Results tagged “GM” from MarketMinute.com Market Updates

Better than expected manufacturing reports from Asia and Europe provided investors with a reason to buy stocks again.  Meanwhile, oil prices rose above the $68 a barrel mark.  The Dow soared more than 150 points to 8660 while Nasdaq surged nearly 40 points to 1815.

On the upside

Ireland-based Elan Corp. (NYSE: ELN) was reportedly in talks to sell a stake to Bristol-Myers Squibb (NYSE: BMY).

Shares of Freeport-McMoran Copper and Gold (NYSE: FCX) surged as investors anticipated a rally in commodity prices.

The airline sector rose on an analyst upgrade.  Shares of Delta Air lines (NYSE: DAL) and AMR Corp. (NYSE: AMR) posted solid gains.

Shares of Cisco Systems (Nasdaq: CSCO) joined the market-wide rally.  There was also speculation that the networking equipment giant may join the esteemed Dow Jones Industrials as a replacement for General Motors (NYSE: GM).

On the downside

Shares of General Motors (NYSE: GM) tumbled to new lows as the beleaguered automaker proceeded with plans to file for bankruptcy. 

OncoGenex Pharmaceuticals (Nasdaq: OGXI) reported positive results for its prostate cancer drug trials, but investors were lukewarm with the unusual weekend announcement.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 13 points to 514.

Investors regained confidence in a possible economic recovery as April durable goods orders rose 1.9% and weekly 1st time unemployment claims drifted lower.  The Dow rose 20 points to 8320 while Nasdaq added 3 points to 1733.

On the upside

Time Warner (NYSE: TWX) announced plans to spin out AOL as a separate Internet company headed by Tim Armstrong, a recent hire from Google (Nasdaq: GOOG).

General Motors (NYSE: GM) announced plans to shut down 14 factories.  Meanwhile, CNBC reported that GM's bondholders accepted an amended offer to swap its debt for a 10% stake in the automaker and a warrant to buy up to 15% more by cooperating in bankruptcy proceedings to sell assets.

Shares of biotechnology company Exelixis (Nasdaq: EXEL) surged after it announced a partnership with French drugmaker Sanofi-Aventis (NYSE: SNY) to develop new cancer drugs.

On the downside

Blue Coat Systems (Nasdaq: BCSI) delayed its quarterly earnings report.  Shares of security hardware and software maker promptly fell.

Yesterday's rally took a pause as investors mulled over the implications of a possible bankruptcy filing by General Motors.   Meanwhile, oil prices rose to a 6-month high above $63 a barrel.  The Dow slipped 4 points to 8468 while Nasdaq lost 6 points to 1743.

On the upside

LED lighting company Cree (Nasdaq: CREE) raised its revenue and profit targets for the 4th quarter due to a surge in sales.

Bank of America (NYSE: BAC) raised another $5.9 billion by converting preferred shares to common stock.  The bank has raised $26 billion out of $33.9 billion in capital needed to boost  its reserves.

On the downside

General Motors (NYSE: GM) edged closer to bankruptcy after a Tuesday midnight deadline for bondholders to swap debt for stock passed without enough participation to satisfy federal restructuring guidelines.

The markets opened mixed after North Korea's nuclear testing activity created geopolitical uncertainty.  Meanwhile, investors awaited the latest consumer confidence report.  The Dow lost 33 points to 8227 while Nasdaq slipped 2 points to 1358.

On the upside

Chico's FAS (NYSE: CHS) expected same-store sales for the month to rise.  The women's apparel retailer joined other companies in the sector in seeing retail sales growth.

Shares of MAP Pharmaceuticals (Nasdaq: MAPP) soared after its migraine drug treatment met late-stage study goals.

An analyst upgraded pawnshop operator and check cashing service provider Cash America International (NYSE: CSH).

An analyst upgraded NetApp, Inc. (Nasdaq: NTAP), a maker of data storage solutions.

On the downside

As a deadline looms for General Motors (NYSE: GM) to announce restructuring plans, Fiat actively negotiated with the German government to buy GM's Opel automotive unit.

Altair Nanotechnologies (Nasdaq: ALTI) raised $14 million as its shares dipped below $1 a share.  The company develops and markets paint resins and sensors. 

In the broad market, advancing issues edged out decliners by a narrow margin on the NYSE and outpaced them by a margin of nearly 4 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 474.

