May 2008 Archives

Closing Bell Report

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It was a mixed close for the markets as growth of personal income and consumer spending slowed.  The Dow lost 8 points to 12,638 while Nasdaq climbed 14 points to 2523.

On the upside

A panel of outside advisors to the Food and Drug Administration recommended the short term use of the blood clottng drug Promacta which was developed by Ligand Pharmaceuticals (Nasdaq: LGND) and GlaxoSmithKline (NYSE: GSK).  Earlier this week, the FDA said that Promacta was ineffective

Wind River Systems (Nasdaq: WIND) reported higher first quarter earnings that surpassed expectations and forecast fiscal 2009 results ahead of estimates.

Penn Virginia (NYSE: PVA) announced that a natural gas well in East Texas wil be able to produce up to 15 million cubic feet of natural gas each day.

On the downside

Medical Action Industries (Nasdaq: MDCI) blamed manufacturing inefficiencies and increased costs for lower fourth quarter earnings that fell short of estimates.

Weyerhaeuser (NYSE: WY) will not be converting into a real estate investment trust in either 2008 or 2009 due to the downturn in the housing market.

Moneygram International (NYSE: MGI) reported a quarterly loss.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 4 on the NYSE and by nearly the same on Nasdaq.  The Russell 2000 which tracks small cap stocks added 3 points to 748.

Mid-Day Report

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Modest gains in personal income and consumer spending lifted the markets during the midday with the Dow gaining 11 points to 12,657.  Nasdaq climbed 14 points to 2522.

On the upside

Privately held Catalina Holdings offered to acquire Quanta Capital Holdings (Nasdaq: QNTA) in a cash deal valued at approximately $197 million.

Stifel Nicolaus initiated coverage of Petrohawk Energy (NYSE: HK) with a Buy rating.

Wet Seal (Nasdaq: WTSLA) reported higher first quarter earnings that beat estimates due to lower expenses.  The apparel retailer forecast second quarter results ahead of expectations prompting an upgrade.

On the downside

J. P. Morgan analyst Jeffrey J. Zekauskas downgraded Ashland (NYSE: ASH) saying that climbing commodity prices and easing demand will affect earnings.

Moody's Investors Service downgraded CIT Group's (NYSE: CIT) senior unsecured rating due to difficult market conditions.

Fourth quarter earnings for Medical Action Industries (Nasdaq: MDCI) slipped to fall short of estimates as costs rose.

In the broad market, advancing issues outpaced decliners by a narrow margin on the NYSE while deliners barely edged out advancers by a slim margin on Nasdaq.  The Russell 2000 which tracks small cap stocks slipped a fraction to 745.

Opening Bell Report

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The major indexes opened higher, but the rest of the market was mostly flat as investors mulled over the latest manufacturing reports suggesting a slow, but stable economy.  The Dow added 22 points to 12,668 while Nasdaq rose 4 points to 2512.

On the upside

Shares of Dell (Nasdaq: DELL) surged after the computer maker reported higher 1st quarter earnings that beat targets.   Analysts promptly upgraded the stock.

Semiconductor maker Marvell Technology Group (Nasdaq: MRVL) returned to profitability in the 1st quarter as sales surged.

Penn Virginia (NYSE: PVA) annnounced a successful drilling in Texas to uncover a sizable store of natural gas.

On the downside

United Airlines (Nasdaq: UAUA) and US Airways (NYSE: LCC) called off efforts to merge due to difficult economic conditions that made it unlikely for banks to finance the deal.

Apparel retailer J. Crew Group (NYSE: JCG) posted higher revenues and profits, but lowered its full-year outlook due to weak consumer spending.

Semiconductor company Sigma Designs (Nasdaq: SIGM) posted higher revenues along with lower profits.

In the broad market, declining issues outpaced advancers by a narrow margin on the NYSE and by a margin of 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 2 points to 743.

Closing Bell Report

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Falling oil prices and better than expected economic growth in the first quarter lifted the markets to a higher close with the Dow rising 52 points to 12,646.  Nasdaq gained 22 points to 2508.

On the upside

Wachovia Capital Markets analyst Jason Gere upgraded Elizabeth Arden (Nasdaq: RDEN) after the company announced a deal with license Liz Claiborne (NYSE: LIZ) to produce and distribute fragrances.

An analyst lifted the price target for Corinthian Colleges (Nasdaq: COCO) as well as earnings estimates for the for-profit educator.

Falling oil prices lifted shares of Delta Air Lines (NYSE: DAL) and Northwest Airlines (NYSE: NWA) .

On the downside

Alfacell's (Nasdaq: ACEL) cancer treatment Onconase failed a late stage clinincal trial.

Shares of Suntech Power Holdings (NYSE: STP) and Evergreen Solar (Nasdaq: ESLR) fell over news that the German government is exploring the possibility of lowering incentives for solar power.


Brean Murray Carret & Co. analyst Jonathan Aschoff initiated coverage of Sangamo Biosciences (Nasdaq: SGMO) with a Sell rating saying that two clinical studies of the company's diabetic neuropathy treatment will most likely fail.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on both the NYSE and on Nasdaq.  The Russell 2000 which tracks small cap stocks climbed 7 points to 746.

Mid-Day Report

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The markets traded higher during the midday as better than expected growth in the first quarter boosted investor sentiment.  The Dow gained 77 points to 12,671 while Nasdaq climbed 22 points to 2509.

On the upside

MasterCard (NYSE: MA) affirmed its previous guidance for 12 to 15 percent net revenue growth with 20 to 30 percent average annual profit growth.

Higher same store sales boosted first quarter earnings for Big Lots (NYSE: BIG) to surpass estimates prompting the closeout retailer to lift its full year guidance.

Genesco (NYSE: GCO) reported sharply higher first quarter earnings due mainly to a settlement after Finish Line backed out of an agreement to purchase Genesco.

On the downside

Infineon Technologies (NYSE: IFX) blamed disappointing sales of wireless products for lowering its third quarter revenue guidance.

Despite sales that tripled from last year, Navios Maritime (NYSE: NM) reported lower first quarter earnings that fell short of expectations as expenses surged.


Sailing New Energy Resoureces will supply Yingli Green Energy (NYSE: YGE) with polysilicon.  Details of the contract were not disclosed.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on both the NYSE and on Nasdaq.  The Russell 2000 which tracks small cap stocks rose 6 points to 744.

Opening Bell Report

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Investors mulled over the latest economic reports showing a slow, but a better than expected GDP for the 1st quarter.  The Dow lost 22 points to 12,571 while Nasdaq edged up 4 points to 2491.

On the upside

Costco (Nasdaq: COST) reported stronger 3rd quarter results citing shoppers hunting for bargains.

Countrywide Financial (NYSE: CFC) announced a special shareholders' meeting to vote on its sale to Bank of America (NYSE: BAC).  The stock rose as investors concluded that the transaction may proceed without lowering  the terms and offer price of $4 billion.

Drug developer Bristol-Myers Squibb (NYSE: BMY) offered $5.50 per share in cash to acquire cancer therapy maker Kosan Biosciences (Nasdaq: KOSN).

On the downside

Sears Holdings (Nasdaq: SHLD) posted an unexpected loss as nervous consumers made modest purchases causing same-store sales to drop.  Analyst promptly downgraded the stock and outlook for the retailer.

Sources at General Motors (NYSE: GM) revealed preliminary plans to shift production from trucks to fuel efficient vehicles.  The stock price had approached 30-year lows.


The Men's Wearhouse (NYSE: MW) posted a drop in 1st quarter profits with the slowing economy impacting the  men's tuxedos rental business.


In the broad market, advancing issues outpaced decliners by a margin of 6 to 5 on the NYSE and by nearly 5 to 4 on Nasdaq.  The Russell 2000 which tracks small cap stocks added a fraction to 739.

Closing Bell Report

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April durable goods orders fell by a more modest than expected amount lifting the markets to a higher close with the Dow climbing 46 points to 12,594.  Nasdaq gained 5 points to 2487.

On the upside

Soaring coal prices lifted shares of Alpha Natural Resources (NYSE: ANR).

Although disappointing sales weighed down first quarter earnings for American Eagle Outfitters (NYSE: AEO), the results surpassed expectations.

Bank of America (NYSE: BAC) announced that Countrywide's (NYSE: CFC) president and COO David Sambol will retire instead of running the combined company's consumer real estate business.  Bank of America's chief technology and operations officer Barbara Desoer will head the combined consumer real estate division.

On the downside

Ambac Financial (NYSE: ABK) reported $176 million in write-downs for credit derivatives holdings in April.

Citi Investment Research analyst Keith Howard said that Regions Financial (NYSE: RF) must raise more capital as the credit crisis continues.

While Introgen Therapeutics (Nasdaq: INGN) announced that its cancer treatment Advexin met the goals of a late stage clinical trial, the drug failed to improve survival rates for certain patients.

