditors International of Washington (Nasdaq: EXPD) issued a second quarter outlook well above analyst estimates.
On the downside
Ritchie Bros. Auctioneers (NYSE: RBA) will provide a second quarter update and a revised 2010 outlook in a conference call tomorrow, July 15.
Morgan Stanley analyst Katy Huberty downgraded Lexmark International (NYSE: LXK) to and Underweight rating citing increased competition.
A drop in home loan applications weighed down shares of Bank of America (NYSE: BAC), Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC).
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 641.
The markets tumbled to close sharply lower with the Dow plunging 268 points to 9870 as global markets stumbled. Nasdaq collapsed 85 points to 2135.
On the upside
Shares of Tesla (Nasdaq: TSLA) surged sharply in the late afternoon on its first trading day.
Raser Technologies (NSYE: RZ) partnered with Hyundai to develop electric trucks and other renewable energy products.
A federal court ruled that generic drug makers cannot market AstraZeneca's (NYSE: AZN) Crestor until 2016.
On the downside
China MediaExpress Holdings (Nasdaq: CCME) was added to the Russell Global Index but the stock price dropped.
Citigroup (NYSE: C) triggered circuit breakers on the downside to join the rest of the financial sector in the sell-off.
KeyBanc Capital Markets downgraded Ethan Allen (NYSE: ETH).
In the broad market, declining issues outpaced advancers by a margin of more than 7 to 1 on the NYSE and by nearly 9 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 25 points to 615.
Personal income rose less than expected in May to weigh the markets down to a lower close with the Dow slipping 5 points to 10,138. Nasdaq eased 2 points to 2220.
On the upside
Aflac (NYSE: AFL) sold all of its holdings in Greek debt.
Genco (NYSE: GNK) announced on Friday that it would pay $545 million to purchase 16 Supramax dry bulk vessels.
Vishay Intertechnology (NYSE: VSH) will offer a new mid-range infrared sensor with both digital and analog outputs.
On the downside
Isle of Capri (Nasdaq: ISLE) will offer 9 million common shares.
Shares of Ford (NYSE: F) fell ahead of Tesla's IPO tomorrow.
Bank of America (NYSE: BAC), JPMorgan Chase (NYSE: JPM), and Citigroup (NYSE: C) must all increase their capital levels under the Collins amendment ot the financial reform bill.
In the broad market, declinig issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 641.
The markets advanced during the midday with the Dow gaining 40 points to 10,184 after the Supreme Court struck down part of the Sarbanes-Oxley antifraud law. Nasdaq climbed 12 points to 2236.
On the upside
Aflac (NYSE: AFL) sold all of its holdings in Greek debt.
Genco (NYSE: GNK) announced on Friday that it would pay $545 million to purchase 16 Supramax dry bulk vessels.
Vishay Intertechnology (NYSE: VSH) will offer a new mid-range infrared sensor with both digital and analog outputs.
On the downside
Isle of Capri (Nasdaq: ISLE) will offer 9 million common shares.
Shares of Ford (NYSE: F) fell ahead of Tesla's IPO tomorrow.
Bank of America (NYSE: BAC), JPMorgan Chase (NYSE: JPM), and Citigroup (NYSE: C) must all increase their capital levels under the Collins amendment ot the financial reform bill.
In the broad market, advancing issues outpaced decliners by a margin of 3 to 2 on the NYSE while advancer barely edged out decliners by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a point to 646.
It was a mixed close for the markets with the Dow losing 9 points to 10,143 as investors weighed a downward revision of the GDP against less stringent than expected regulation of the financial services industry. Nasdaq gained 6 points to 2223.
On the upside
Raymond James analyst Steven Schwartz upgraded American Equity (NYSE: AEL) citing a Congressional decision to allow states to continue regulating indexed annuities.
Shares of Citigroup (NYSE: C), Bank of America (NYSE: BAC) and JP Morgan Chase (NYSE: JPM) and all rose as details emerged about the financial reform bill showing government restraint with regards to new regulations.
On the downside
Banner (Nasdaq: BANR) priced its offering of 75 million common shares at $2 per share.
Shares of BP (NYSE: BP) continued falling due to soaring clean up expenses for the Gulf of Mexico oil spill.
The Nasdaq Stock Market informed Molecular Insight Pharmaceuticals (Nasdaq: MIPI) that its market capitalization failed to meet minimum standards for listing.
Dilution concerns weighed down shares of Hampton Roads (Nasdaq: HMPR).
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 11 points to 645.
