Results tagged “WB” from MarketMinute.com Market Updates
Investors brushed aside record low consumer confidence to focus instead on news that the federal government will invest $5 billion in General Motors' financial unit. The Dow leaped 184 points to close at 8668 while Nasdaq jumped 40 points to 1551.
On the upside
Billionaire Mark Cuban purchased a 9.4% stake in Carmike Cinemas (Nasdaq: CKEC).
Wells Fargo (NYSE: WFC) announced the elimination of 53 positions due to the company's upcoming merger with Wachovia (NYSE: WB).
AirMedia Group (Nasdaq: AMCN) will repurchase up to $50 million worth of American Depositary shares.
Bargain hunters snapped up shares of JA Solar Holdings (Nasdaq: JASO), whose stock price has tumbled over the last few months.
On the downside
Lindsay (NYSE: LNN) announced last week that demand for irrigation systems is slowing due to falling crop prices and the sluggish economy.
In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 16 points to 483.
Disappointing earnings and corporate forecasts weighed down the markets during the midday with the Dow lost 38 points to 8542. Nasdaq plunged 33 points to 1532.
On the upside
Private equity firm Elevation Partners will invest $100 million in Palm (Nasdaq: PALM) in exchange for Series C preferred stock that is convertible to common stock as well as warrants to purchase 7 million shares of common stock.
JPMorgan (NYSE: JPM) will expand its Canadian client franchise and risk management through the purchase of UBS Commodities Canada Ltd., an energy and global agricultural business.
AT&T (NYSE: T) introduced its U-verse Voice digital voice service in Toledo, Ohio.
On the downside
Mortgage defaults continue rising in all loan categories including loans that have been modified sending shares of Wells Fargo (NYSE: WFC) and Wachovia (NYSE: WB) lower.
Manpower (NYSE: MAN) blamed the slumping economy for withdrawing its forecast.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 15 points to 471.
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.
The markets opened lower following news that retail sales fell 1.2% in September due to weak consumer sales. The Dow lost nearly 300 points to 9025 while Nasdaq fell 35 points to 1744.
On the upside
JPMorgan Chase (NYSE: JPM) posted sharply lower profits as revenues fell. However, the results beat lowered expectations.
Wells Fargo (NYSE: WFC) announced lower 3rd quarter earnings as it prepared for the acquisition of Wachovia Bank (NYSE: WB).
Hudson City Bancorp (Nasdaq: HCBK) posted higher earnings avoiding the loan losses affecting other banks.
On the downside
Chipmaker Linear Technology (Nasdaq: LLTC) posted better than expected 1st quarter results, but lowered its outlook for the 2nd quarter.
Oil prices fell below $80 a barrel. Shares of Exxon Mobil (NYSE: XOM) and Chevron (NYSE: CVX) also dropped.
Shares of Jones Apparel Group (NYSE: JNY) fell to multi-year lows after the apparel maker lowered its profit outlook.
In the broad market, declining issues outpaced advancers by a margin
of 7 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 23 points to 530.
The markets opened sharply lower with the Dow tumbling nearly 700 points in the opening minutes of trading before retracing to 8350, down more than 200 points. Nasdaq lost a more modest 19 points to 1625.
On the upside
General Electric (NYSE: GE) posted a smaller profit that met lowered expectations. The conglomerate managed to report a profit at its troubled GE Capital unit.
Wachovia Bank (NYSE: WB) ended up in the hands of Wells Fargo (NYSE: WFC) whose $15 billion all-stock offer topped a joint rescue effort by Citigroup (NYSE: C) and regulators.The market capitalization of Google (Nasdaq: GOOG) briefly fell below $100 billion before bargain hunters stepped in.
On the downside
Credit ratings agency Moody's Investors Service placed a negative outlook rating on Goldman Sachs (NYSE: GS).
Shares of Morgan Stanley (NYSE: MS) tumbled again on worries that Mitsubishi UFJ may revise the terms of its investment into the troubled investment banker.
In the broad market, declining issues outpaced advancers by a margin of more than 6 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 7 points to 491.
The U.S. government may take equity stake in banks in order to secure a return on its bailout efforts. Meanwhile, blue chip IBM made an early 3rd quarter profit announcement to boost the Dow by 50 points to 9308. The tech-heavy Nasdaq surged 20 points to 1761.
