Results tagged “FNM” from MarketMinute.com Market Updates
New home construction dropped to its lowest level this year to weigh the markets down to a lower open with the Dow losing 38 points to 10,365. Nasdaq slipped 8 points to 2297.
On the upside
Covidien (NYSE: COV) will pay approximately $300 million to acquire Somanetics (Nasdaq: SMTS).
Abbott Laboatories (NYSE: ABT) will pay Neurocrine Biosciences (Nasdaq: NBIX) $75 million upfront to develop and market Neurocrine's endometriosis treatment Elagolix.
Boston Private Financial Holdings (Nasdaq: BPFH) priced its offering of 4.1 million common shares at $6.10 per share to raise approximately $25 million.
On the downside
Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) will be delisted from the New York Stock Exchange for falling below the minimum average closing price.
Curis' (Nasdaq: CRIS) colon cancer drug failed a midstage clinical trial.
Aeterna Zentaris (Nasdaq: AEZS) will raise $12.1 million through a registered direct offering.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 663.
The markets recovered to close modestly higher with the Dow rising 13 points to 11,019 as investors await earnings from Bank of America and JPMorgan Chase later this week. Nasdaq gained 8 points to 2465.
On the upside
Newly elected Goodyear Tire & Rubber (NYSE: GT) president and chief executive Richard J. Kramer expressed confidence in the growth of tire company as the global economy recovers.
Credit Suisse mentioned Education Management (Nasdaq: EDMC) in a positive light in its report about the for-profit education sector.
Credit Suisse upgraded Verso Paper (NYSE: VRS) to an Outperform rating.
On the downside
Orexigen Therapeutics (Nasdaq: OREX) incorrectly calculated results from a clinical trial of its obesity treatment Contrave. While results were revised downward, the biopharmaceutical said that the drug still met study goals.
Investors locked in profits on Ambac Financial (NYSE: ABK), whose shares have tripled since last week.
Shares of Freddie Mac (NYSE: FRE) and Fannie Mae (NYSE: FNM) fell after banking executives expressed reluctance to reducing loans on underwater mortgages.
In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 9 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 707.
Merger and acquisition news along with European loan agreements for Greece lifted the markets to a modestly higher close with the Dow adding 8 points to 11,005, closing above 11,000 for the first time in eighteen months. Nasdaq rose 3 points to 2457.
On the upside
Seacoast Banking (Nasdaq: SBCF) completed a $50 million placement of convertible preferred stock.
Double-Take Software (Nasdaq: DBTK) received several unsolicited acquisition offers.
Fannie Mae (NYSE: FNM) will sell $5 billion in three and six month bills on Wednesday.
On the downside
TheStreet expects Icici Bank (NYSE: IBN) to outperform other India stocks.
Alphatec Holdings (Nasdaq: ATEC) will offer 16 million common shares.
Helios Strategic (NYSE: HSM) lowered its monthly dividend to $0.0560 per share from $0.0725 per share payable on April 29, 2010 to shareholders of record April 23, 2010.
In the broad market, advancing issues outpaced decliners by a margin of 7 to 5 on the NYSE and by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 2 points to 705.
On the upside
Passage of the healthcare bill will increase insured patients at hospitals lifting shares of Health Management Associates (NYSE: HMA) and Tenet Healthcare (NYSE: THC).
Novell (Nasdaq: NOVL) rejected Elliott Associates' $2 billion acquisition offer saying that the bid was too low.
Williams-Sonoma (NYSE: WSM) impressed with sharply higher fourth quarter earnings that topped estimates, forecast 2010 results ahead of expectations and increased its quarterly dividend.
On the downside
Fannie Mae (NYSE: FNM) relaxed certain income documentation requirements for loan modifications.
Freddie Mac (NYSE: FRE) said that demand was mixed during its most recent sale of $4 billion worth of bills.
E-Trade (Nasdaq: ETFC) named Steven Freiberg to replace interim chief executive Robert Druskin and announced a 1-for-10 reverse stock split.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 672.
On the upside
Fuel Systems Solutions (Nasdaq: FSYS) will present at Needham & Company's 12th Annual Growth Stock Conference and will participate in the CIBC Clean Energy Investor Conference later this month.
Oppenheimer analyst Scott Burk said that increasing spot rates will benefit Genco Shipping (NYSE: GNK).
Analysts upgraded Morgan Stanley (NYSE: MS).
