Results tagged “CCE” from MarketMinute.com Market Updates

Concerns that Greece's credit rating may be downgraded sent the markets down to a sharply lower open with the Dow plunging 157 points to 10,216. Nasdaq tumbled 30 points to 2205.

 

On the upside

Coca-Cola (NYSE: KO) will acquire bottler Coca-Cola Enterprises' (NYSE: CCE) North American operations.

Express Scripts (Nasdaq: ESRX) reported higher fourth quarter profit as revenue surged.

Mylan (NYSE: MYL) reversed year ago losses to post a greater than expected profit for the fourth quarter.

On the downside

Palm (Nasdaq: PALM) blamed disappointing demand for cutting its revenue outlook for the third quarter as well a the full year.

Oppenheimer analyst Dr. Brian Abrahams downgraded Anadys Pharmaceuticals (Nasdaq: ANDS) after the company reported that its hepatitis C treatment was barely more effective than a placebo.

Fourth quarter earnings for Foster Wheeler (Nasdaq: FWLT) tumbled as demand and prices fell. 

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 7 points to 622.

First-time unemployment claims fell more than expected last week as the economy continued to absorb job losses. The Dow rose 20 points to 8844 while Nasdaq edge up 2 points to 1580.

On the upside

Discover Financial Services (NYSE: DFS) returned to profitability in the 4th quarter after receiving an $863 million payment from an antitrust settlement from MasterCard (NYSE: MA) and Visa (NYSE: V).

Package delivery giant FedEx (NYSE: FDX) posted higher 2nd quarter profits attributed to lower fuel costs and announced plans to cut salaries and expenses due to an uncertain 2009 outlook.

Shares of Coca-Cola Enterprises (NYSE: CCE) rose after the soft drink bottler boosted its 2009 profit forecast.

On the downside

Shares of video game developer and publisher Take-Two Interactive Software (Nasdaq: TTWO) tumbled after reporting higher revenues and a wider 4th quarter loss.

General Motors (NYSE: GM) denied reports that it has reopened merger talks with Chrysler.  Both automakers were at risk of going bankrupt without a government bailout.

Computer-chip maker Atheros Communications (Nasdaq: ATHR) posted higher 3rd quarter revenues and earnings, but slashed its 4th quarter guidance.

In the broad market, declining issues outpaced advancers by a narrow margin on both the NYSE and Nasdaq.  The Russell 2000 which tracks small cap stocks lost 3 points to 483.