In the broad market, advancing issues outpaced decliners by a margin of more than 9 to 7 on the NYSE and by nearly 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap stocks rose 4 points to 738.

Mid-Day Report

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Despite a smaller than expected drop in durable goods orders, the markets traded lower during the midday with the Dow losing 12 points to 12,536.  Nasdaq fell 10 points to 2471.

On the upside

Kaufman Brothers analyst Theodore O'Neill initiated coverage of Akeena Solar (Nasdaq: AKNS) with a Buy rating saying growing demand will boost the stock price to $12 in twelve months.

Polo Ralph Lauren (NYSE: RL) reported higher fourth quarter earnings that beat expectations due to increased revenue and a lower tax rate.

Although challenging economic conditions weighed down first quarter earnings for Chico's FAS (NYSE: CHS), the results surpassed estimates.

On the downside

DHL informed Air Transport Services Group (Nasdaq: ATSG) that it is reducing its air network in the United States.  ATSG's subsidiary ABX Air provides DHL with aircraft, flight crews, maintenance and technical services.

Shares of Ligand Pharmaceuticals (Nasdaq: LGND) plunged after the Food and Drug Administration said that the blood disorder drug Promacta that the company developed with GlaxoSmithKline (NYSE: GSK) is ineffective.

KeyCorp (NYSE: KEY) blamed the continuing credit crisis for raising its loan losses outlook for 2008.

In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by 9 to 7 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost a point to 733.

Opening Bell Report

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The markets opened higher as orders for big-ticket items fell less than expected in April.  The Dow added 32points to 12,580 while Nasdaq rose 6 points to 2487.


On the upside.

Daktronics (Nasdaq: DAKT) posted earnings that beat estimates citing a large backlog in LED products.


On the downside

Ford Motor (NYSE: F) may cut its U.S. salaried work force by up to 12 percent, or more than 2,000 jobs.

In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 3 on the NYSE and by more than 4 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks edged up 2 points to 736.

Closing Bell Report

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Retreating oil prices along with an unexpected gain in April home sales lifted the markets to a higher close with the Dow gaining 69 points to 12,548.  Nasdaq soared 37 points to 2481.

On the upside

Shares of China Finance Online (Nasdaq: JRJC) rose ahead of its earnings release later this week.

X-Rite (Nasdaq: XRIT) increased its liquidity position from $18 million to $25 million.

American Airlines (NYSE: AMR) rejected a contract proposal submitted by the pilot union saying that the cost would be too high.


On the downside

An oil leak shutdown production of two fields over the weekend but StatoilHydro (NYSE: STO) has now restarted production.

Borders Group (NYSE: BGP) ended its partnership with Amazon.com (Nasdaq: AMZN) and has launched its own online retailing site.

UBS analyst Eric Wasserstrom cut his price target for IndyMac (NYSE: IMB) saying that the company will not return to profitability for some time and must raise more capital.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 3 on the NYSE and by nearly 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks soared 10 points to 734.

Mid-Day Report

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An unexpected increase in April home sales lifted the markets modestly higher during the midday with the Dow climbing 26 points to 12,506.  Nasdaq rose 22 points to 2466.

On the upside

Jamba Juice (Nasdaq: JMBA) partnered with Nestle to introduce ready-to-drink Jamba Smoothies and Jamba Juices available at grocery retailers and convenience stores in eight Western states.

The Wall Street Journal reported that Blackstone Group and Apollo Management are in discussions to acquire Chemtura (NYSE: CEM).

Giant Interactive (NYSE: GA) reassured investors that all game servers are back in operation after a three day mourning period for Sichuan earthquake victims.  The online game operator also reaffirmed its second quarter guidance.


On the downside

UBS (NYSE: UBS) warned that it may write down further losses announced plans to raise $15.58 billion through the issuance of subscription rights to shareholders.

The Chinese government will restructure the telecommunications industry by merging phone companies into three major groups sending shares of China Mobile (NYSE: CHL) tumbling.

Flotek Industries (NYSE: FTK) blamed higher expenses and delivery delays for lowering its fiscal 2008 outlook.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by 3 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks gained 6 points to 730.

Opening Bell Report

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Sales of new homes unexpectedly rose in April while consumer confidence retreated to a 16-year low.  The Dow added 27 points to 12,507 while Nasdaq rose 20 points to 2465.

On the upside

Affiliates of private equity firm MatlinPatterson Global Advisers LLC planned to invest $530 million into Homebuilder Standard Pacific (NYSE: SPF).

Quantum Fuel Systems (Nasdaq: QTWW) and its German solar partner, Asola Advanced and Automotive Solar Systems GmbH landed a $17 million contract from Sunworx GmbH to supply high-efficiency silicon photovoltaic solar modules.

Zale Corp. (NYSE: ZLC) said the jewelery retailer's board approved increasing its share buyback plan by $50 million to a total authorization of $350 million for fiscal 2008.


On the downside

Shares of Vodafone Group PLC (NYSE: VOD) eased after the world's biggest mobile phone company posted a return to profitability and its CEO stepped down.

Health care services company Pediatrix Medical Group (NYSE: PDX) lowered its 2nd quarter and full-year outlook due to fewer neonatal patients.

Biopharmaceutical company Favrille (Nasdaq: FVRL) suspended its non-Hodgkin's lymphoma drug candidate after it failed a late-stage trial.

In the broad market, advancing issues outpaced decliners 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 jumped 8 points to 732.

Closing Bell Report

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Rising crude oil prices and falling home sales sent the markets tumbling to close sharply lower with the Dow plunging 146 points to 12,480.  Nasdaq dropped 20 points to 2445.

On the upside

Vivus (Nasdaq: VVUS) reported positive results from a mid-stage trial of its obesity medication to treat diabetes patients.

Angelica (NYSE: AGL) agreed to be acquired by an affiliate of Lehman Brothers (Nasdaq: LEH) in an all cash deal valued at approximately $209.7 million.

Fourth quarter earnings for IXYS (Nasdaq: IXYS) more than quadrupled as demand for renewable energy resources climbed.

On the downside

Universal (NYSE: UVV) blamed smaller crops and reduced overseas shipments for sharply lower fourth quarter earnings.

Longbow downgraded Del Monte Foods (NYSE: DLM).

To help offset the cost of higher fuel expenses, US Airways Group (NYSE: LCC) will stop offering free snacks on all domestic flights beginning on June 1.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by 11 to 5 on Nasdaq.  The Russell 2000 which tracks small cap stocks plunged 9 points to 724.

Mid-Day Report

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The markets plummeted during the midday as sales of existing homes fell and the median sales price dropped.  The Dow skidded 145 points to 12,481 while Nasdaq plunged 28 points to 2437.

On the upside

While increased expenses weighed down first quarter earnings for Hibbett Sports (Nasdaq: HIBB), the results beat expectations.

First quarter earnings tumbled for Foot Locker (NYSE: FL) due to a significant impairment charge but revenue surpassed estimates and the athletic shoe retailer affirmed its full year outlook.

Natus Medical (Nasdaq: BABY) will offer 4 million shares of common stock at $19.50 per share.

On the downside

Hurcos Cos. (Nasdaq: HURC) reported higher second quarter earnings but the results fell short of estimates.

Polypore International (NYSE: PPO) epects to raise $180 million through a follow-on public offering of 7.5 million shares priced at $24.

The Wall Street Journal reported that hedge fund manager David Einhorn questioned the accuracy of Lehman Brothers Holdings' (Nasdaq: LEH) first quarter earnings report.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks plunged 11 points to 722.

Opening Bell Report

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The markets opened lower as oil prices rebounded with the Dow falling 92 points to 12,533.  Nasdaq lost 17 points to 2447.  Meanwhile, investors waited for the latest report on existing home sales.

On the upside

American Axle and Manufacturing Holdings (NYSE: AXL) announced that workers approved a new contract including pay cuts and other concessions.

InBev had no comment on a report on FT.com that the world's 2nd largest beverage company was working on a $46 billion bid for Anheuser Busch (NYSE: BUD).  The stock rose in heavy trading.

Shares of Verigy (Nasdaq: VRGY) surged after the maker of test systems for semiconductor companies posted 2nd quarter profits that beat estimates.

On the downside

Standard & Poor's Ratings Service placed the major domestic airlines on CreditWatch due to record high jet fuel costs.   Shares of American Airlines (NYSE: AMR) and Continental Airlines (NYSE: CAL) skidded.

Steel manufacturer Nucor (NYSE: NUE) priced a public offering of 25 million shares at $74 each.

Pacific Sunwear of California (Nasdaq: PSUN) lowered its earnings guidance for the year.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on both the NYSE and Nasdaq.  The Russell 2000 which tracks small cap stocks lost 3 points to 729.

Closing Bell Report

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Retreating oil prices boosted the markets to a modestly higher close with the Dow gaining 24 points to 12,626.  Nasdaq climbed 16 points to 2464.