On the downside
BPZ Resources (NYSE: BPZ) completed two wells in northwest Peru but the stock price dropped.
A class action lawsuit has been filed agains Kohlberg Capital (Nasdaq: KCAP) alleging securities fraud.
Fannie Mae (NYSE: FNM) announced plans to sell $4 billion worth of three month and six month notes.
In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks jumped 14 points to 640.
On the upside
Shares of OSI Systems (Nasdaq: OSIS), which makes explosive materials detection equipment, continued to rise over expectations that its technology will be in demand after the failed Christmas Day attempted bombing.
The Department of Interior lifted the suspension on Kforce (Nasdaq: KFRC) and will allow the company to participate in federal work projects.
Magic Software Enterprises (Nasdaq: MGIC) declared a dividend of $0.50 per share payable on January 25, 2010 to shareholders of record January 11, 2010.
On the downside
Trico Marine (Nasdaq: TRMA) warned of lower fourth quarter earnings and amended its credit agreement.
The International Trade Commission determined that no infringement of Tessera Technologies' (Nasdaq: TSRA) patents has been demonstrated.
Shares of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) fell as investors locked in profits. The two mortgage giants surged after the government lifted financial assistance caps last week.
In the broad market, declining issues outpaced advancers by a margin of 5 to 3 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 631.
On the upside
AspenBio Pharma (Nasdaq: APPY) reported positive interim results for its AppyScore blood test for acute appendicitis.
Imperial Sugar (Nasdaq: IPSU) paid $345 million to settle an insurance claim from a 2008 explosion at a sugar refinery in Georgia.
Shares of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) continued climbing after the Treasury Department guaranteed unlimited capital to the mortgage giants for the next three years.
On the downside
Arigene will terminate its tender offer for Trimeris' (Nasdaq: TRMS) outstanding shares of common stock because could not secure sufficient financing.
Sunesis Pharmaceuticals (Nasdaq: SNSS) will sell stocks and warrants to raise approximately $50 million.
Shares of Compugen (Nasdaq: CGEN) fell as investors locked in profits from yesterday's announcement of a cancer drug target discovery.
In the broad market, advancing issues edged out decliners by a margin of 7 to 5 on the NYSE while decliners outpaced advancers by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 632.
On the upside
Private equity firm Thoma Bravo will acquire Amicas (Nasdaq: AMCS) in an all cash deal valued at approximately $217 million.
A safety review board recommended that Vical (Nasdaq: VICL) continue a late stage clinical trial of its melanoma treatment Allovectin-7.
The Treasury Department decision to provide Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) with unlimited capital for the next three years lifted shares of the mortgage finance firms.
On the downside
Shares of YRC Worldwide (Nasdaq: YRCW) dropped. Today is the extended deadline for a bond exchange that the trucking company is depending on to stave off bankruptcy.
Sunesis (Nasdaq: SNSS) regained compliance to be listed on Nasdaq but the stock price slipped.
Shares of tax preparer Jackson Hewitt (NYSE: SWSI) continued to drop after regulators denied approval of tax refund anticipation loans by Santa Barbara Bank & Trust, which provides approximately 75% of Jackson Hewitt's loans.
In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 634.
On the upside
Karen Finerman of CNBC's Fast Money selected Golar LNG (Nasdaq: GLNG) as her high risk stock pick for 2010.
Speculation that Apple (Nasddaq: AAPL) will unveil it tablet touch screen computer in San Francisco in January lifted shares of the company.
Alcoa (NYSE: AA) entered a joint venture with Saudi Arabia Mining Company to develop, construct and operate a mine and refinery in the Saudi Arabia.
On the downside
Fannie Mae (NYSE: FNM) chief executive Michael Willams and Freddie Mac (NYSE: FRE) chief executive Charles Haldeman Jr. may each receive up to a $6 million pay package for 2009.
Maxygen (Nasdaq: MAXY) will spend nearly $38.9 million excluding fees and expenses to purchase more than 7.3 million common shares through a modified Dutch auction.
Superior Well Services (Nasdaq: SWSI) amended its credit agreement lowering its credit facility and borrowing base.
In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 634.
On the upside
FSI International (Nasdaq: FSII) narrowed first quarter losses as revenue rose and the company expects to post a profit for the second quarter.
Wells Fargo Securities analyst John Janedis upgraded New York Times (NYSE: NYT) saying that newspaper advertising revenue has improved.
Ballard Power Systems (Nasdaq: BLDP) will supply Daimler AG with fuel cell products.