Greater than expected initial applications for unemployment benefits stoked fears of a lengthy economic recovery period sending the Dow plunging 129 points to 8292. Nasdaq slumped 32 points to 1695.

On the upside

The International Trade Commission sided with Tessera Technologies (Nasdaq: TSRA) in a patent dispute with Motorola (NYSE: MOT), Qualcomm (Nasdaq: QCOM), Freescale Semiconductor and Spansion.

A tentative deal has been reached between the United Auto Workers union and General Motors (NYSE: GM) to reduce labor costs and change funding for retiree health benefits.

Shares of OpenTable (Nasdaq: OPEN) surged in its market debut.

On the downside

Huntington Bancshares (Nasdaq: HBAN) announced a tender offer to buy back $470.2 million in trust preferred securities.

Although first quarter earnings and revenue rose for GameStop (NYSE: GME), the video game retailer forecast second quarter results below estimates and lowered its same store sales guidance for the year.

Dahlman Rose analyst Daniel Scott downgraded Patriot Coal (NYSE: PCX) citing lower demand and oversupply.

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 fell 8 points to 481.

The markets traded near the flatline as crude oil prices surged ahead of the holiday weekend.  The Dow added 2 points to 8477 while Nasdaq edged up a point to 1736.

On the upside

First quarter earnings for Paragon Shipping (Nasdaq: PRGN) rose to top analyst estimates.

AmTech research upgraded JA Solar (Nasdaq: JASO).

Three different groups are expected to make offers on General Motors' (NYSE: GM) Opel unit in Germany.

On the downside

Several investors have agreed to purchase $11.1  million worth of common stock and warrants of Oncothyreon (Nasdaq: ONTY).

Needham & Co. downgraded Palm (Nasdaq: PALM) due to valuation concerns.

Hertz Global Holdings (NYSE: HTZ) will offer common stock and convertible notes in order to raise as much as $812 million.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by a margin of more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 3 points to 496.

Rising home foreclosures and a surprising drop in retail sales sent the market tumbling to a sharply lower close with the Dow plummeting 184 points to 8284. Nasdaq slumped 51 points to 1664.

On the upside

Credit Suisse analyst Catherine Arnold said that the benefits of Pfizer's (NYSE: PFE) acquisition of Wyeth (NYSE: WYE) have not been reflected in the stock price.

The Wall Street Journal reported that General Motors (NYSE: GM) will begin importing cars made in China in 2011 in order to reduce manufacturing expenses.  The troubled automaker also plans to terminate as many as 2,000 dealerships nationwide.

On the downside

MGM Mirage (NYSE: MGM) announced plans to raise up to $1.5 billion through a two-part note offering.

Lear (NYSE: LEA) extended a default waiver on its main credit line.

Liz Claiborne (NYSE: LIZ) blamed restructuring charges and lower same store sales for widening first quarter losses.

Avis Budget Group (NYSE: CAR) said that its fleet of cars is 22% lower than last year.  With a smaller inventory of cars, the car rental company expects to increase rental fees.

In the broad market, declining issues overwhelmed advancers by a margin of more than 6 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 23 points to 471.

It was a mixed close for the markets with the Dow gaining 50 points to 8469 as oil prices rose.  Nasdaq dropped 15 points to 1715.

On the upside

Third quarter earnings for Winn-Dixie (Nasdaq: WINN) rose to top estimates prompting the grocery store operator to lift its full year outlook.

Although first quarter earnings fell for Callon Petroleum (NYSE: CPE), the results were better than expected.

Stifel Nicolaus initiated coverage of PetroQuest Energy (NYSE: PQ) with a Buy rating.

On the downside

Advanta (Nasdaq: ADVNB) will no longer make new loans and will close 1 million credit card accounts.

Great Atlantic & Pacific Tea (NYSE: GAP) widened fourth quarter losses prompting a downgrade.

Shares of auto parts suppler American Axle (NYSE: AXL) plunged over concerns that General Motors (NYSE: GM) may file for bankruptcy.

In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE and by more than 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks fell 6 points to 495.

Rising crude oil prices weighed down the markets during the midday with the Dow falling 45 points to 8373.  Nasdaq plunged 35 points to 1696.

On the upside

Stec Inc. (Nasdaq: STEC) reported higher first quarter earnings that surpassed estimates prompting an upgrade.

Tw telecom (Nasdaq: TWTC) reversed year ago losses to post a first quarter profit that beat expectations as revenue climbed.