On the upside
IBM (NYSE: IBM) posted profits that beat lowered estimates and reaffirmed its earnings forecast through the rest of the year.GeoEye (Nasdaq: GEYE) released its first batch of imagery from its satellite.
Bargain hunters snapped up airline stocks on an analyst upgrade due to favorable oil prices. Shares of United Airlines (Nasdaq: UAUA) and Continental Airlines (NYSE: CAL) rose.
On the downside
Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC) continued to spar with the Federal Reserve unable to reach a resolution to sell Wachovia Bank (NYSE: WB). Wells Fargo had offered to buy all of Wachovia while Citigroup wanted only the assets with government backing.Shares of Prudential Financial (NYSE: PRU) tumbled on worries that it may be the next financial services company to face significant write-downs.
J.P. Morgan Securities lowered its profit and dividend outlook for regional banks. Shares of Fifth Third Bankcorp (Nasdaq: FITB) and Zions Bancorp (Nasdaq: ZION) promptly fell.
In the broad market, advancing issues outpaced
decliners by a margin of nearly 6 to 5 on the NYSE and by more than 4 to 3
on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 548.
Disappointingly weak September retail sales sent the markets tumbling during the midday with the Dow plunging 199 points to 9248. Nasdaq dropped 15 points to 1739.
On the upside
Bloomberg News reported that Wells Fargo (NYSE: WFC) will most likely acquire Wachovia's (NYSE: WB) mid-Atlantic and Southeastern branches which account for approximately 75% of the company leaving Citigroup (NYSE: C) with the bank's Northeastern branches.
Broadcom (Nasdaq: BRCM) filed a lawsuit against Qualcomm (Nasdaq: QCOM) claiming patent misuse and that Qualcomm's patents are unenforceable.
Essar Services requested that PeopleSupport (Nasdaq: PSPT) delay its $250 million acquisition of the business processing outsourcing company until no later than October 31.
On the downside
Alcoa (NYSE: AA) disappointed with lower third quarter earnings as global demand dropped prompting a downgrade.
TEL Offshore Trust (Nasdaq: TELOZ) announced that Hurricane Ike destroyed oil platforms and wells on Eugene Island 339.
Robert W. Baird analyst David Loeb cut his price target for Diamondrock Hospitality (NYSE: DRH) saying that revenue will drop in 2009.
In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a fraction to 559.
The major indexes opened higher after federal banks around the world announced rate cuts in order to jumpstart the global economy. The Dow rose 30 points to 9475 while Nasdaq added 7 points to 1762.
On the upside
Solar wafer maker LDK Solar (NYSE: LDK) raised its 3rd quarter estimates.
Data storage and protection company Iron Mountain (NYSE: IRM) reaffirmed guidance for 2008, but lowered it for 2009.
Rate cuts gave financial services firms a lift. Shares of JPMorgan Chase (NYSE: JPM) and Goldman Sachs (NYSE: GS) rose along with shares of American Express (NYSE: AXP) and MasterCard (NYSE: MA).
On the downside
Shares of MetLife (NYSE: MET) lost ground after the insurer announced job cuts. Yesterday, it released plans to sell 75 million common shares to raise at least $2.5 billion in order to "build a warchest."
Bank of America (NYSE: BAC) and Wachovia (NYSE: WB) lowered their prime lending rates to 4.5% from 5%.
Shares of Stewart Enterprises (Nasdaq: STEI) tumbled after rival Service Corp. International
(NYSE: SCI) withdrew its takeover offer. Stewart Enterprises provides funeral and cemetery products and services.
In the broad market,
declining issues outpaced advancers by a margin of nearly 4 to 3 on the
NYSE and by more than 5 to 4 on Nasdaq. The Russell 2000 which tracks
small cap stocks added 4 points to 563.
The markets opened higher ahead of a second vote by the House on the government's $700 billion rescue package. The Dow climbed 135 points to 10,618 while Nasdaq surged 41 points to 2018.
On the upside
Shares of Wachovia Bank (NYSE: WB) leaped after Wells Fargo (NYSE: WFC) offered $15.1 billion in stock to buy the troubled bank. Earlier this week, Citigroup (NYSE: C) and the government's Federal Deposit Insurance Corp. arranged to buy Wachovia's deposits and banking operations.