On the upside

Nordson (Nasdaq: NDSN) reported sharply higher second quarter earnings that beat expectations and forecast third quarter results ahead of estimates as well.

Standard & Poor's Equity Research upgraded Sovereign Bancorp (NYSE: SOV) citing the recent decline in the stock price.

Second quarter earnings for Eaton Vance (NYSE: EV) more than doubled prompting Goldman Sachs analyst Marc Irizarry to lift his 2009 and 2010 full year earnings estimates.


On the downside

ExpressJet Airlines (NYSE: XJT) blamed record fuel expenses and overcapacity for eliminating 30% of its flights.

Rite Aid (NYSE: RAD) announced plans to offer $150 million in convertible notes.  Rite Aid CEO Mary Sammons' compensation package for fiscal 2008 was valued at $5.6 million.

Jackson Hewitt (NYSE: JTX) warned that fiscal 2008 earnings will fall short of expectations saying that the company prepared fewer tax returns this year.

In the broad market, advancing issues outpaced decliners by a margin of nearly 9 to 7 on the NYSE and by 3 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks gained 6 points to 733.

Mid-Day Report

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Bargain hunters lifted the markets modestly higher during the midday with the Dow rising 18 points to 12,619.  Nasdaq climbed 14 points to 2462.

On the upside

Although Zale (NYSE: ZLC) widened third quarter losses as the specialty jeweler reduced inventory, revenue surpassed estimates and same store sales climbed.

Friedman Billings Ramsey analyst Matt Snowling upgraded First Marblehead (NYSE: FMD) saying that the student loan service company is a good acquisition target.

Salesforce.com (NYSE: CRM) reported higher first quarter earnings that beat estimates and raised its full year guidance prompting an upgrade.


On the downside

Blue Coat Systems (Nasdaq: BCSI) disappointed with fourth quarter earnings and revenue that fell short of estimates.

Goldman Sachs analyst Cheryl Tang downgraded Solarfun Power Holdings (Nasdaq: SOLF) lowered for its high valuation.

Ford (NYSE: F) blamed record gas prices for lowering its production of pickups and SUVs and warned that the automaker will not return to profitability in 2009.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 4 on the NYSE and by nearly 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks gained 5 points to 732.

Opening Bell Report

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The markets opened higher as bargain hunters stepped in after two days of losses.  Meanwhile, oil prices hit record highs on renewed supply concerns.  The Dow added 20 points to 12,621 while Nasdaq rose 8 points to 2457.

On the upside

Calpine (NYSE: CPN) received an unsolicited offer of about $11 billion in NRG Energy stock (NYSE: NRG).

Solar panel producer Evergreen Solar (Nasdaq: ESLR) picked up two contracts worth nearly $1 billion over 5 years.

Children's Place Retail Stores (Nasdaq: PLCE) posted higher revenues and profits due to higher clothing sales.  The company recently announced plans to close or return stores to Walt Disney (NYSE: DIS).


On the downside

The $34.8 billion buyout of BCE (NYSE: BCE) by one of Canada's largest pension funds faced another hurdle after an appeals court agreed with a BCE bondholder.

Dick's Sporting Goods (NYSE: DKS) lowered its full-year outlook as same-store sales are expected to be sluggish due to the overall economy.

GameStop (NYSE: GME) raised its full-year outlook after posting strong 1st quarter results.  Investors sold off on the news.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 4 on the NYSE and by nearly 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks added 3 points to 731.

Closing Bell Report

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The markets plummeted for a second day in reaction to the Federal Reserve's prediction that economic growth will slow and surging crude oil prices that closed at a record $133.17 per barrel.  The Dow skidded 227 points to 12,601 while Nasdaq plunged 44 points to 2448.

On the upside

Shares of Natural Guel Gas (NYSE: NFG) rose after UBS analyst Ronald Barone upgraded the energy company.

Shares of Chinese shipping company Sino-Global Shipping (Nasdaq: SINO) surged on its first day of trading.

Borders Group (NYSE: BGP) stock rose over rumors of a possible merger with Barnes & Noble (NYSE: BKS).


On the downside

Record crude oil prices sent shares of Northwest Airlines (NYSE: NWA),  Delta Air Lines (NYSE: DAL) and Continental Airlines (NYSE: CAL) tumbling.

Tween Brands (NYSE: TWB) blamed a significant charge and lower same store sales for sharply lower first quarter earnings.

LTX (Nasdaq: LTXX) forecast fourth quarter earnings below expectations saying that weakness in the chip sector will affect sales.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by 11 to 5 on Nasdaq.  The Russell 2000 which tracks small cap stocks tumbled 9 points to 727.

Mid-Day Report

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Soaring crude oil prices that surpassed $130 per barrel for the first time weighed down the markets during the midday with the Dow dropping 54 points to 12,775.  Nasdaq lost 4 points to 2489.

On the upside

Shares of Quantum Fuel Systems Technologies (Nasdaq: QTWW) continued to rise after announcing that its German partner Asola Advanced and Automotive Solar Systems GmbH will increase its solar module manufacturing capacity to 45 megawatts.

Sallie Mae (NYSE: SLM) announced the appointment of two new senior vice presidents, both of whom worked for Bank of America.

Health Net (NYSE: HNT) is expected to affirm its full year earnings guidance during a meeting with investors on May 22.


On the downside

Soleil downgraded UAL (Nasdaq: UAUA) as crude oil prices surged and the International Air Transport Association announced that international travelers in business and first class dropped by the biggest amount since 2003.

Regeneron Pharmaceuticals (Nasdaq: REGN) and Sanofi-Aventis (NYSE: SNY) announced that their ovarian cancer treatmetn aflibercept failed a midstage clinical trial.

Red Robin Gourmet Burgers (NYSE: RRGB) blamed lower sales in the Western states for first quarter earnings that dropped to fall short of estimates.

In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 9 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 737.

Opening Bell Report

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Record high oil prices continued to worry investors.  The Dow had opened higher but quickly fell 24 points to 12,804 while Nasdaq rose 3 points to 2494.

On the upside

Time Warner (NYSE: TWX) announced plans to spin off its cable television business and a dividend to shareholderes.

The rally among global oil companies continued as shares of Petroleo Brasileiro (NYSE: PBR) surged to a new record high.

Commodity prices also rose to lift gold mining stocks.  Shares of Barrick Gold (NYSE: ABX) and Yamana Gold (NYSE: AUY) surged.


On the downside

Oil prices jumped above $130 a barrel and weighed down the airline sector.  American Airlines (NYSE: AMR) announced plans to cut jobs and reduce capacity in order to counter rising fuel costs.

Chesapeake Energy (NYSE: CHK) priced a $2 billion senior note offering.

Shares of Moody's (NYSE: MCO) tumbled after the credit ratings agency had accidentally gave top ratings to debt notes due to a computer error in 2007 according to a Financial Times report.

In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 9 on the NYSE and by more than 5 to 5 on Nasdaq.  The Russell 2000 which tracks small cap stocks added a point to 737.

Closing Bell Report

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A surprising surge in core inflation along with record crude oil prices sent the markets tumbling to close sharply lower with the Dow skidding 199 points to 12,829. Nasdaq plummeted 24 points to 2492.

On the upside

Quantum Fuel Systems Technologies Worldwide's (Nasdaq: QTWW) partner in Germany, Asola Advanced and Automotive Solar Systems GmbH, will increase its solar module manufacturing capacity to 45 megawatts.

Sociedad Quimica y Minera de Chile S. A. (NYSE: SQM) and Migao Corp. entered a joint venture to produce and distribute potassium nitrate in China.

Verso Paper (NYSE: VRS) closed its initial public offering after selling only 14 million shares.  The company had expected to sell 18.8 million shares.


On the downside

Smart Modular Technologies (Nasdaq: SMOD) blamed falling memory chip prices for slashing its third quarter outlook.

Shares of Micron (NYSE: MU) fell after Lazard Capital analyst Daniel Amir said that the price of flash memory chips will drop.

Workers of American Axle & Manufacturing Holdings (NYSE: AXL) began voting on a four year agreement that could bring an end to a nearly three month long strike.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 7 to 5 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 3 points to 736.

Mid-Day Report

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Record oil prices sent the markets tumbling during the midday with the Dow plummeting 228 points to 12,800. Nasdaq plunged 29 point to 2487.

On the upside

Esmark (Nasdaq: ESMK) received a competing buyout offer from Russian company OAO Severstal that matches the $17 per share offer from Indian company Essar Steel Holdings.  Severstal claims that it has the support of the United Steelworkers union.

Although third quarter results fell for United Natural Foods, (Nasdaq: UNFI) the results surpassed estimates.

Beacon Power (Nasdaq: BCON) received the necessary environmental approval from the Stephentown Planning Board to build a 20 megawatt flywheel regulation plant.


