Results tagged “M” from MarketMinute.com Market Updates
A surge in the nation's trade deficit rattled investors to send the markets tumbling to a sharply lower close with the Dow skidding 265 points to 10,378. Nasdaq plummeting 68 points to 2208.
On the upside
Second quarter earnings for Macy's (NYSE: M) surged to surpass estimates prompting the department store operator to raise its full year outlook.
On the downside
Systemax (NYSE: SYX) reported higher second quarter earnings but the results fell far short of expectations.
Second quarter earnings dropped for URS (NYSE: URS) amidst a challenging economy.
Motorola (NYSE: MOT) began taking pre-sale orders for its Droid 2 smartphone but the stock price fell.
While fourth quarter earnings rose for Cisco (Nasdaq: CSCO), revenue missed expectations.
Apple (Nasdaq: AAPL) will replace first generation iPod nano units sold in Japan between September 2005 and December 2006 that overheat.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on the NYSE and by nearly 8 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 25 points to 620.
On the upside
Shares of UAL (Nasdaq: UAUA), AMR (NYSE: AMR) and Continental Airlines (NYSE: CAL) all rose as crude oil prices retreated.
Shares of Macy's (NYSE: M) climbed over news that November retail sales advanced by a greater than expected 1.3% .
J. P. Morgan lifted its price target for Alcoa (NYSE: AA).
On the downside
Siga Technologies (Nasdaq: SIGA) sold $20 million worth of common shares at a 15.1% discount from Wednesday's closing price.
National Semiconductor (NYSE: NSM) reported higher second quarter earnings that topped analyst estimates but the stock price dropped as investors locked in profits.
Quicksilver Gas Services (NYSE: KGS) priced its offering of 4 million common units at $21.10 per unit.
In the broad market, advancing issues outpaced decliners by a margin of nearly 9 to 7 on the NYSE while decliners edged out advancers by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 596.
On the upside
Third quarter earnings surged for China Housing & Land Development (Nasdaq: CHLN) as revenue tripled.
Deutsche Bank upgraded Smithfield Foods (NYSE: SFD) to a Buy rating and lifted its price target on the company.
Sanofi-Aventis (NYSE: SNY) extended its development deal with Regeneron Pharmaceuticals(Nasdaq: REGN) through 2017.
On the downside
While JA Solar (Nasdaq: JASO) reversed year ago losses to swing to a third quarter profit, the company reported lower revenue and warned that prices will continue to drop in the fourth quarter.
Collins Stewart downgraded Sigma Designs (Nasdaq: SIGM) to a Sell rating saying that the chip maker may lose market share to rival Broadcom (Nasdaq: BRCM).
Although Macy's (NYSE: M) narrowed third quarter losses, the department store forecast fourth quarter results well below analyst estimates.
In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks added 4 points to 591.
On the upside
United Parcel Service (NYSE: UPS) announced plans to hike shipping rates for 2010 and hinted at sustainable revenue growth. Share of rival Fedex (NYSE: FDX) also gained ground.
Toll Brothers (NYSE: TOL) posted lower 4th quarter revenues, but the luxury home builder noted that few buyers backed out of contracts.
Shares of Semiconductor Manufacturing International (NYSE: SMI) soared after the chipmaker settled all pending lawsuits with Taiwan Semiconductor (NYSE: TSM).
On the downside
Macy's (NYSE: M) posted a smaller 3rd quarter loss and raised its sales and profit outlook for the rest of the year, but the forecast missed analysts' expectations.
Adobe (Nasdaq: ADBE) announced job cuts to reduce 9% of its workforce due to slow sales of its Photoshop, Flash and Acrobat software programs.
Nationwide wireless data network Clearwire (Nasdaq: CLWR) received a nearly $1.2 billion investment from Sprint Nextel (NYSE: S).
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 7 points to 594.
On the upside
Shares of Applied Materials (Nasdaq: AMAT) rose after the semiconductor equipment maker posted lower revenues and a small loss that beat expectations.