American International Group (NYSE: AIG) announced plans to sell non-core assets in order to start paying off its $85 billion debt to the government.
A federal court upheld anemia drug patents owned by Amgen (Nasdaq: AMGN) which hoped to block sales of a competing drug by Roche.
On the downside
Penn National Gaming (Nasdaq: PENN) posted lower 3rd quarter earnings. Analysts promptly downgraded the casino operator.Resources Connection (Nasdaq: RECN) reported higher revenues and earnings, but U.S. growth was flat. The company provides accounting, legal and human resource services.
Russian mogul Oleg Deripaska was reportedly selling his 20% stake in Canadian car parts maker Magna International (NYSE: MGA) to creditors due to other portfolio losses.
In the broad market, advancing issues outpaced decliners by a margin of 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 10 points to 647.
A greater than expected drop in factory orders and rising unemployment applications sent the markets tumbling to a sharply lower close with the Dow plummeting 348 points to 10,483. Nasdaq plunged 93 points to 1977.
On the upsides
Shares of Wachovia (NYSE: WB) and Merrill Lynch (NYSE: MER) rose after the Senate passed a revised version of the $700 billion bailout plan.
ClickSoftware Technologies (Nasdaq: CKSW) provided third quarter revenue guidance above expectations and lifted its full year revenue forecast.
Sallie Mae (NYSE: SLM) expects third quarter income to surpass analyst expectations and reassured investors that the student lender is well capitalized.
On the downside
A comment by Senate majority leader Harry Reid that a major insurance company was on the brink of bankruptcy sent shares of insurers MetLife (NYSE: MET), Prudential Financial (NYSE: PRU) and Hartford Financial Services (NYSE: HIG) tumbling.Although Matrix Service (Nasdaq: MTRX) reported sharply higher first quarter earnings that topped analyst estimates, the stock price plunged when the company reported a 2% sequential fall in backlog.
Agilysys (Nasdaq: AGYS) blamed the sluggish economy for lowering its 2009 revenue guidance.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks skidded 34 points to 638.
Bargain hunters boosted the markets to a sharply higher close after yesterday's sell-off with the Dow rocketing 485 points to 10,851. Nasdaq jumped 99 points to 2082.
On the upside
After selling most of its banking operations to Citigroup (NYSE: C) yesterday, Wachovia (NYSE: WB) reassured investors that the remaining businesses including retirement services, asset management and retail brokerage were well capitalized.
Goldman Sachs analyst James Mitchell said that Amazon.com (Nasdaq: AMZN) stock oversold and maintained his Buy rating as well as his $98 target price for the online retailer.
JMP Securities analyst Samuel Wilson upgraded Research In Motion (Nasdaq: RIMM) citing the company's valuation after yesterday's sell-off.
Thornburg Mortgage (NYSE: TMA) announced the elimination of 29 positions in its lending unit.
On the downside
Shares of VeraSun Energy (NYSE: VSE) retreated. The stock surged yesterday over speculation that the ethanol producer would be acquired.
In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 22 points to 680.
The markets opened sharply lower as investors awaited lawmakers' approval of an unpopular $700 billion rescue package to revive the financial services sector. The Dow tumbled more than 250 points to 10,875 while Nasdaq tumbled 80 points to 2103.
On the upside
Foot Locker (NYSE: FL) offered $102 million to buy Delias (Nasdaq: DLIA) to boost the shoe retailer's appeal among teenage skateboarders.
Analysts upgraded their opinion of DirecTV Group (NYSE: DTV) whose satellite TV services are being resold by AT&T (NYSE: T).
Shares of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) bucked market trends and edged higher after the nation's two biggest mortgage finance companies received subpoenas that open investigations into potential fraud.
On the downside
Citigroup (NYSE: C) worked with the FDIC to acquire the banking operations of Wachovia (NYSE: WB) agreeing to share the risk of potential mortgage portfolio losses. Wachovia stock which traded at $10 a share on Friday were valued at approximately $1 a share.
Morgan Stanley (NYSE: MS) received a lifeline through Japan's Mitsubishi UFJ Financial Group which will invest $9 billion for a 21% stake in the U.S. investment bank.