On the downside

China TechFaith Wireless Communication (NYSE: CNTF) swung to a profit for the first quarter as sales surged and the cell phone design company forecast strong second quarter sales but the stock price tumbled.

Friedman Billings Ramsey downgraded Casey's General Stores (Nasdaq: CASY) saying that record gas prices will hurt sales.

Saks (NYSE: SKS) reported higher first quarter earnings but the results fell short of estimates as gross margin fell.

In the broad market, declining issues outpaced advancers 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 lost 3 points to 735.

Opening Bell Report

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The markets tumbled at the onset with the Dow losing 149 points to 12,878 while Nasdaq lost 20 points to 2495.  Investors worried about inflation as the price of oil edged toward the $130 a barrel mark.

On the upside

Discount retail store operator Target (NYSE: TGT) posted lower profits on slightly higher revenues, but the results beat estimates.

Shares of Pacific Ethanol (Nasdaq: PEIX) rallied for a second day in a row after the ethanol producer delivered better than expected results.

Continental Resources (NYSE: CLR) confirmed that test drilling generated positive results at its North Dakota and Montana shale plays.


On the downside

Futures and options broker MF Global (NYSE: MF) reported a loss which was blamed on a rogue trader and a decline in interest income.

Airline stocks tumbled as oil prices surged higher.  Shares of AMR (NYSE: AMR) which operates American Airlines lost ground.

Shares of for-profit education company Career Education (Nasdaq; CECO) fell after an analyst downgrade.

In the broad market, declining issues outpaced advancers 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 lost 3 points to 735.

Closing Bell Report

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It was a mixed close for the markets despite mild economic expansion as oil prices rose again to settle at a record $127.05 per barrel.  The Dow rose 41 points to 13,028 while Nasdaq dropped 13 points to 2516.

On the upside

EnerSys (NYSE: ENS) announced that fourth quarter earnings are expected to surge to beat estimates as revenue climbed.

Shares of construction materials supplier Vulcan Materials (NYSE: VMC) soared after economic data indicated that while the economy was weak, it was not in a recession.

Nasdaq notified Syntroleum (Nasdaq: SYNM) that the company has regained compliance with the Nasdaq Stock Market.


On the downside

Shares of Beazer Homes (NYSE: BZH) continued to fall after the homebuilder reported wider second quarter losses last week.

The proposed merger between Pinnacle Gas Resources (Nasdaq: PINN) and Quest (Nasdaq: QRCP) has been terminated.

Although Lehman Brothers increased its price target for Elan (Nasdaq: ELN) to $19 from $16, the stock price dropped.

In the broad market, declining issues outpaced advancers by a margin of 10 to 9 on the NYSE and by 7 to 5 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 3 points to 738.

Mid-Day Report

|

The markets climbed during the midday with the Dow soaring 127 points to 13,114 over news that the Conference Board's index of leading economic indicators edged up 0.1% in April.  While the gain was modest, it was greater than the expected 0.1% decrease.  Nasdaq jumped 18 points to 2547.

On the upside

Vimpel-Communications (NYSE: VIP) reported higher fiscal 2007 earnings.

Shaw Group (NYSE: SGR) announced that the U. S. Navy awarded the engineering and construction company a contract worth up to $150 million to clean up environmentally contaminated sites.

The board of Mobile TeleSystems (NYSE: MBT) recommended that the cellular services provider pay a 2007 dividend of 62.3 cents per share, 53% more than the 2006 dividend, as earnings surged.


On the downside

The sale of Campbell Soup's (NYSE: CPB) Godiva brand lifted third quarter earnings for the food company but adjusted earnings fell short of estimates as soup sales dropped.

The $34.8 billion buyout of BCE (NYSE: BCE) is on hold after the banks funding the acquistion changed conditions of the finance agreement to include higher interest rates.

Perfect World (Nasdaq: PWRD) reported first quarter earnings and revenue that surpassed estimates due to the introduction of Chi Bi, a new online 3D game.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 7 to 5 on Nasdaq.  The Russell 2000 which tracks small cap stocks gained 5 points to 747.

Opening Bell Report

|

The markets opened mixed as investors mulled over the latest corporate earnings news while keeping an eye on higher oil prices.  The major indexes were higher with the Dow adding 36 points to 13,023 and Nasdaq jumping 13 points to 2542.

On the upside

Greek dry bulk carrier Excel Maritime Carriers (NYSE: EXM) reported profits that tripled to beat forecasts.

Excluding a goodwill writedown, Pacific Ethanol (Nasdaq: PEIX) posted higher earnings and revenues.  Analysts had expected a modest loss and were worried about margins due to higher corn prices.

China-related stocks traded higher with investors snapping up shares of China Precision Steel (Nasdaq: CPSL) and Solarfun Power (Nasdaq: SOLF) in heavy trading.


On the downside

Lowe's Cos.(NYSE: LOW) posted a decline in profits and a slight dip in revenues.  The 2nd largest home improvement retailer in the U.S. also issued a lower outlook for the year.

Video game publisher Electronic Arts (Nasdaq: ERTS) extended the deadline for the 3rd time its offer to buy smaller rival Take-Two Interactive Software (Nasdaq: TTWO).  The offer remained at $2 billion or $25.74 a share.

Shares of NexCen Brands (Nasdaq: NEXC) tumbled after the cookie and pretzel franchise operator delayed its filings and warned about liquidity problems.

In the broad market, advancing issues outpaced decliners by a narrow margin on the NYSE and were edged out by a margin of 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap stocks slipped a point to 740.

Closing Bell Report

|

The markets closed near the flatline despite record oil prices as new home construction posted a surprise gain in April.  The Dow slipped 6 points to 12,987 while Nasdaq lost 5 points to 2529.

On the upside

Drybulk shipping rates surged to a record high over speculation that China's devastating earthquake will lead to increased imports of agricultural products and construction materials to lift shares of Excel Maritime Carriers (NYSE: EXM) higher.

Rowan Companies (NYSE: RDC) declared the payment of a quarterly dividend on June 13 in the amount of 10 cents per common share to shareholders of record May 30.

Citi Investment Research analyst Alexander Hacking reiterated his Buy rating for Ternium SA (NYSE: TX) saying that steel prices will rise.


On the downside

The United Steekworkers demanded that Esmark (Nasdaq: ESMK) reject a $670 million acquisition offer from Indian company Essar Steel Holdings.

Flagstar Bancorp (NYSE: FBC) will sell equity stakes in the company at a discount in order to raise $100 million.

Allied Capital (NYSE: ALD) raised $175 million through the sale of 9 million shares of common stock.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by more than 9 to 7 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 2 points to 741.

Mid-Day Report

|

Oil prices continued to rise while consumer confidence plunged sending the markets tumbling during the midday with the Dow dropping 90 points to 12,903.  Nasdaq fell 21 points to 2512.

On the upside

China Precision Steel (Nasdaq: CPSL) impressed with third quarter earnings that more than doubled as revenue surged.

Finisar (Nasdaq: FNSR) offered approximately $212 million in stock to acquire Optium (Nasdaq: OPTM).  Finisar also forecast fourth quarter sales ahead of analyst estimates.

Pharmacopeia (Nasdaq: PCOP) reported that a midstage clinical trial of its blood pressure medication PS433540 demonstrated significant improvement in patients.


On the downside

Exar (Nasdaq: EXAR) blamed a significant goodwill impairment charge for widening fourth quarter losses.

Dynavax Technologies' (Nasdaq: DVAX) ragweed allergy treatment Tolamba failed to improve patient symptoms in a midstage clinical trial prompting the biopharmaceutical to halt development of the drug.

While Giant Interactive Group (NYSE: GA) reported higher first quarter earnings, margin fell and income growth was less than previous quarters.

In the broad market, declining issues outpaced advancers by a margin of 7 to 5 on the NYSE and by more than 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks tumbled 9 points to 735.

Opening Bell Report

|

The markets opened lower as consumer confidence plunged to a 28-year low.  The Dow lost 40 points to 12,953 while Nasdaq fell 19 points to 2513.

On the upside

Advance Auto Parts (NYSE: AAP) posted higher 1st quarter profits due to strong performance from the auto parts retailer's new stores.

China Finance Online (Nasdaq: JRJC) raised its 1st quarter guidance as investor subscriptions continued to grow even though the overall Chinese stock market had fallen by a third.

Shares of Nordstrom (NYSE: JWN) edged higher after the department store chain posted lower earnings that beat estimates.   Some analysts were impressed by the company's efforts to add stores and grow women apparel purchases amid a slowing economy.


On the downside

General Electric (NYSE: GE) announced that its would sell or spin off GE Appliances, its slow-growing 101-year-old appliance business.

China-based General Steel Holdings (NYSE: GSI)  posted sharply higher revenues and earnings, but investors worried about dilution due to the company's aggressive acquisition initiatives.

An analyst downgraded SanDisk (Nasdaq: SNDK) due to competition and reduced margins in the Flash memory market.