On the downside
Ruth's Hospitality Group (Nasdaq: RUTH) entered new credit agreements with new as well as current lenders.
Sprint Nextel (NYSE: S) announced a cash bonus plan to retain chief financial officer Robert Brust until a new chief financial officer is named.
Fannie Mae (Nasdaq: FNM) sold $3 billion in three and six month bills.
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 gained 7 points to 630.
On the upside
Investment research firm Emerging Stock Report initiated coverage on Delta Petroleum (Nasdaq: DPTR).
Essilor will pay approximately $465 million to acquire FGX International (Nasdaq: FGXI).
Morgan Stanley upgraded ReneSola (NYSE: SOL).
On the downside
Fannie Mae (NYSE: FNM) sold $1 billion worth of five-year notes after reopening an existing issue.
Acme Packet (Nasdaq: APKT) will move its headquarters from Burlington to Bedford.
Technitrol (NYSE: TNL) will offer $50 million in senior convertible notes through a private offering.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 5 points to 611.
On the upside
First quarter earnings and revenue for Cree (Nasdaq: CREE) rose to beat expectations prompting the LED lighting maker to provide solid second quarter guidance above estimates.
Sallie Mae (NYSE: SLM) reversed year ago losses to post a better than expected profit for the third quarter.
Fannie Mae (NYSE: FNM) sold $3 billion worth of benchmark bills at higher interest rates than last week.
On the downside
While Polycom (Nasdaq: PLCM) reported third quarter results that met expectations, the company forecast disappointing fourth quarter margins.
United Airlines (Nasdaq: UAUA) reported a loss for the third quarter as revenue tumbled.
Marshall & Ilsley (NYSE: MI) swung to a loss for the third quarter as loan loss provisions soared.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 8 points to 605.
On the upsideÂ
Caterpillar (NYSE: CAT) posted a decline in 3rd quarter profits, but offered an encouraging outlook for 2010.
Temporary staffing agency MPS Group (NYSE: MPS) received a $1.3 billion buy-out offer from Switzerland-based Adecco SA.
Lexmark International (NYSE: LXK) posted lower revenues and a modest profit. Â The printer and copier maker also announced job cuts to trim costs.
On the downside
Boston Scientific (NYSE: BSX) returned to profitability in the 3rd quarter, but the medical device maker lowered its overall earnings and revenue outlook.
Shares of Coca-Cola (NYSE: KO) slipped as 3rd quarter revenues fell due to the weak dollar while profits rose.
Shares of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) continued to fall after an analyst set a price target of zero for the two stocks.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 618.
On the upside
Energy XXI Gulf Coast (Nasdaq: EXXI) extended the expiration date of its exchange offer.
Shares of Motorola (NYSE: MOT) rose ahead of the launch of its new Droid phone next month.
Sterne Agee upgraded Manitowoc (NYSE: MTW) to a Buy rating.
On the downside
The U. S. International Trade Commission ruled that Nokia did not infringe on InterDigital's (Nasdaq: IDCC) patents prompting a downgrade.
GMX Resources (Nasdaq: GMXR) will offer 5.75 million shares and $70 million in senior convertible notes in order to raise capital to pay down debt.
Keefe, Bruyette & Woods said that Freddie Mac (NYSE: FRE) and Fannie Mae (NYSE: FNM) shares are most likely worthless.
In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 6 points to 622.
On the upside
Atheros Communications (Nasdaq: ATHR) announced plans to acquire Intellon (Nasdaq: ITLN) in a cash and stock deal valued at approximately $244 million.
Cadbury (NYSE: CBY) rejected Kraft Foods (NYSE: KFT) $16.7 billion acquisition offer saying that the bid was too low prompting an upgrade.
Fairfax Financial Holdings announced that it will acquire Odyssey Re Holdings (NYSE: ORH).
On the downside
Morgan Joseph downgraded Spectrum Pharmaceuticals (Nasdaq: SPPI).
Former director of the Federal Housing Finance Agency James Lockhart said that he does not expect Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) to repay the federal government in full.
Shares of Bank of Granite (Nasdaq: GRAN) continued to fall after the company signed a cease and desist order with the FDIC.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by nearly 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 574.
On the upsideÂ
Fannie Mae (NYSE: FNM)Â received notice from the NYSE that the company has regained compliance with the exchange's minimum price standard for continued listing of its common stock.