An analyst downgraded Apple (Nasdaq: AAPL) due to an expected decline in consumer spending.
In the broad market, declining issues overwhelmed advancers by a margin of more than 8 to 1 on the NYSE and by more than 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 20 points to 684.
It was a mixed close for the markets as the Dow rebounded in late afternoon trading even as congressional leaders continued intense negotiations to hammer out a bailout plan. The Dow soared 121 points to 11,143 while Nasdaq lost 3 points to 2183.
On the upside
Surging revenue boosted second quarter earnings for AZZ (NYSE: AZZ) to surpass estimates by a wide margin prompting the electrical products maker to forecast full year results above expectations.
A rumor circulated that Citigroup (NYSE: C) may be interested in purchasing Wachovia (NYSE: WB).
On the downside
Brazilian food company Sadia (NYSE: SDA) said that it lost $406 million, the amount of its annual earnings, due to volatile currency markets.Motorola (NYSE: MOT) failed to get a class action lawsuit filed by shareholders dismissed .
Shares of Braziliam mining company Vale (NYSE: RIO) dropped despite reassurances from CEO Roger Agnelli that the company is in a good market position and can weather the global financial storm.
In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 705.
The markets opened lower as investors worried about the financial meltdown with Washington Mutual became the largest bank failure in U.S. history. The Dow dropped 56 points to 10,965 while the tech-heavy Nasdaq plunged 30 points to 2156.
On the upside
Synnex Corp. (NYSE: SNX) posted higher revenues and earnings as a business services provider.
Gold prices rose as investors reshuffled their portfolios. Shares of Barrick Gold (NYSE: ABX) and Yamana Gold (NYSE: AUY) edged higher.
On the downside
Washington Mutual (NYSE: WM) was seized by regulators and its deposits were sold to JPMorgan Chase (NYSE: JPM) for $1.9 billion.Shares of Wachovia (NYSE: WB) fell sharply as investors worried about more fallout from the subprime mortgage crisis.
BlackBerry maker Research in Motion (Nasdaq: RIMM) posted strong results, but investors worried about the company's tempered guidance.
In the broad market, declining issues outpaced advancers by a margin
of more than 5 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The
Russell 2000 which tracks small cap stocks lost 9 points to 696.
The markets opened higher as economic officials and U.S. lawmakers wrestled with the details of the $700 billion financial bailout while oil prices retreated modestly. The Dow rose 81 points to 11,097 while Nasdaq climbed 19 points to 2198.
On the upside
American International Group (NYSE: AIG) prepared for an emergency sale of assets in order to start paying off the $85 billion Federal Reserve loan.
Rebuffed Bristol-Myers Squibb (NYSE: BMY) raised its offer to $4.7 billion to buy biotech company ImClone Systems (Nasdaq: IMCL).
On the downside
The financial services sector was mixed as investors worried about the timeliness and effectiveness of the $700 billion rescue plan. Shares of Wachovia (NYSE: WB) and Morgan Stanley (NYSE: MS) fell.
Women's apparel retailer Cache (Nasdaq: CACH) lowered its outlook due to slow sale of dresses and temporary store closings caused by bad weather. Analysts promptly downgraded the stock.Analysts downgraded General Electric (NYSE: GE) due to weakness in its financial operations.
In the broad market, advancing issues outpaced decliners by a small margin on both the NYSE and Nasdaq. The
Russell 2000 which tracks small cap stocks added a point to 721.
The markets opened lower with the Dow falling 131 points to 11,256 while Nasdaq lost 30 points to 2243. Investors were wary about the government's plan to prop up the banking sector by buying $700 billion in mortgage debt.
On the upside
Nike (NYSE: NKE), Microsoft (Nasdaq: MSFT) and Hewlett-Packard (NYSE: HPQ) all announced stock buyback programs.
On the downside
Shares of exchange-traded futures and options broker MF Global (NYSE: MF) fell despite management stating that it had no "material exposure" to bankrupt Lehman Brothers.
The financial services sector gave up much of Friday's gains. Shares of Genworth Financial (NYSE: GNW) and Wachovia (NYSE: WB) fell sharply.