In the broad market, declining issues outpaced advancers by a margin of 4 to 3 on the NYSE and by nearly 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 5 points to 737.

Closing Bell Report

|

The markets closed higher as oil prices retreated and billionaire investor Carl Icahn announced his intentions to oust Yahoo's board.  The Dow climbed 94 points to 12,993 while Nasdaq surged 37 points to 2534.

On the upside

Enterra Energy Trust (NYSE: ENT) narrowed first quarter losses as revenue climbed.

Shares of ReneSola (NYSE: SOL) continued to climb after reporting yesterday that first quarter earnings nearly tripled as production increased.

Zoltek Companies (Nasdaq: ZOLT) chief executive Zsolt Rumy reassured investors that all accounting irregularities have been uncovered.

On the downside

Although Silverstar Holdings (Nasdaq: SSTR) narrowed third quarter losses, the stock price dropped.

Yucheng Technologies (Nasdaq: YTEC) reported sharply higher first quarter earnings but the results fell short of estimates.

Steak n Shake (NYSE: SNS) disappointed with a wider than expected second quarter loss as same store sales fell customer traffic dropped.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by nearly 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks gained 7 points to 743.

Mid-Day Report

|

The markets traded higher during the midday as billionaire investor Carl Icahn announced plans to oust Yahoo's board for actions that prompted Microsoft to withdraw its $47.5 billion buyout offer.  The Dow gained 30 points to 12,928 while Nasdaq climbed 19 points to 2516.

On the upside

Dahlman Rose initiated coverage of Peabody Energy (NYSE: BTU) with a Buy rating saying that coal prices will be strong due to the weak dollar and rising exports.

Second quarter earnings for Agilent Technologies (NYSE: A) rose to surpass estimates as Asia Pacific region sales increased.

Sotheby's (NYSE: BID) reported $362 million in sales for its contemporary art auction Wednesday night with Francis Bacon's "Triptych, 1976" selling for a record $86 million.


On the downside

Higher airline ticket sales lifted first quarter earnings for Ctrip.com International (Nasdaq: CTRP) but the Chinese travel services web site cut its second quarter guidance after a magnitude 7.2 earthquake struck central China.

Analysts downgraded Salary.com (Nasdaq: SLRY) after the company reported a wider than expected fourth quarter loss due to disappointing sales and forecast first quarter results below estimates.

Yingli Green Energy (NYSE: YGE) reported higher revenues and earnings that beat expectations but the stock price fell as investors took profits.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 5 on the NYSE and by more than 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap stocks added 2 points to 738.

Opening Bell Report

|

The markets opened higher as investors mulled over corporate earnings and acquisition news.  The Dow rose 21 points to 12,919 while Nasdaq added 5 points to 2502.

On the upside

Online news provider CNet (Nasdaq: CNET) received a $1.8 billion cash offer from media giant CBS (NYSE: CBS).

Stanley (NYSE: SXE) posted earnings that met targets while raising its outlook for the year. The company provides information technology services to the federal government.

Shares of China Architectural Engineering (AMEX: RCH) rallied for a second day in a row after the company posted sharply higher sales and earnings that tripled.


On the downside

Profits dropped in half at department store retailer J.C. Penney (NYSE: JCP) as consumers cut back in spending.

Private equity and real estate company Blackstone Group (NYSE: BX) posted a 1st quarter loss with the company lowering the value of its investments.

China Digital TV Holding (NYSE: STV) reported higher revenues and earnings, but investors sold the stock on the news.  The company provides smart cards for TV set-top boxes and licenses their designs.

In the broad market, declining issues outpaced advancers by a narrow margin on the NYSE but were edged out by a margin of 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost a point to 735.

Closing Bell Report

|

Consumer prices rose less than expected to lift the markets to a higher close with the Dow climbing 66 points to 12,898.  Nasdaq added 2 points to 2497.

On the upside

First quarter earnings for China Automotive Systems (Nasdaq: CAAS) more than doubled as sales surged.

An analyst expects a successful auction of contemporary art at Sotheby's (NYSE: BID) after fellow auction house Christie's reported $331.4 million from its auction last night.

Sony (NYSE: SNE) swung to a fourth quarter profit.


On the downside

The Food and Drug Administration placed a hold on Geron's (Nasdaq: GERN) spinal cord injury treatment GRNOPC1.

Hauppauge Digital (Nasdaq: HAUP) swung to a second quarter loss as sales plunged.

LCA Vision (NYSE: LCAV) slashed its dividend from 18 cents per share to 6 cents per share.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq.  The Russell 2000 which tracks small cap stocks slipped a point to 736.

Mid-Day Report

|

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

Uranium Resources (Nasdaq: URRE) widened first quarter losses as expenses rose.  The company also announced plans to raise $14.3 million through a private placement offering.

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.

Opening Bell Report

|

The markets opened higher due to positive news on the inflation front.  The Dow rose 63 points to 12,894 while Nasdaq surged 18 points to 2513.

On the upside

Clear Channel Communications (NYSE: CCU) reached an agreement with lenders that clear the way for a lower-priced $17.9 billion buy-out of the radio and outdoor advertising company by private equity firms.

Shares of Freddie Mac (NYSE: FRE) rose after the mortgage finance company posted a wider loss, but the results were better than expected.  The company also announced plans to raise $5.5 billion to shore up its balance sheet.

China-based ReneSola (NYSE: SOL) reported revenues that beat targets and signed a 6-year agreement to supply solar wafers to Gintech Energy.


On the downside

Deere & Company (NYSE: DE) posted higher 2nd quarter profits, but the world's biggest maker of farm machinery warned of slowing demand in the U.S. and rising material costs.

Shares of Whole Foods Market (Nasdaq: WFMI) fell after the organic foods retailer posted lower profits that missed expectations.

Fast food chain Jack in the Box (NYSE: JBX) posted a small drop in 2nd quarter profits blaming higher food and operating costs.

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 a point to 738.

Closing Bell Report

|

It was a mixed close for the markets even a oil prices rose and home prices tumbled.  The Dow fell 44 points to 12,832 while Nasdaq gained 7 points to 2495.

On the upside

Shares of Renesola (NYSE: SOL) climbed ahead of its earnings release tomorrow.

Although first quarter earnings dropped for McDermott International (NYSE: MDR) due to downtime from inclement weather, the results met estimates.

USANA Health Sciences (Nasdaq: USNA) chairman and chief executive Myron Wentz offered $26 per share to purchase the nutritional and personal care products company.


On the downside

Although first quarter earnings for Hecla Mining (NYSE: HL) rose, the results fell short of expectations.

Moody's Investors Service said that Ambac Financial Group (NYSE: ABK)  and MBIA (NYSE: MBI) have significant exposure to second lien residential mortgage debt.

Pilgrim's Pride (NYSE: PPC) announced plans to sell common stock at $24 per share to raise $180 million to repay debt.

In the broad market, advancing issues outpaced decliners by a margin of 10 to 9 on the NYSE and by nearly the same on Nasdaq.  The Russell 2000 which tracks small cap stocks added 4 points to 737.

Mid-Day Report

|

Falling home prices and a drop in retail sales weighed down the markets during the midday with the Dow dropping 55 points to 12,822.  Nasdaq slipped a fraction to 2488.

On the upside

Canadian Solar (Nasdaq: CSIQ) reversed year ago losses to swing to a profit for the first quarter that beat expectations as European revenue surged.  The solar cell maker also forecast second quarter results ahead of estimates.

Intercell AG offered $189 million, a 126% premium over the closing price on Monday, to purchase Iomai (Nasdaq: IOMI).

Third quarter earnings for Bally Technologies (NYSE: BYI) more than quadrupled to beat expectations as revenue climbed.


On the downside

Western Refining (NYSE: WNR) blamed record crude oil prices for swinging to a first quarter loss.

Bearing Point (NYSE: BE) cut its 2008 guidance prompting a downgrade.

NxStage Medical (Nasdaq: NXTM) blamed greater expenses for widening first quarter losses.

In the broad market, advancing issues outpaced decliners by a slim margin on the NYSE while decliners barely edged out advancers on Nasdaq.  The Russell 2000 which tracks small cap stocks added 2 points to 735.

Opening Bell Report

|

The markets opened lower as investors worried about weak retail sales.  The Dow lost 24 points to 12,852 while Nasdaq slipped 3 points to 2485.

On the upside

Electronic Data Systems (NYSE: EDS) was the target of a $12.6 billion offer by Hewlett-Packard (NYSE: HPQ) to create the 2nd largest technology provider after IBM (NYSE: IBM).

Shares of Fluor (NYSE: FLR) soared after the engineering company posted sharply higher 1st quarter profits that beat estimates.

Shares of Apple (NYSE: AAPL) rose following news of U.S. and U.K. online stores selling out iPhones, possibly clearing the way for the release of a new model.