An unexpected drop in existing home sales sent the markets tumbling to a lower close with the Dow plunging 148 points to 10,293. Nasdaq dropped 27 points to 2261.
On the upside
Apple (Nasdaq: AAPL) sold 3 million iPads in 80 days.
On the downside
Shares of Curis (Nasdaq: CRIS) continued to fall after its colorectal cancer treatment failed a clinical trial.
Zale (NYSE: ZLC) made a partial payment of $5.3 million to Citibank (NYSE: C) for credit card services.
IBISWorld ranked Saks (NYSE: SKS) last in three out of four metrics used in their Retailer Health Rating.
The soaring cost of the Gulf of Mexico oil spill raised concerns that smaller, more successful oil exploration firms such as Cobalt International Energy (NYSE: CIE) may be forced to exit the area.
Premier Exhibitions' (Nasdaq: PRXI) largest shareholder announced plans to sell its 46% stake in the company.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by more than 7 to2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 14 points to 645.
Escalating tensions between North and South Korea sent the markets tumbling to a lower open with the Dow plummeting 208 points to 9858. Nasdaq plunged 51 points to 2161.
On the upside
Neurocrine Biosciences (Nasdaq: NBIX) reported positive results from a Phase II Daisy PETAL study using elagolix in endometriosis patients.
Toshiba and Babcock & Wilcox Investment will invest $200 million in USEC (NYSE: USU).
On the downside
Citigroup (NYSE: C) introduced a service to help clients navigate new money market rules established by the Securities and Exchange Commission but the stock price dropped.
Dell (Nasdaq: DELL) announced the early June release in the UK of its Streak Tablet featuring built-in Wi-Fi, Bluetooth and available 3G connectivity with a late summer release in the US but the stock price fell.
The Food and Drug Administration approved Teva Pharmaceutical Industries' (Nasdaq: TEVA) generic version of the antiviral Valtrex but the stock price fell.
Wabash National (NYSE: WNC) priced its offering of more than 24 million shares of common stock at $6.50 per share.
In the broad market, declining issues outpaced advancers by a margin of more than 11 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 14 points to 626.
Discussions between the U. S. and China at the Strategic and Economic Dialogue opened with China taking a more assertive stance on investment, currency and trade issues. The markets traded mixed during the midday with the Dow falling 47 points to 10,146 while Nasdaq rose 6 points to 2235.
On the upside
Morgan Stanley analyst Katy Huberty lifted her price target for Apple (Nasdaq: AAPL) to $310 from $275 citing expanding sales in China and said the stock may climb as high as $400.
Goldman Sachs upgraded Citigroup (NYSE: C) to a Buy rating .
A surprisingly strong gain in existing home sales lifted shares of Home Depot (NYSE: HD).
On the downside
Goldman Sachs downgraded Wells Fargo (NYSE: WFC).
Dynegy (NYSE: DYN) announced on Friday that shareholders approved a 1-for-5 reverse stock split to take effect on or about May 25, 2010.
Puerto Rican bank Popular (Nasdaq: BPOP) announced the resignation of chief executive David Chafey, Jr. effective immediately.
In the broad market, advancing issues outpaced decliners by a margin of 4 to 3 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 648.
Passage of the Senate banking reform bill provided a measure of certainty with investors gaining enough confidence to lift the markets to a higher close with the Dow soaring 125 points to 10,193. Nasdaq leaped 25 points to 2229.
On the upside
Eagle Rock Energy (Nasdaq: EROC) unitholders approved the Global Transaction Agreement allowing the company to close the sale of its Minerals Business for $174.5 million.
Shares of Zale (NYSE: ZLC) rose ahead of its earnings release next week.
Shares of Bank of America (NYSE: BAC), Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC) all rose after passage of the Senate banking reform bill provided certainty for investors to make informed decisions.
The Federal Trade Commission expects Apple's (Nasdaq: AAPL) mobile advertising network iAd to compete against Google (Nasdaq: GOOG) and therefore approved Google's acquisition of AdMob.
Moody's Investors Service lifted its outlook on Las Vegas Sands (NYSE: LVS) and affirmed its corporate rating on the casino operator.
On the downside
Micromet (Nasdaq: MITI) will provide updated results on several BiTE antibody development programs at two medical conferences in June.
In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 9 points to 649.
Concerns that European spending cuts will halt the global economic recovery sent the markets tumbling to a sharply lower close with the Dow skidding 162 points to 10,620. Nasdaq plunged 47 points to 2346.