Federal Agricultural Mortgage (NYSE: AGM) swung to a profit for the first quarter.

On the downside

DayStar Technologies (Nasdaq: DSTI) widened first quarter losses as expenses rose.

Six executives at General Motors (NYSE: GM) sold their holdings in the troubled automaker sending the stock price plummeting.

National Financial Partners (NYSE: NFP) swung to a first quarter loss due to a significant goodwill charge.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by more than 5 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks plunged 13 points to 488.

Stocks opened mixed as the trade deficit for the month of March widened to $27.6 billion.  Meanwhile, oil prices rose above $59 a barrel.  The Dow added 7 points to 8426 while Nasdaq lost 8 points to 1723.

On the upside

Fluor Corp. (NYSE: FLR) posted higher 1st quarter revenues and profits that beat expectations.

Alpha Natural Resources (NYSE: ANR) offered about $1.4 billion in stock to buy Foundation Coal (NYSE: FCL).

China-based Ctrip.com (Nasdaq: CTRP) which offer travel services online posted higher revenues and profits.  Analysts promptly upgraded the stock.

On the downside

Ford (NYSE: F) announced plans to sell 300 million shares in order to raise funds to pay off health care obligations to the auto workers' union.  Meanwhile, analysts noted that General Motors (NYSE: GM) is unlikely to avoid filing for bankruptcy.

Bank of America (NYSE: BAC) raised $7.3 billion by selling part of its stake in China Construction Bank to a group of investors.

Andarko Petroleum (NYSE: APC) offered 30 million shares to raise about $1.5 billion.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE and by 4 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks was unchanged at 501.

General Motors said that despite its restructuring efforts, it may still file for bankruptcy protection.  The Dow plunged 136 points to 8437 while Nasdaq lost 5 points to 1733.

On the upside

Shares of Cell Therapeutics (Nasdaq: CTIC) continued climbing after the biopharmaceutical reported sharply narrower first quarter losses last week.

Dish Network (Nasdaq: DISH) reported higher fourth quarter earnings that beat expectations by a wide margin.

Ambac Financial (NYSE: ABK) narrowed first quarter losses as revenue rose.

On the downside

Shares of DryShips (Nasdaq: DRYS) continued falling after announcing last week plans to raise $475 million through an equity offering.

General Motors (NYSE: GM) acknowledged that it may still file for bankruptcy protection.

Morgan Stanley (NYSE: MS) will raise $4 billion through the offering of 167.9 million shares of common stock.

In the broad market, declining issues outpaced advancers by a margin of 5 to 2 on the NYSE and by nearly 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 8 points to 503.

1st time unemployment claims unexpectedly fell to the lowest level in 14 weeks although a record number of people remained out of work.  Investors remained cautious about rising oil prices which hit a six-month high at nearly $58 a barrel.  The Dow rose 50 points to 8562 while Nasdaq added 7 points to 1766.

On the upside

Banking stocks rallied as the results of the government's stress tests indicated capital needs, but all of the banks were deemed strong enough to survive by analysts.  Shares of Citigroup (NYSE: C) and Bank of America (NYSE: BAC) surged higher in heaving trading.

Retailers posted declines in April sales that were smaller than expected.  Shares of Gap (NYSE: GPS) and Wet Seal (Nasdaq: WTSLA) rose in early trading.

Shares of Vanda Pharmaceuticals (Nasdaq: VNDA) soared nearly tenfold after the FDA approved its schizophrenia drug.

On the downside

Macy's (NYSE: M) posted a larger than expected decline in same-store sales due to sluggish consumer spending.

Chemical company DuPont  (NYSE: DD) announced plans to lay off 2000 workers in order cut expenses.

General Motors (NYSE: GM) lost $6 billion in the 1st quarter as revenues fell by nearly half as consumer worried about the auto maker not being able to honor its warranties if the company filed for bankruptcy.

In the broad market, advancing issues outpaced decliners by a margin of 4 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 508.

ADP offered investors a hopeful employment picture by predicting a slowdown in the number of private sector jobs being cut.  The Dow rose 50 points to 8461 while Nasdaq edged up 2 points to 1756.

On the upside

Bank of America (NYSE: BAC) may be in need of as much as $34 billion in new capital in order to shore up its balance sheet.   Another report indicated that all banks may need only $75 billion in capital altogether.  Shares of Wells Fargo (NYSE: WFC) and Citigroup (NYSE: C) rose ahead of the results of the government's bank stress tests to be revealed tomorrow.