On the downside

Wal-Mart Stores (NYSE: WMT) posted higher profits, but its outlook was muted by higher energy and food costs.

Website Pros (Nasdaq: WSPI), which provides Internet hosting and marketing services to small and mid-sized businesses, reported sharply higher revenues and breakeven results.

Shares of IndyMac (NYSE: IMB) dropped to a new low on renewed concerns that the mortgage lender may not be able to remain solvent.

In the broad market, declining issues outpaced advancers by a slim margin on the NYSE and by 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap stocks slipped a point to 732.

Closing Bell Report

|

Oil prices retreated as the value of the dollar rose sending the markets soaring to close sharply higher with  the Dow jumping 130 points to 12,876.  Nasdaq leaped 43 points to 2488.

On the upside

The Wall Street Journal reported that Hewlett-Packard (NYSE: HPQ) is engaged in advanced discussions to purchase Electronic Data Systems (NYSE: EDS) for between $12 billion to $13 billion.

Shares of Excel Maritime (NYSE: EXM) surged after Lazard Capital Markets analyst Urs Dur said that drybulk shipping demand is expected to exceed supply.

Collective Brands (NYSE: PSS) forecast first quarter earnings above estimates while an analyst reassured investors that the $305 million in damages to be paid to Adidas will most likely be reduced.


On the downside

Gencor Industries (Nasdaq: GENC) reported sharply lower second quarter earnings.

Shares of Alesco Financial (NYSE: AFN) fell after IndyMac announced that it will defer interest payments on securities, some of which are part of Alesco's portfolio.

Clearwire (NYSE: CLWR) widened first quarter losses despite increased revenue.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on both the NYSE and on Nasdaq.  The Russell 2000 which tracks small cap stocks leaped 13 points to 733.

Mid-Day Report

|

The value of the dollar rose to boost the markets during the midday with  the Dow climbing 98 points to 12,844.  Nasdaq soared 28 points to 2474.

On the upside

Comtech Telecommunications (Nasdaq: CMTL) will pay approximately $216.2 million to acquire Radyne (Nasdaq: RADN).

Clear Channel Communications (NYSE: CCU) reported higher first quarter earnings.  Also, a delay in the lawsuit trial between the private equity firms seeking to purchase Clear Channel and the banks funding the deal prompted speculation that a settlement would soon be announced.

Analysts upgraded EnCana (NYSE: ECA) and raised their price target for the energy company after EnCana announced that it will become two separate companies.


On the downside

Analysts downgraded Cogent Communications (Nasdaq: CCOI) after the broadband technology provider widend first quarter losses and forecast second quarter results below estimates.

Standard Pacific (NYSE: SPF) blamed a significant impairment charge for widening first quarter losses.

The plan to buyout of Cumulus Media (Nasdaq: CMLS) collapsed after the group of investors failed to agree on the terms of the deal.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on both the NYSE and on Nasdaq.  The Russell 2000 which tracks small cap stocks soared 10 points to 730.

Opening Bell Report

|

The markets opened higher as oil prices eased from record high levels.  The Dow rose 22 points to 12,760 while Nasdaq edged up 3 points to 2449.

On the upside

Wireless carrier Sprint Nextel (NYSE: S) posted lower 1st quarter revenues and a larger loss as it lost more than a million subscribers.  However, the results were slightly better than its forecast.

Research In Motion (NYSE: RIMM) has launched a new Blackberry model with twice the screen resolution of its current Curve model to match the resolution, but not the size, of Apple's iPhone (Nasdaq: AAPL).

AnnTaylor Stores (NYSE: ANN) raised its 1st quarter guidance due to strong results at its Loft chain and improved inventory and cost controls.


On the downside

Conditions continued to deteriorate at IndyMac Bancorp (NYSE: IMB) which posted a 1st quarter loss and warned of more losses through 2008.

Cablevision Systems (NYSE: CVC) is likely to buy Long Island-based newspaper Newsday from Tribune Co. (NYSE: TXA) for $650 million.  News Corp. (NYSE: NWS) withdrew its lower $580 million offer over the weekend.

Hecla Mining (NYSE: HL) posted higher profits due to rising silver prices, but production slowed as revenues fell versus year-ago levels.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks added 2 points to 722.

Closing Bell Report

|

Despite the narrowing of the nation's trade deficit in March, the markets tumbled as crude oil prices rose to settle at a record $125.96 a barrel.  The Dow plummeted 121 points to 12,746 while Nasdaq lost 6 points to 2446.

On the upside

Activision (Nasdaq: ATVI) reversed year ago losses to report a profit for the fourth quarter as sales of Guitar Hero III and Call of Duty 4 boosted revenue to far exceed expectations.  Analysts promptly upgraded the video game publisher.

Strong sales of Medicis Pharmaceutical's (NYSE: MRX) acne medication lifted first quarter earnings prompting the company to increase its full year guidance.

Citi Investment Research cited improved margins for upgrading TECO Energy (NYSE: TE).


On the downside

Although Stillwater Mining (NYSE: SWC) swung to a profit for the first quarter, the stock price fell.

Analysts downgraded Deltek (NYSE: PROJ) after the company reported first quarter earnings that fell due to a drop in the company's license revenue.

The Knot (Nasdaq: KNOT) blamed higher expenses for second quarter earnings that tumbled to fall short of estimates.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by nearly 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap stocks added a fraction to 720.

Mid-Day Report

|

Surging crude oil prices sent the markets tumbling during the midday with the Dow plunging 113 points to 12,753.  Nasdaq fell 12 points to 2439.

On the upside

Wedbush Morgan Securities analyst Jeff Mintz upgraded True Religion Apparel (Nasdaq: TRLG) after the company reported higher first quarter earnings and lifted its 2008 outlook.

Darling International (NYSE: DAR) reported first quarter earnings that more than doubled to surpass estimates.

RealNetworks (Nasdaq: RNK) reported lower first quarter earnings but the results beat expectations.  Results from last year included a $60.7 million settlement from Microsoft.


On the downside

Mylan (NYSE: MYL) blamed a significant noncash goodwill impairment charge for widening first quarter losses.

Swiss drug maker Schweizerhall expects to receive approval for its generic version of Sanofi-Aventis' (NYSE: SNY) anti-clotting medication Plavix and plans to begin selling the drug in June.

Deutsche Bank analyst Paul Sankey cut his price target for oil refiner Tesoro (NYSE: TSO) and reaffirmed his Sell rating citing record oil prices.

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 5 on both the NYSE and on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 2 points to 718.

Opening Bell Report

|

The markets opened lower after AIG posted a significant loss while oil prices hit another record high.  The Dow lost 109 points to 12,757.  Nasdaq dropped 17 points to 2433.

On the upside

Priceline.com (Nasdaq: PCLN) posted a 1st quarter profit and raised its outlook for the year.  Analysts promptly upgraded the online travel buying service provider.

Wireless communications company Leap Wireless (Nasdaq: LEAP) narrowed its loss as sales surged due to strong customer growth.

Citigroup (NYSE: C) announced plans to trim noncore assets and projected overall revenue growth of 9% for the year.  Analysts continued to worry about more write-downs due to mortgage losses, but the stock edged up.


On the downside

American International Group (NYSE: AIG) posted a 1st quarter loss of $7.81 billion as it wrote off losses in the credit market.  The insurer also announced plans to raise $12.5 billion.

Cogent Communications (Nasdaq: CCOI) reported higher revenues and a loss that missed analysts' expectations.

Sotheby's (NYSE: BID) reported a 1st loss due to fewer auctions and lower commission margins.

In the broad market, declining issues outpaced advancers 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 lost 5 points to 714.

Closing Bell Report

|

The markets closed higher as crude oil prices retreated and retailers reported better than expected sales in April.  The Dow climbed 52 points to 12,867 while Nasdaq gained 13 points to 2451.

On the upside

American Semiconductor (Nasdaq: AMSC) narrowed fourth quarter losses as sales of wind power and electric utility increased and lifted its full year guidance.

Although second quarter earnings and revenue for Central Garden & Pet (Nasdaq: CENT) slipped, the results surpassed estimates.

Alcoa (NYSE: AA) named Klaus Kleinfeld to the position of chief executive.


On the downside

In order to raise cash, Hovnanian Enterprises (NYSE: HOV) announced plans to sell 14 million shares.

While Jarden (NYSE: JAH) reported first quarter earnings ahead of estimates, sales fell short.

OM Group (NYSE: OMG) blamed higher costs for sharply lower first quarter earnings that missed expectations.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 5 on the NYSE and by 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap stocks added 3 points to 720.

Mid-Day Report

|

Retreating oil prices and better than expected retail sales lifted the markets higher during the midday with the Dow rising 67 points to 12,881.  Nasdaq climbed 18 points to 2456.

On the upside

Crocs (Nasdaq: CROX) blamed charges for swining to a first quarter loss but the colorful plastic shoemaker above estimates and reaffirmed its forecast.