Shares of LTX Credence (Nasdaq: LTXC) rose after the chip maker posted a 4th quarter loss, but raised its guidance for 2010.  An analyst promptly upgraded the stock.
Shares of KKR Financial Holdings (NYSE: KFN) surged higher on an analyst upgrade and the possibility of a dividend.
On the downside
A rheumatoid arthritis drug candidate developed by Array BioPharma (Nasdaq: ARRY) missed study goals. Â Analysts promptly downgraded the stock.
H&R Block (NYSE: HRB) announced a quarterly loss due to higher acquisition costs. Â The tax preparation company posted revenues that edged higher, but missed targets.
G-III Apparel Group (Nasdaq: GIII) posted higher quarterly sales and a narrower loss, but its 2010 outlook was revised downward.
In the broad market, declining issues outpaced advancers by a margin of 3 to 2 on the NYSE and by 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks was unchanged at 561.
On the upsideÂ
Danaher (NYSE: DHR) offered $1.1 billion in cash and debt to take control of the mass spectrometers product line from MDS (NYSE: MDS) and Life Technologies (Nasdaq: LIFE).
Shares of VeriFone Holdings (NYSE: PAY) rose after the electronic payment service provider posted a 3rd quarter profit that surpassed expectations.
On the downside
Shares of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) fell on the possibility that Congress may transform the two mortgage financing companies into small, private businesses.
An analyst downgraded Novavax (Nasdaq: NVAX) due to valuation. Â The biopharmaceutical company develops flu vaccines.
Shares of Donaldson (NYSE: DCI) fell after the filtration systems maker offered guidance that missed analysts' estimates.
Communications equipment and service provider Alcatel-Lucent (NYSE: ALU) announced a $1 billion convertible bond offering.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks lost a point to 556.
On the upsideÂ
Danaher (NYSE: DHR) offered $1.1 billion in cash and debt to take control of the mass spectrometers product line from MDS (NYSE: MDS) and Life Technologies (Nasdaq: LIFE).
Shares of VeriFone Holdings (NYSE: PAY) rose after the electronic payment service provider posted a 3rd quarter profit that surpassed expectations.
On the downside
Shares of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) fell on the possibility that Congress may transform the two mortgage financing companies into small, private businesses.
An analyst downgraded Novavax (Nasdaq: NVAX) due to valuation. Â The biopharmaceutical company develops flu vaccines.
Shares of Donaldson (NYSE: DCI) fell after the filtration systems maker offered guidance that missed analysts' estimates.
Communications equipment and service provider Alcatel-Lucent (NYSE: ALU) announced a $1 billion convertible bond offering.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks lost a point to 556.
On the upside
Robert W. Baird & Co. analyst Jeff D. Johnson upgraded Varian Medical Systems (NYSE: VAR) citing improving demand.
Speculation that Sequenom (Nasdaq: SQNM) may report positive test results for its prenatal Down Syndrome test lifted shares of the genetic analysis products maker.
An analyst raised the price target for J. P. Morgan (NYSE: JPM) to $48 from $40.
On the downside
Raymond James & Co. analyst Buck Horne downgraded Standard Pacific (NYSE: SPF) citing valuation concerns.
A Barron's article suggested that Citigroup's (NYSE: C) stock price is too high.
Fannie Mae (NYSE: FNM) announced that it will sell $1 billion worth of three month benchmark bills and $1 billion worth of six month bills.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks lost 7 points to 572.
On the upside
An analyst upgraded Warner Chilcott (Nasdaq: WCRX) which offered $3.1 billion to buy the prescription drug business from Procter & Gamble (NYSE: PG) yesterday.
The upbeat housing price report lifted the financial services sector. Â Shares of Fannie Mae (NYSE: FNM), Freddie Mac (NYSE: FRE) and Bank of America (NYSE: BAC) rose in heavy trading.
Tuesday Morning (Nasdaq: TUES) posted lower revenues and a narrow loss. Â The company is a closeout retailer of upscale houseware and gifts.
For-profit education company Corinthian Colleges (Nasdaq: COCO) reported higher revenues and a profit versus year-ago losses. Â High unemployment was the primary driver for new enrollments.Â
On the downside
Daktronics (Nasdaq: DAKT) posted earnings that beat expectations, but revenues fell and were expected to keep contracting. Â The company makes electronic display systems.
Manitowoc (NYSE: MTW) was removed from the S&P 500. Â The company makes cranes and food service equipment.
In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 582.