On the upside
Caris & Co. initiated coverage of Yahoo (Nasdaq: YHOO) with a Buy rating.
On the downside
First quarter earnings for China Electric Motor (Nasdaq: CELM) fell due to initial public offering expenses.
Cumberland Pharmaceuticals (Nasdaq: CPIX) reported sharply lower first quarter earnings as expenses rose.
BP (NYSE: BP) extended its losses as efforts to stop the oil flow from the Deepwater Horizon rig in the Gulf of Mexico fail again.
Shares of Citigroup (NYSE: C), Bank of America, (NYSE: BAC) and Morgan Stanley (NYSE: MS) all fell after the Wall Street Journal reported that the Securities and Exchange Commission launched an investigation into deceptive banking practices.
Investors locked in profits on InfoLogix (Nasdaq: IFLG), which announced on Wednesday a strategic partnership with Wavelink to provide voice-enabled mobile solutions to SAP transactions.
In the broad market, declining issues outpaced advancers by a margin of 6 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks stumbled 15 points to 693.
On the upside
Thomas Weisel Partners Group (Nasdaq: TWPG) will be acquired by Stifel Financial (NYSE: SF) for approximately $300 million in stock.
The Food and Drug Adminstration cleared Digirad's (Nasdaq: DRAD) portable imaging system for sale and marketing.
Charles River Laboratories (NYSE: CRL) will pay approximately $1.6 billion to acquire WuXi PharmaTech (NYSE: WX).
On the downside
PrivateBancorp (Nasdaq: PVTB) widened first quarter losses more than expected as loan loss provisions surged fourfold.
Capitol Bancorp (NYSE: CBC) will raise $7.5 million through a registered direct offering of 2.5 million common shares.
The Treasury Department announced that it will sell up to 1.5 billion shares of Citigroup (NYSE: C).
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 742.
Citigroup's surprise profit lifted the markets to a higher open with the Dow rising 22 points to 11,040. Nasdaq added 2 points to 2483.
On the upside
Wells Fargo cited improving customer trends for upgrading Sprint (NYSE: S) to Outperform.
American Capital (Nasdaq: ACAS) will sell 58.3 million common shares at $5.06 per share to institutional investors through a registered direct offering.
Citigroup (NYSE: C) impressed by swinging to a first quarter profit that topped analyst estimates by a wide margin despite a drop in revenue as loan loss provisions fell and trading revenue surged.
On the downside
Morgan Keegan downgraded Palm (Nasdaq: PALM) to a Sell rating saying that the company will be unable to sell itself.
Demand weakend for Freddie Mac's (NYSE: FRE) bonds.
Collins Stewart downgraded Canadian Solar (Nasdaq: CSIQ).
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 712.
On the upside
Ocean Bio-Chem (Nasdaq: OBCI) reported record earnings and record sales for 2009.
Rodman & Renshaw initiated coverage of Opexa Therapeutics (Nasdaq: OPXA) with a Market Outperform rating and set a price target of $6 on the biopharmaceutical.
The Irish government will purchase 1.93 billion euros worth of loans from the Bank of Ireland (NYSE: IRE) at a discount.
On the downside
Charming Shoppes (Nasdaq: CHRS) narrowed fourth quarter losses but reported lower same store sales in the first quarter.
Oppenheimer & Co. analyst Timothy Horan downgraded Neutral Tandem (NYSE: TNDM) after the patent office rejected 23 claims made about a patent held by Neutral Tandem.
Citibank (NYSE: C) granted Zale (NYSE: ZLC) an extra month to either pay a fee for low sales on its private label credit cards or end the program.
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 681.
On the upside
Servidyne (Nasdaq: SERV) announced that it landed an $8.7 million contract to upgrade 600 stores and distribution centers for energy efficiency.
A Barron's article said that China Yuchai (NYSE: CYD) is expected to post a sharp increase in earnings and highlighted the company's attractive valuation.
Goldman Sachs placed CB Richard Ellis Group (NYSE: CBG) on its Americas conviction Buy list.
On the downside
Shares of Borders Group (NYSE: BGP) dropped as the Thursday deadline to repay a $42.5 million loan neared.
The Treasury Department said that it will unload 7.7 billion shares Citigroup (NYSE: C) according to an orderly and measured plan.
Ford (NYSE: F) finalized plans to sell its Volvo unit to Chinese automaker Zhejiang Geely Holding and announced plans to sell 362.4 million warrants to purchase common shares in order to raise capital to pay for retiree medical benefits.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 682.
