Results tagged “XL” from MarketMinute.com Market Updates

The markets advanced during the midday with the Dow soaring 141 points to 10,889 as strong exports renewed confidence in the economic recovery. Nasdaq surged 41 points to 2416.

On the upside

Exelixis (Nasdaq: EXEL) widened first quarter losses due to a restructuring charge but revenue surged.

KBW analysts said that changes to classification rules for companies headquartered outside of the U. S. will allow XL Capital (NYSE: XL), which is moving its headquarters to Ireland, to remain on the S&P 500.

S&P Equity Research upgraded Eastman Kodak (NYSE: EK).

On the downside

NGAS Resources (Nasdaq: NGAS) priced its offering of 3.96 million units at $1.31 per unit.

Ambac Financial (NYSE: ABK) warned of a $750 million loss for the first quarter.

Brookdale Senior Living (NYSE: BKD) announced a secondary offering of 10 million shares of common stock.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 13 points to 709.

While the Federal Reserve left the federal funds rate unchanged, the agency announced plans to purchase $1 trillion in government bonds and mortgage-backed securities. The markets rebounded with the Dow climbing 91 points to close at 7487.  Nasdaq surged 29 points to 1491.

On the upside

Friedman, Billings, Ramsey & Co. analyst Bijan Moazami reiterated a rating of Outperform for XL Capital (NYSE: XL).

The Federal Reserve will purchase up to $300 billion in long term government bonds.  Shares of banking stocks Wells Fargo (NYSE: WFC) and Regions Financial (NYSE: RF) rose.

Charming Shoppes (Nasdaq: CHRS) narrowed fourth quarter losses.

On the downside

Crocs (Nasdaq: CROX) auditor Deloitte & Touche questioned the ability of the colorful plastic shoe maker to remain a viable company.

Third quarter earnings for General Mills (NYSE: GIS) tumbled as expenses rose.

Humanitarian group Reporters Without Borders criticized Google (Nasdaq: GOOG) and Yahoo (Nasdaq: YHOO) for bowing to the demands of repressive foreign governments and censoring users.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks leaped 14 points to 418.

The markets rose during the midday with the Dow rising 60 points to 7949 as bank chief executives appeared before lawmakers to defend their use of bailout funds.  Nasdaq gained 8 points to 1532.

On the upside

Although XL Capital (NYSE: XL) widened fourth quarter losses due to over $1 billion in impairment charges, the results were better than analyst expectations.

Fourth quarter earnings for Marsh & McLennan (NYSE: MMC) eased but the results surpassed estimates.

Ingersoll-Rand (NYSE: IR) swung to a loss for the fourth quarter but the results beat expectations.

On the downside

Stanford International Bank will not finance the merger between Emageon (Nasdaq: EMAG) and Health Systems Solutions which was supposed to close today.

Modine Manufacturing (NYSE: MOD) warned of losses for the third quarter and is in discussions with its lenders to obtain a covenant waiver.

Fourth quarter earnings plunged for Great Plains Energy (NYSE: GXP) prompting the electric company to cut its full year guidance and lower its quarterly dividend.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks gained 4 points to 450.

Comments from the Bush administration that it may facilitate orderly bankruptcies of the auto industry weighed down the markets during the midday with the Dow losing 42 points to 8782.  Nasdaq held steady at 1579.

On the upside

Pfizer (NYSE: PFE) will pay up to $485 million to jointly develop and market Auxilium Pharmaceuticals' (Nasdaq: AUXL) experimental treatment for Dupuytren's contracture and Peyronie's disease.

Micron Technology (NYSE: MU) developed with Sun Microsystems (Nasdaq: JAVA) a new technology that extended the lifespan of flash-based storage.

XL Capital (NYSE: XL) opened a regional office in Atlanta for its insurance operations.

On the downside

MEMC Electronic Materials (NYSE: WFR) blamed slumping demand for cutting its fourth quarter outlook for the second time.

Stone Energy (NYSE: SGY) lowered its fourth quarter production outlook as oil prices continued falling.

Adolor (Nasdaq: ADLR) halted development of its Entereg drug to treat chronic bowel dysfunction in patients on opioid therapy.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by more than 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap stocks added a point to 488.

The markets recovered during the midday with investors hopeful that the White House will act to prevent bankruptcies in the auto industry.  The Dow rose 34 points to 8600 while Nasdaq climbed 23 points to 1530.

On the upside

ProLogis (NYSE: PLD) commenced a tender offer for any and all of its 5.25% notes that are due on November 15, 2010.

Shopping center operator Macerich (NYSE MAC) announced that more than half of the sites previously occupied by bankrupt Mervyns will be taken by Forever 21 or Kohl's.

Hecla Mining (NYSE: HL) will raise $21 million through the sale of common stock and warrants.

On the downside

Credit Suisse cited XL Capital's (NYSE: XL) mark-to-market losses for slashing its price target for the insurance company.

Shares of Cadence Design Systems (Nasdaq: CDNS) continued falling after swinging to a third quarter loss and lowering its full year outlook.

Barclays Capital downgraded scientific instrument maker Varian (Nasdaq: VAR). 

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by nearly 5 to 3  on Nasdaq.  The Russell 2000 which tracks small cap stocks surged 13 points to 464.

The markets closed modestly higher after an agreement was reached on the $15 billion bailout of the auto industry.  The Dow climbed 70 points to 8761 while Nasdaq gained 18 points to 1565.

On the upside

Private equity firm Green Courte Partners will pay approximately $438 million to acquire American Land Lease (NYSE: ANL).