Shares of Zions Bankcorp (Nasdaq: ZION) surged on expectations that the regional bank will not need more capital infusion.

The Boston Globe, which is owned by The New York Times Company (NYSE: NYT), reached a tentative agreement with labor unions for concessions.

On the downside

Navigation device maker Garmin (Nasdaq: GRMN) posted a sharp drop in revenues and earnings due to a decline in discretionary spending by consumers.

Masimo (Nasdaq: MSI) reported higher revenues and earnings, but investors remained worried about demand for company's medical monitoring devices.

Shares of General Motors (NYSE: GM) fell sharply on worries that the issuance of new stock may significantly dilute existing shareholders.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks added 2 points to 504.

Fears of a global swine flu pandemic sent the markets down to a lower open with the Dow losing 39 points to 8037.  Nasdaq dropped 10 points to 1684.

On the upside

Shares of antiviral makers Novavax (Nasdaq: NVAX) and BioCryst Pharmaceutical (Nasdaq: BCRX) surged as the swine flu continued to spread.

PURE Bioscience (Nasdaq: PURE) announced that its PureGreen24 antimicrobial treatment meets CDC recommendations for treating patients with swine flu.

General Motors (NYSE: GM) will discontinue its Pontiac brand of cars and eliminate 21,000 jobs.

On the downside

B/E Aerospace (Nasdaq: BEAV) blamed the slumping economy for slashing its full year earnings and revenue guidance.

Shares of United Airlines parent UAL (Nasdaq: UAUA) and Delta Air Lines (NYSE: DAL)tumbled over concerns that the swine flu outbreak will drastically curtail travel plans.

Orient-Express Hotels (NYSE: OEH) warned that it will report a first quarter loss of $14.6 million.

In the broad market, declining issues outpaced advancers by a margin of more than 6 to 3 on the NYSE and by 3 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks fell 5 points to 473.

Earnings concerns along with an unexpected drop in retail sales sent the markets down to a lower close with the Dow tumbling 138 points to 7920.  Nasdaq plunged 28 points to 1626.

On the upside

Rumors that the government may take a stake in General Motors (NYSE: GM) lifted shares of the beleagured automaker.

Shares of China GrenTech (Nasdaq: GRRF) rose ahead of its earnings release after market close.

Empire Resorts (Nasdaq: NYNY) confirmed that it engaged in discussions with the St. Regis Mohawk Tribe to explore the possible development of a Native American casino at the Monticello Raceway.

On the downside

First quarter earnings for Commerce Bancshares (Nasdaq: CBSH) plunged to fall far short of estimates as loan loss provisions soared.

MGIC Investment (NYSE: MTG) reported that chairman and chief executive Curt Culver received a 2008 compensation package that was 38% lower than the previous year.

Investors locked in profits on Synovus Financial (NYSE: SNV).  Shares of the bank holding company climbed last week after an analyst initiated coverage with a Buy rating.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on both the NYSE and on Nasdaq.  The Russell 2000 which tracks small cap stocks plummeted 15 points to 453.

The markets opened mostly lower as General Motors teetered on the verge of bankruptcy and Boeing lowered its outlook.  The Dow lost 80 points to 8003 while Nasdaq lost 12 points to 1640.

On the upside

Prescription benefits manager Express Scripts (Nasdaq: ESRX) offered $4.6 billion in cash and stock to acquire subsidiaries of insurer WellPoint (NYSE: WLP).  Shares of Aetna (NYSE: AET) and Humana (NYSE: HUM) also joined the rally in the health care sector.

Banking stocks continued to rally on turnaround hopes.  Shares of Citigroup (NYSE: C) and Fifth Third Bancorp (Nasdaq: FITB) surged.

Shares of Gannett (NYSE: GCI) rose for a second session after fund manager Ariel Investment increased its stake in the publisher of USA Today.

On the downside

Genworth Financial (NYSE: GNW) missed a key deadline and abandoned its effort to acquire InterBank which would have allowed the insurer to gain access to TARP funds as a savings and loans.

Boeing (NYSE: BA) weighed on the Dow after the aircraft maker lowered guidance for 1st quarter profits and announced production cuts.