On the upside
Intellipharmaceutics International (Nasdaq: IPCI) settled patent lawsuits with Novartis (NYSE: NVS), Celgene (Nasdaq: CELG) and Elan (NYSE: ELN).
Star Scientific (Nasdaq: CIGX) chief executive Jonnie Williams purchased nearly 2.4 million shares of company stock.
Rumors circulated that Supervalu (NYSE: SVU) may be the target of an acquisition.
On the downside
Acorn International (NYSE: ATV) blamed an impairment charge for widening fourth quarter losses.
GMX Resources (NYSE: GMXR) restated 2008 financials to report a much wider loss for the year. The company also restated quarterly earnings for 2009.
Investors locked in profits on Citigroup (NYSE: C), whose shares surged this week, after Oppenheimer analyst Chris Kotowski said that the stock price was now fairly valued.
In the broad market, advancing issues outpaced decliners by a margin of 9 to 7 on the NYSE while decliners edged out advancers by a margin of nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 676.
On the upside
Force Protection (Nasdaq: FPRT) reported higher fourth quarter earnings that topped analyst estimates.
Wabash National (NYSE: WNC) will build 3,100 new DuraPlate HD dry vans for Swift Transportation.
Fairholme fund manager Bruce Berkowitz told Fortune that Citigroup (NYSE: C) stock was underpriced.
On the downside
Jamba (Nasdaq: JMBA) reported a fourth quarter loss and lower revenue.
Shares of Genco Shipping (NYSE: GNK), Excel Maritime (NYSE: EXM) and Diana Shipping (NYSE: DSX) fell as two shippers prepare to launch initial public offerings.
Borders (NYSE: BGP) announced an exclusive collectors edition of the "The Twilight Saga: New Moon" DVD available on March 20 but the stock price fell.
In the broad market, advancing issues outpaced decliners by a margin of 9 to 7 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 669.
On the upside
Plexus (Nasdaq: PLXS) reported higher first quarter earnings that surpassed analyst estimates by a wide margin.
Comerica (NYSE: CMA) reported a loss for the fourth quarter that was narrower than expected.
Third quarter earnings for Xilinx (NYSE: XLNX) beat expectations and revenue rose to a new record.
On the downside
A-Power Energy Generation Systems (Nasdaq: APWR) closed an $83 million private placement.
Shares of Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM) and Citigroup (NYSE: C) all fell over the possibility of increased banking regulations.
Pfizer (NYSE: PFE) will pay Auxilium (Nasdaq: AUXL) $15 million for exclusive rights to market and sell Auxilium's Xiaflex.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 11 points to 628.
On the upside
Compugen (Nasdaq: CGEN) discovered a new drug target, CGEN-671, to treat multiple epithelial tumors.
Sunrise Senior Living (NYSE: SRZ) amended loan agreements with Chevy Chase Bank, agreeing to lower interest rates and an extension of the maturity date on two loans.
Barron's spotlighted 3PAR (NYSE: PAR) as an attractive acquisition target.
On the downside
Citibank (NYSE: C) notified Zale (NYSE: ZLC) that its Merchant Services Agreement will not be renewed.
Shares of American Airlines parent AMR (NYSE: AMR), Delta Air Lines (NYSE: DAL), and United Air Lines parent UAL (NYSE: UAUA) fell over concerns that new security measures introduced at airports after a failed attempt to blow up an airplane will curtail air travel.
Motley Fool said that Synaptics (Nasdaq: SYNA) was a better buy than SanDisk (Nasdaq: SNDK).
In the broad market, advancing issues edged out decliners by a margin of nearly 5 to 4 on the NYSE while decliners outpaced advancers by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 634.
On the upside
Bucyrus International (Nasdaq: BUCY) offered $1.3 billion to buy the mining equipment unit from Terex Corp. (NYSE: TEX).
An analyst upgraded chip giant Intel (Nasdaq: INTC) whose shares extended last week's rally among tech stocks.
Shares of apparel store operator Stein Mart (Nasdaq: SMRT) rose on optimism about the holiday shopping season.
American Greetings (NYSE: AM) was selected to produce the official 2009 presidential and vice presidential holiday cards for the Obama administration.
On the downside
The Department of Interior suspended Kforce Government Solutions (Nasdaq: KFRC) from new and renewed work with the federal government last Friday.
Citigroup (NYSE: C) was one of the few laggards following a Barron's article that identified the banking giant the weakest among its peers.
In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 7 points to 618.