Macy's (NYSE: M) reported a small 2nd profit due to one-time restructuring costs and raised its full-year earnings guidance.
E-House China (NYSE: EJ), a China-based real estate holding company, posted higher revenues and earnings as the total value of new properties sold nearly tripled to $3 billion.
On the downside
Clearwire (Nasdaq: CLWR) posted a smaller 2nd quarter loss as the wireless broadband provider added subscribers.
Freight business remained weak for Celadon Group (Nasdaq: CLDN) which reported a sharp drop in quarterly profits.
Shares of China-based Mindray Medical International (NYSE: MR) gave up recent gains after reporting a strong quarter. The company manufactures a wide range of medical monitoring and analytical equipment.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks rose a fraction to 562.
On the upside
Deutsche Bank North American analyst Karen Tang upgraded Melco Crown Entertainment (Nasdaq: MPEL).
Although Carnival (NYSE: CCL) reported lower second quarter earnings, the results topped analyst estimates.
Analysts upgraded National Penn Bancshares (Nasdaq: NPBC).
On the downside
Liz Claiborne (NYSE: LIZ) warned that its loss for the second quarter would be wider than expected.
Macy's (NYSE: M) announced a voluntary recall of 33,000 children's hooded sweatshirts with hood drawstrings that may be a strangulation hazard.
In lieu of contributing $83 million to its pension plan, YRC Worldwide (Nasdaq: YRCW) used real estate as collateral for the payment.
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 added a point to 508.
On the upside
Novavax (Nasdaq: NVAX) will work with the National Institutes of Health to evaluate a virus-like particle vaccine against the swine flu, influenza A (H1N1), virus.
First Industrial Realty Trust (NYSE: FR) closed three secured financing transactions for a total of $154 million.
RBC Capital Markets upgraded KeyCorp (NYSE: KEY) from sector perform to top pick.
On the downside
Compass Diversified Holdings (Nasdaq: CODI) priced its offering of 5.1 million trust shares at $8.85 per share.In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 4 points to 527.
On the upside
The European Union slapped Intel (Nasdaq: INTC) with a record $1.45 billion fine for thwarting competition. The figure represented 4% of Intel's worldwide revenues last year. Analysts pointed out that the EU could have levied a fine equivalent to 10% of global sales.Macy's (NYSE: M) posted a wider 1st quarter loss, but the results were better than expected.
On the downside
McDermott International (NYSE: MDR) posted lower 1st quarter profits. Investors remained worried about the outlook for the engineering and construction company.
Regional bank BB&T (NYSE: BBT) offered 75 million shares at $20 apiece in order to raise money to start repaying $3.1 billion in federal government loans.
The Medicines Company (Nasdaq: MDCO) stopped late stage trials for its anti-clotting drug candidate.
In the broad market, declining issues overwhelmed advancers by a margin of nearly 5 to 1 on the NYSE and by 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 12 points to 482.
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
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.
On the upside
Thinkorswim Group (Nasdaq: SWIM) received a $606 million cash and stock offer from retail brokerage firm TD Ameritrade Holding (Nasdaq: AMTD).Retailer Sears Holdings (Nasdaq: SHLD) posted lower sales in December, but performance at its Kmart stores was better than expected.
Shares of Immucor (Nasdaq: BLUD) rose after the blood-testing equipment maker posted higher quarterly earnings and sales.
On the downside
Wal-Mart Stores (NYSE: WMT) posted a smaller than expected sales gain in December. Analysts had expected the world's largest retailer to buck the weak trend among retailers by attracting cost-conscious consumers.Macy's (NYSE: M) announced plans to shut down 11 department stores while lowering its earnings outlook for the year.
Walgreen (NYSE: WAG) announced plans to slash 1000 jobs or 9% of corporate management in order to cut costs. The drugstore retailer employs about 237,000 people altogether.
In the broad market, declining issues outpaced advancers by a margin of more than 7 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 18 points to 497.
Disappointing corporate losses weighed down the markets to a lower close with the Dow tumbling 100 points to 8824. Nasdaq dropped 11 points to 1579.