An analyst downgraded Netapp (Nasdaq: NTAP) whose shares edged toward 52-week lows. The company provides data storage systems to businesses.In the broad market, declining issues outpaced advancers by a margin
of nearly 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The
Russell 2000 which tracks small cap stocks lost 13 points to 740.
The markets surged during the midday with the Dow jumping 442 points to 11,461 as the federal government outlined plans to address the financial crisis. Nasdaq leaped 78 points to 2277.
On the upside
Shares of troubled insurer American International Group (NYSE: AIG) soared as the government announced plans to rescue banks with bad debt while the SEC banned the short selling of nearly 800 financial stocks.
An SEC ban on the short selling of nearly 800 financial stocks lifted shares of Wachovia (NYSE: WB), Merrill Lynch (NYSE: MER), and Goldman Sachs (NYSE: GS) .
On the downside
Palm (Nasdaq: PALM) widened first quarter losses despite higher revenue and the smartphone maker warned that second quarter revenue drop.
Friedman Billings Ramsey downgraded OfficeMax (NYSE: OMX) after the office supplies retailer disclosed ties to bankrupt Lehman Brothers.
Moody's Investors Service placed MBIA's (NYSE: MBI) insurance unit under review.
In the broad market, advancing issues outpaced decliners by a margin of more than 8 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 25 points to 748.
The markets pared its early morning gains but continued trading in positive territory during the midday with the Dow climbing 89 points to 10,698 as financial services firms pursued merger deals to stay afloat. Nasdaq soared 22 points to 2121.
On the upside
Although advertising sales in publishing tumbled for Media General (NYSE: MEG), the company said that in terms of overall revenue, August was the best month so far this year.
Morgan Stanley (NYSE: MS) is pursuing merger discussions with Wachovia (NYSE: WB).
On the downside
Investors concerned that the slumping housing market will adversely affect Genworth Financial (NYSE: GNW) sent shares of the mortgage insurer tumbling.
Shares of State Street (NYSE: STT) plunged over worries that the company will again write-down billions in unrealized securities losses. The company has written down over $6 billion in the first two quarters.
Shares of Goldman Sachs (NYSE: GS) continued to fall after reporting its worst quarterly profit since the world's largest investment bank went public in 1999.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 2 on the NYSE while advancers edged out decliners by 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 682.
The markets retreated from earlier highs but managed to close in the positive as oil prices continued to slip and investors digested Lehman Brothers' plan to raise much needed capital. The Dow gained 38 points to 11,269 while Nasdaq climbed 19 points to 2229.
On the upside
A Wall Street Journal article said that Micron Technology (NYSE: MU) is poised to increase it market share.
Stanford Research upgraded Ultra Petroleum (NYSE: UPL).
On the downside
Photon Dynamics (Nasdaq: PHTN) said that it is awaiting clearance for its merger with Orbotech from the Committee on Foreign Investment in the U.S. The committee has until September 29 to respond.
Keefe, Bruyette & Woods downgraded Fifth Third Bancorp (NYSE: FITB).
Concerns about the health of the financial services sector weighed down shares of Citigroup (NYSE: C), Bank of America (NYSE: BAC), and Wachovia (NYSE: WB).
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 10 points to 717.
Fears that Lehman Brothers may be the next bank to fail sparked a broad sell-off that sent the markets skidding to a sharply lower close with the Dow collapsing 280 points to 11,231. Nasdaq plummeted 60 points to 2210.
On the upside
Privately held Tripos International will pay approximately $57 million in cash to acquire pharmaceutical software maker Pharsight (Nasdaq: PHST).
OfficeMax (NYSE: OMX) unveiled plans to sell a line of fashionable office supply products.
Although overall sales of recreational vehicles plunged in July, Thor Industries (NYSE: THO) increased its market share.
On the downside
Concerns of an oversupply of solar panels weighed down shares of Evergreen Solar (Nasdaq: ESLR), Canadian Solar (Nasdaq: CSIQ) and JA Solar Holdings (Nasdaq: JASO).
Thomas G. Conforti, the chief financial officer of DineEquity (NYSE: DIN), resigned effective immediately after market closed on Monday.
Merrill Lynch downgraded Wachovia (NYSE: WB) and lowered its price target for the bank despite reassurances from Wachovia that it will reduce its exposure to securities and outstanding loans by $20 billion this year.
In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks skidded 26 points to 707.