R. H. Donnelley (NYSE: RHD) swung to a loss for the first quarter due to a significant goodwill impairment charge but revenue surpassed expectations and the publisher of phone books backed its full year sales outlook.

DRS Technologies (NYSE: DRS) announced that the company was exploring a strategic transaction but refused to comment about a Wall Street Journal article that Italian aerospace company Finmeccanica SpA was in discussion to acquire DRS.


On the downside

First quarter earnings for MCG Capital (Nasdaq: MCGC) plunged as the value of its investment portfolio tumbled.

Goldman Sachs analyst Randall Stanicky downgraded Barr Pharmaceuticals (NYSE: BRL) after the company reported first quarter earnings that fell short of estimates and cut its fully year outlook.

Although SoundBite Communications (Nasdaq: SDBT) narrowed first quarter losses, Cantor Fitzgerald downgraded the automated voice messaging solutions company.

In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 2 on the NYSE and by nearly 5 to 4 on Nasdaq.  The Russell 2000 which tracks small cap stocks gained 4 points to 720.

Opening Bell Report

|

The markets edged higher in early morning trading as investors mulled over April retail sales reports.  The Dow added 25 points to 12,840 while Nasdaq rose 3 points to 2442.

On the upside

Wal-Mart Stores (NYSE: WMT) posted a 3.2% increase in same-store sales versus year-ago April sales citing consumer demand for groceries, medicines and flat screen TVs.

Cablevision Systems (NYSE: CVC) posted a larger loss, but revenues rose as more subscribers signed up for combined video, Internet and phone services.

Shares of Energy Conversion Devices (Nasdaq: ENER) surged after the alternative energy company posted a profit and revenues that beat estimates.


On the downside

Target (NYSE: TGT) posted same store sales that rose 3.1% in April, but analysts had set higher targets. Meanwhile, May sales were expected to be stagnant.

Shares of Hansen Natural (NYSE: HANS) tumbled after the beverage maker posted lower profits due to margin pressures and slowing sales of its Monster energy drink.  Analysts promptly downgraded the stock.

Nighthawk Radiology Holdings (Nasdaq: NHWK) reported higher revenues and a small profit, but lowered its outlook for the year due to sales and cost challenges.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE and by 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap stocks added 2 points to 718.

Closing Bell Report

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Crude oil prices surged to close above $123 a barrel sending the markets skidding to a close with the Dow plummeting 206 points to 12,814.  Nasdaq plunged 45 points to 2438.

On the upside

Although Titanium Metals (NYSE: TIE) reported lower first quarter earnings, the results met expectations.

Quanta Services (NYSE: PWR) posted a drop in first quarter income but the results surpassed estimates by two cents.

UTStarcom (NYSE: UTSI) lifted its first quarter sales guidance after its personal communications unit recorded better than expected performance.


On the downside

SRA International (NYSE: SRX) reported higher third quarter earnings but the results fell short of estimates prompting the information technology consultant to lower its full year outlook.

While first quarter profit for National Financial Partners (NYSE: NFP) rose to surpass expectations, revenue fell short.

Greatbatch (NYSE: GB) blamed higher manufacturing costs and acquisition related expenses for swinging to a first quarter loss.

In the broad market, declining issues outpaced advancers by a margin of 5 to 2 on both the NYSE and on Nasdaq.  The Russell 2000 which tracks small cap stocks plunged 14 points to 716.

Mid-Day Report

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Despite a greater than expected increase in worker productivity, the markets fell during the midday as pending home sale dropped more than expected.  The Dow tumbled 59 points to 12,962 while Nasdaq lost 5 points to 2478.

On the upside

ON Semiconductor (Nasdaq: ONNN) reported sharply lower first quarter earnings as costs rose but the results surpassed expectations and the company forecast second quarter income ahead of estimates.

First quarter earnings for Syniverse Holdings (NYSE: SVR) nearly doubled prompting an upgrade.

American Oriental Bioengineering (NYSE: AOB) reported higher first quarter earnings and forecast full year results above expectations.


On the downside

Although first quarter earnings for Synchronoss Technologies (Nasdaq: SNCR) rose, revenue fell short of estimates and the company forecast weak results for the current quarter prompting a downgrade.

Wachovia downgraded PNM Resources (NYSE: PNM) after the energy company swung to a loss for the first quarter due to outages, write-offs and mark-to-markets losses.

Georgia Gulf (NYSE: GGC) blamed the difficult market conditions for widening first quarter losses that prompted a downgrade.

In the broad market, declining issues outpaced advancers by a margin of more than 9 to 7 on both the NYSE and on Nasdaq.  The Russell 2000 which tracks small cap stocks slipped a point to 728.

Opening Bell Report

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The markets opened mostly lower as investors awaited the latest home sales report.  Meanwhile, worker productivity rose in the 1st quarter by 2.2% which was higher than expected.  The Dow fell 24 points to 12,995 while Nasdaq held steady at 2483.

On the upside

Clearwire (Nasdaq: CLWR) and Sprint Nextel (NYSE: S) will combine their wireless broadband units.  The $14.5 billion combination will retain the Clearwire name with Sprint owning 51%, Clearwire holding the 27%, and the rest going to new investors putting in $3.2 billion.

DirecTV (NYSE: DTV) posted higher earnings and continued to buy back shares.  The satellite television company picked up more subscribers in the U.S. and Latin America.

Cisco Systems (Nasdaq: CSCO) posted higher earnings that exceeded most analysts' forecasts.  Investors had been worried about a slowing economy affecting sales.


On the downside

Shares of Jack Henry & Associates (Nasdaq: JKHY) fell after the IT consulting service provider posted flat earnings and higher revenues which missed expectations.

Shares of Thornburg Mortgage (NYSE: TMA) fell below $1 a share after investors were asked to approve the issuance of an eightfold increase in the number of shares.

Kendle International (Nasdaq: KNDL) posted higher earnings and sales, but the clinical research company drew lower service revenues in North America and Europe.

In the broad market, declining issues outpaced advancers by a margin of 7 to 6 on the NYSE and by 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap stocks remained unchanged at 730.

Closing Bell Report

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Despite record oil prices, the markets closed higher with the Dow rising 51 points to 13,021.  Nasdaq climbed 19 points to 2483.

On the upside

LDK Solar (NYSE: LDK) signed a five year contract to supply Qimonda (NYSE: QI) with multicrystalline solar wafers.  In addition to an advance payment, LDK will also receive scrap silicon from the German maker of memory chips.

RAIT Financial Trust (NYSE: RAS) reported higher first quarter earnings that surpassed expectations.


Advanced Micro Devices (NYSE: AMD) filed an antitrust lawsuit against Intel (Nasdaq: INTC) alleging unfair business practices.  AMD is also expected announced restructuring plans to cut manufacturing costs.


On the downside

Although third quarter earnings for Perrigo (Nasdaq: PRGO) more than doubled, analysts were disappointed with the company's fourth quarter and full year outlooks.

Tenet Healthcare (NYSE: THC) swung to a first quarter loss. 

Scotts Miracle-Gro (NYSE: SMG) blamed several recalls for lower second quarter earnings and lowered its full year forecast.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 9 to 7 on Nasdaq.  The Russell 2000 which tracks small cap stocks climbed 5 points to 730.

Mid-Day Report

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The markets recovered during the midday to trade modestly higher even as oil prices surged above $122 a barrel.  The Dow gained 30 points to 13,000 while Nasdaq rose 14 points to 2479.

On the upside

First quarter earnings for Idearc (NYSE: IAR) rose to beat estimates despite lower revenue as the yellow page publisher trimmed expenses.

Although Anadarko Petroleum (NYSE: APC) reported sharply lower first quarter earnings, the results surpassed expectations.  Last year's income included gains for the sale of assets.


Airgas (NYSE: ARG) reported higher fourth quarter earnings that topped estimates.


On the downside

First quarter earnings for Obagi Medical Products (Nasdaq: OMPI) fell short of estimates prompting the company to lower its full year outlook.

A court ruled that Collective Brands (NYSE: PSS) must pay Adidas $305 million to settle a trademark lawsuit. 

Legg Mason (NYSE: LM) swung to a fourth quarter loss and announced plans to raise $1 billion through the offering of 20 million equity units.

In the broad market, advancing issues outpaced decliners by a margin of 3 to 2 on the NYSE and by more than 9 to 7 on Nasdaq.  The Russell 2000 which tracks small cap stocks gained 5 points to 729.

Opening Bell Report

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The markets opened lower on disappointing corporate earnings news.  The Dow lost 70 points to 12,898 while Nasdaq fell 9 points to 2455.

On the upside

Fannie Mae (NYSE: FNM) posted a $2.2 billion quarterly loss and lowered its dividend due to the weak housing market.  However, a reduction in the capital surplus cushion set by the Office of Federal Housing Enterprise Oversight was viewed favorably by analysts.