On the upside
Macy's (NYSE: M) amended its $2 billion credit agreement making it more flexible.Deutsche Bank lowered its price target for FelCor Lodging Trust (NYSE: FCH) to $3.50. The real estate investment trust rose to close at $2.29.
Although the deal to take Huntsman (NYSE: HUN) private collapsed, Standard & Poor's is maintaining its ratings on the chemical maker.
On the downside
Hovnanian Enterprises (NYSE: HOV) chief executive Ara Hovnanian expects the housing market to continue to be challenging in 2009 and called upon the government to enact a stimulus package to shore up home prices.
Deutsche Bank (NYSE: DB) announced that it will not be able to repay a $1.4 billion bond in January as originally anticipated.
In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE and by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added 4 points to 487.
Technology bellwether Cisco Systems offered a bleak outlook as investors mulled over the latest batch of economic data. The Dow lost 50 points to 9089 while Nasdaq dropped 18 points to 1662.
On the upside
Wal-Mart (NYSE: WMT) reported a gain of 2.4% in same-store sales reflect a consumer shift to discounted goods.Department store operator Macy's (NYSE: M) posted lower October same-store sales and projected another decline for November. However, investors were relieved that sales met lowered expectations.
Shares of ANSYS (Nasdaq: ANSS) rose after the engineering software service provider reported higher revenues and earnings.
On the downside
McDermott International (NYSE: MDR) posted lower 3rd quarter profits due to higher costs for offshore pipeline projects. Analysts promptly downgraded the stock.
Wells Fargo (NYSE: WFC) announced plans to raise $10 billion to finance its acquisition of Wachovia (NYSE: WB).
Shares of Cicsco Systems (Nasdaq: CSCO) opened lower after the world's largest maker of computer-networking gear reported flat earnings and higher quarterly revenues that ended with a steep drop in October sales.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 512.
On the upside
CVS Caremark (NYSE: CVS) offered $2.7 billion to acquire drugstore operator Longs Drugs Stores (NYSE: LDG).
Soft drink company Dr Pepper Snapple Group (NYSE: DPS) raised its outlook for 2008. The company spun off from Cadbury Schweppes PLC in May.
Shares of Nvidia (Nasdaq: NVDA) rose on heavy volume after the chip maker posted a loss due to a one-time product warranty charge. The results beat expectations as analysts upgraded the stock.
On the downside
Deere & Co (NYSE: DE) posted higher 3rd quarter profits and revenues driven by higher farm prices, but the results missed expectations.
Department store operator Macy's (NYSE: M) reported a slight decline in 2nd quarter earnings and lowered its full-year outlook due to slow consumer spending.
Shares of Tween Brands (NYSE: TWB) tumbled to an all-time low after the teen apparel retailer posted a 2nd quarter loss that missed estimates. Analysts promptly downgraded the stock.
In the broad market, declining issues outpaced advancers by a margin
of nearly 2 to 1 on the NYSE, but were even on Nasdaq. The
Russell 2000 which tracks small cap stocks lost a fraction to 744.
Milder than expected inflation boosted the markets higher during the midday with the Dow surging 113 points to 12,945. Nasdaq leaped 24 points to 2519.
On the upside
Jefferies & Co. analyst Paul Clegg upgraded Evergreen Solar (Nasdaq: ESLR) saying that the company is expected to grow in the next few years.Macy's (NYSE: M) lower sales for swinging to a first quarter loss but the results surpassed estimates and the department store operator affirmed its full year guidance.
Shares of Canadian Solar (Nasdaq: CSIQ) continued to rise after the company reported a first quarter earnings that beat estimates by a wide margin and forecast second quarter revenue ahead of expectations.
On the downside
Sovereign Bank (NYSE: SOV) raised $500 million through the sale of 10-year subordinated notes.
Avondale analyst Daniel Mannes downgraded Darling International (NYSE: DAR) saying that the stock price is at a fair value.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 4 points to 741.