Ivory Investment Management, which owns 1.5% of Yahoo (Nasdaq: YHOO), urged the Internet services provider to set aside differences and reopen negotiations with Microsoft (Nasdaq: MSFT) in order to sell its search operations to Microsoft.

Chesapeake Energy (NYSE: CHK) will increase its cash base.

On the downside

Bloomberg News reported that XL Capital (NYSE: XL) retained the services of Goldman Sachs to explore a possible sale of the company.

RBC Capital Markets downgraded Nova Chemicals (NYSE: NCX).

American International Group (NYSE: AIG) confirmed that the insurer was in the process of resolving nearly $10 billion in bad investments.

In the broad market, advancing issues outpaced decliners by a margin of 7 to 3 on the NYSE and by nearly 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks climbed 11 points to 476.

Investors reacted favorably to announced plans by the U.S. government to spend up to $250 billion to take equity stakes in 9 major U.S. banks.  The Dow rose more than 300 points before pulling back to 9585, up nearly 200 points.  Nasdaq lost 5 points to 1839.

On the upside

Shares of Morgan Stanley (NYSE: MS) powered higher following news of both private and publicly-funded equity investments to shore up its balance sheet.  Bank of America (NYSE: BAC) and Citigroup (NYSE: C) were among the beneficiaries of the government's equity investment plans.

Insurer XL Capital (NYSE: XL) posted a sizable 3rd quarter loss due to a one-time payment to former subsidiary Syncora (NYSE: SCA) which would effectively end the company's exposure to the troubled bond insurer.

On the downside

PepsiCo (NYSE: PEP) posted lower 3rd quarter profits and announced cuts of 3,300 positions as U.S. drink sales fell.

EnergySolutions (NYSE: ES) blamed the financial crisis for delays in the decommissioning of identified nuclear power plant assets.

Rackable Systems (Nasdaq: RACK) lowered its 2008 revenue outlook due to delays in corporate purchases.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks rose 10 points to 581.

Despite reassurances by President Bush that the government rescue plan will stabilize the markets, panic selling sent the markets into a tailspin with the Dow skidding 411 points to 8168.  Nasdaq slumped 72 points to 1573.

On the upside

XL Capital (NYSE: XL) warned that third quarter losses will range between $1 billion to $1.2 billion but reassured investors that the insurance company's book value at the end of the third quarter is expected to range between $21 to $22.50 per share.

Rumors that Apple (Nasdaq: AAPL) will introduce versions of its MacBook notebook priced under $1,000 lifted shares of the computer company.

Bargain hunters snapped up shares of General Motors (NYSE: GM), which plummeted to a fifty year low yesterday.

On the downside

Tortoise Energy (NYSE: TYG) acknowledged that the value of its master limited partnership investments have plummeted 39.3% since June 1, but reassured investors that the energy infrastructure sector remains sound.

ThinkPanure analyst Vijay Rakesh downgraded Intel (Nasdaq: INTC) citing slumping demand and increased competition.

Jefferies & Co. downgraded Advanced Medical Optics (NYSE: EYE) and drastically reduced its price target after the company slashed its 2008 earnings guidance amidst a weak economy.

In the broad market, declining issues outpaced advancers by a margin of 9 to 1 on the NYSE and by molre than 4 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks plunged 20 points to 479.

The markets traded mixed during the midday despite plans by the Treasury Department to begin taking equity stakes in the nation's banks as investor anxiety about the health of the global markets lingered.  The Dow fell 36 points to 9222 while Nasdaq gained 7 points to 1747.

On the upside

Apollo Management offered $540 million to Hexion Specialty Chemicals to help finance Hexion's $6.5 billion acquisition of Huntsman Corp. (NYSE: HUN).

The USDA reported that chicken eggs in incubators were at their lowest level in five years.  The news lifted shares of chicken producers Pilgrim's Pride (NYSE: PPC) and Tyson Foods (NYSE: TSN).

NorthStar Realty Finance (NYSE: NRF) announced a quarterly dividend of 36 cents per share payable on November 14 to shareholders of record November 4.  The company will also repurchase up to 10 million shares of common stock.

On the downside

Omrix Biopharmaceuticals (Nasdaq: OMRI) suspended a Phase II clinical trial in mild to moderate bleeding for its Fibrin Pad to investigate a case of post operative bleeding.

XL Capital's (NYSE: XL) credit default swaps began trading on an upfront basis while the cost surged to approximately 12.5% of the sum to be insured.

Banc of America Securities downgraded Horace Mann Educators (NYSE: HMN).

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks plummeted 12 points to 534.

It was a mixed close for the markets despite a retreat in oil prices as earnings estimates and price targets for banks were cut.  The Dow added 4 points to 11,350 while Nasdaq tumbled 23 points to 2293.

On the upside

Hydrogenics Corp. (Nasdaq: HYGS) provided Shell Hydrogen with an integrated hydrogen fueling station.

A fund manager recommended Rediff.com (Nasdaq: REDF) on CNBC saying that the India based company was a good investment.

Record oil prices lifted shares of refiner Sunoco (NYSE: SUN) and petroleum company Goodrich Petroleum (NYSE: GDP).

On the downside

A rumor that Lehman Brothers (NYSE: LEH) will be sold to Barclays at a discount sent shares of the investment bank tumbling.

Russell Investments moved DeVry (NYSE: DV) from the small cap Russell 2000 index to the large cap Russell 1000.

Fitch Ratings warned that XL Capital's (NYSE: XL) investment grade ratings may be downgraded because it's 46% stake in bond insurer Security Capital Assurance (NYSE: SCA) exposes the company to mortgage related losses.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks plunged 8 points to 690.