Shares of General Motors (NYSE: GM) fell sharply on worries that restructuring efforts will not prevent the automaker from filing for bankruptcy.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on both the NYSE and Nasdaq.  The Russell 2000 which tracks small cap stocks dropped 5 points to 462.

The International Monetary Fund planned to forecast $4 trillion in troubled assets held by banks, according to The Times of London.  The Dow lost more than 110 points to 7862 while Nasdaq fell 20 points to 1586.

On the upside

Shares of the world's largest maker of corporate jets rose again amid takeover speculation about Textron (NYSE: TXT).

Consumer electronics retailer hhgregg (NYSE: HGG) raised its revenue and earnings targets

An RBC analyst raised his opinion of software companies, Microsoft (Nasdaq: MSFT), Adobe Systems (Nasdaq: ADBE) and Concur Technologies (Nasdaq: CNQR).

On the downside

Motorola (NYSE: MOT) proceeded with plans to cut 5600 positions and to take a one-time charge of $106 million to cover severance costs.

Troubled insurer American International Group (NYSE: AIG) received bids for its asset management business in the $400-800 million range only.

General Motors (NYSE: GM) unveiled a two-wheeled electric vehicle in a partnership with scooter maker Segway as a clean alternative for congested city streets.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks gave up 4 points to 443.

The U.S. auto industry weighed on the markets.  Meanwhile, companies continued to reduce headcount to the tune of 742,000 jobs for the month of March.  The Dow lost 55 points to 7553 while Nasdaq droped 17 points to 1510.

On the upside

Metavante Technologies (NYSE:MV)  was the target of a $2.94 billion all-stock offer by Fidelity National Information Services (NYSE: FIS) to form a banking and payments processing giant.

Shares of Las Vegas Sands (NYSE: LVS) rose after its chairman bought $23.2 million of its stock.

On the downside

General Motors (NYSE: GM) took the spotlight again on reports that the company may split into two: one with its profitable parts, the other under bankruptcy protection indefinitely.

Shares of Celgene (Nasdaq: CELG) tumbled after the drug maker lowered its outlook.

Pipeline repair company Team, Inc. (Nasdaq: TISI) lowered its revenue targets due to slowing demand for its services.

Mattress maker Sealy (NYSE: ZZ) announced cost-cutting efforts in order to maintain a profit.

In the broad market, declining issues outpaced advancers by a margin of 3 to 1 on the NYSE and by more than 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks fell 9 points to 412.

The markets opened higher with the Dow gaining 51 points to 7573 even as home prices continued falling.  Nasdaq climbed 19 points to 1520.

On the upside

Amylin Pharmaceuticals (Nasdaq: AMLN) reported upbeat results from a late stage clinical trial of its once-a-week diabetes medication exenatide LAR.

Although fourth quarter earnings for TBS International (Nasdaq: TBSI) slipped, revenue rose.

Lincoln National (NYSE: LNC) reassured investors that it will pay $500 million in debt on time and in full.

On the downside

The Food and Drug Administration refused to review Acorda Therapeutics' (Nasdaq: ACOR) multiple sclerosis treatment fampridine citing format issues.

Lennar (NYSE: LEN) blamed the extended housing slump and economic turmoil for widening first quarter losses.

Shares of General Motors (NYSE: GM) continued falling over bankruptcy fears.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks added 3 points to 419.

Possible bankruptcy filings by General Motors and Chrysler sent the markets into a tailspin with the Dow plummeting 254 points to close at 7522.  Nasdaq plunged 43 points to 1502.

On the upside

Although Providence Service (Nasdaq: PRSC) swung to a loss for the fourth quarter, revenue surged.

Perma-Fix Environmental Services (Nasdaq: PESI) reversed year ago losses to post a fourth quarter profit as revenue climbed.

On the downside

Converted Organics (Nasdaq: COIN) widened full year losses.

Shares of auto parts suppliers TRW Automotive Holdings (NYSE: TRW) and American Axle & Manufacturing Holdings (NYSE: AXL) tumbled over fears that General Motors (NYSE: GM) will file for bankruptcy.

Charles Schwab (Nasdaq: SCHW) chief executive Walter Bettinger II received a lower compensation package in 2008 than 2007 but his base salary increased.

Treasury Secretary Tim Geithner said that some banks will need additional government assistance sending shares of Bank of America (NYSE: BAC), Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC) tumbling.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 1 on the NYSE and by more than 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks skidded 13 points to 416.