Barrick Gold (NYSE: ABX) posted a profit for the 1st quarter when gold prices soared to all-time highs.  A rally in the stock price was minimized by a decline in overall gold production.


Shares of Yahoo (Nasdaq: YHOO) edged up on hopes that Microsoft (Nasdaq: MSFT) may come back to the table with a $33 a share offer.


On the downside

Shares of homebuilder D.R. Horton (NYSE: DHI) fell after the company posted a quarterly loss of $1.3 billion and slashed its dividend in half.

Asphalt and concrete supplier Vulcan Materials (NYSE: VMC) lowered its outlook due to prolonged weakness in the residential construction market.

UBS (NYSE: UBS) cut 5500 jobs as the Swiss bank dumped its subprime portfolio.

In the broad market, declining issues outpaced advancers by a margin of 5 to 3 on the NYSE and by more than 4 to 3 on Nasdaq.  The Russell 2000 which tracks small cap stocks slipped 3 points to 720

Closing Bell Report

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Soaring oil prices along with Microsoft's withdrawal of its nearly $50 billion offer for Yahoo sent the markets down to a lower close with the Dow tumbling 89 points to 12,970.  Nasdaq dropped 13 points to 2464.

On the upside

Last week, Vanda Pharmaceucticals (Nasdaq: VNDA) reported a smaller than expected loss for the first quarter prompting Caris & Co. analyst David Moskowitz to initiate coverage of the company with a Buy rating.

Analysts upgraded Walter Industries (NYSE: WLT) and lifted their price targets for the company citing higher coal prices.

First quarter earnings for Alpha Natural Resources (NYSE: ANR) more than tripled as coal prices climbed and exports increased.


On the downside

Although first quarter earnings for HMS Holdings (Nasdaq: HMSY) rose, the results fell short of estimates.

Hewitt Associates (NYSE: HEW) blamed a drop in revenue from its consulting unit for second quarter earnings that missed expectations.

Higher expenses and lower than expected use of vessels weighed down fourth quarter earnings for Tidewater (NYSE: TDW) to fall short of expectations.


In the broad market, declining issues outpaced advancers by a margin of more than 4 to 4 on the NYSE and by 9 to 7 on Nasdaq.  The Russell 2000 which tracks small cap stocks slipped a point to 724.

Mid-Day Report

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Microsoft's withdrawal of its nearly $50 billion offer for Yahoo sent the markets lower during midday with the Dow dropping 77 points to 12,982.  Nasdaq lost 8 points to 2469.

On the upside

Aircastle (NYSE: AYR) refinanced its debt by entering into a 7-year $786.1 million term debt facility.

Record oil prices lifted first quarter earnings for Continental Resources (NYSE: CLR) to surpass expectations.

Discovery Laboratories (Nasdaq: DSCO) reassured investors that no new clinical trials are necessary for its premature infant respiratory distress syndrom treatment Surfaxin and that the company should be able to comply with Food and Drug Administration requests within six to eight weeks.


On the downside

Shares of Yahoo (Nasdaq: YHOO) tumbled after Microsoft (Nasdaq: MSFT) withdrew its $47.5 billion bid to acquire the company.

Concerns that Bank of America (NYSE: BAC) will lower its offer for Countrywide (NYSE: CFC) weighed down shares of both companies.

Zoltek (Nasdaq: ZOLT) chief financial officer Kevin J. Schott resigned after an audit committee discovered errors in previous financial statements.


In the broad market, declining issues outpaced advancers by a margin of more than 7 to 5 on the NYSE and by more than 9 to 7 on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 2 points to 724.

Opening Bell Report

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The markets opened lower to news of Microsoft abandoning its bid for Yahoo while analysts awaited the latest service sector activity report.  The Dow lost 36 points to 13,006 while Nasdaq slipped a point to 2475.

On the upside

Marvel Entertainment (NYSE: MVL) basked on news that its first self-financed movie Ironman raked in over $100 million in opening weekend ticket sales.

Comerica (NYSE: CMA) was upgrade an analyst who cited the bank's low valuation and limited exposure to risky consumer loans.

Shares of UST (NYSE: UST) rose due to positive opinion from analysts on the smokeless tobacco maker.


On the downside

Shares of Yahoo (Nasdaq: YHOO) dropped after Microsoft (Nasdaq: MSFT) withdrew its offer for the Internet portal.  The news broke over the weekend.

An analyst suggested that Bank of America (NYSE: BAC) cancel its acquisition of Countrywide Financial (NYSE: CFC) or at least lower the offer price.

Shares of American Capital Strategies (Nasdaq: ACAS) dropped after an analyst downgraded the investment company to a "sell".

In the broad market, declining issues outpaced advancers by a margin of 6 to 5 on the NYSE and by a slim margin on Nasdaq.  The Russell 2000 which tracks small cap stocks fell 2 points to 723.

Closing Bell Report

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It was a mixed close for the markets with the Dow rising 48 points to 13,058 as Microsoft ups its bid for Yahoo.   Nasdaq slipped 4 points to 2477.

On the upside

Aventine Renewable Energy (NYSE: AVR) reported first quarter revenue and adjusted earnings that surpassed estimates by a wide margin.

Increased sales lifted first quarter earnings for Barnes Group (NYSE: B) to beat expectations.

Shares of Sallie Mae (NYSE: SLM) rose after Congress approved a bill that would lift the limits for federally subsidized student loans.


On the downside

Cirrus Logic (Nasdaq: CRUS) swung to a loss for the fourth quarter and forecast first quarter results that fell short of estimates.

Thor Industries (NYSE: THO) blamed falling recreational vehicle sales for a drop in third quarter revenue.

Secure Computing (Nasdaq: SCUR) widened first quarter losses due to slowing sales and litigation costs.  The network security company also forecast second quarter results below estimates.


In the broad market, advancing issues outpaced decliners by a margin of more than 9 to 7 on the NYSE while decliners edged out advancers by more than 9 to 7 on Nasdaq.  The Russell 2000 which tracks small cap stocks slipped 4 points to 726.

Mid-Day Report

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The markets traded mixed during the midday as the nation's unemployment rate slipped even as employers eliminated jobs.  The Dow gained 31 points to 13,041 while Nasdaq lost 10 points to 2471.

On the upside

Coinstar (Nasdaq: CSTR) reported first quarter earnings that beat estimates and forecast 2008 results ahead of expectations.

Second quarter earnings for Dolby (NYSE: DLB) rose to surpass expectations as sales surged prompting the company to lift its full year outlook.

After Walter Industries (Nasdaq: WLT) reported sharply lower first quarter earnings due to the collapse of the housing market, the company said that it will spin off its homebuilding and financing units.


On the downside

The Food and Drug Administration requested that Discovery Laboratories (Nasdaq: DSCO) provide more information on its premature infant respiratory distress syndrome medication Surfaxin.

Although Magma Design Automation (Nasdaq: LAVA) narrowed fourth quarter losses as expenses dropped, the company forecast first quarter results far short of expectations prompting a downgrade.

Dynamic Materials (Nasdaq: BOOM) reported modestly higher first quarter income but provided a disappointing full year outlook prompting a downgrade.


In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by nearly 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap stocks edged up a fraction to 730.

Opening Bell Report

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The markets opened higher as employers cut jobs in April, but the decline was better than expected.  The Dow rose 66 points to 13,076 while Nasdaq edged up 3 points to 2484.

On the upside

Chevron (NYSE: CVX) posted its best first quarter performance as earnings beat estimates.  Its oil fields were able to fetch sharply higher prices per barrel, but profit margins at its retail service stations dropped to almost nothing.

Internet data analysis provider comScore (Nasdaq: SCOR) reported strong subscription sales and higher income.

Investment research firm Morningstar (Nasdaq: MORN) posted higher revenues and earnings that beat expectations.


On the downside

Sun Microsystems (Nasdaq: JAVA) unexpectedly reported a loss and blamed a revenue miss on the slow U.S. economy.

Investools (Nasdaq: SWIM) posted higher revenues and lower earnings that missed estimates.  The company also announced that the SEC opened an inquiry related to certain presentations made at the company's investment education seminars.

NetSuite (NYSE: N) warned that the company may post a loss in the 2nd quarter.  Investors worried that the business management software may be hurt by cuts in corporate spending.


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 edged up a point to 731.

Closing Bell Report

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The markets surged to close sharply higer with the Dow leaping 190 points to 13,010 as oil prices fell.  Nasdaq jumped 68 points to 2481.

On the upside

Retreating oil prices lifted shares of American Airlines parent company AMR (NYSE: AMR).

GrafTech International (NYSE: GTI) reported first quarter earnings that more than doubled as restructuring charges declined and prices rose prompting the graphite electrode company to lift its full year guidance.

First quarter earnings for Trinity Industries (NYSE: TRN) rose as the company's structural wind towers business grew.

On the downside

Hologic (Nasdaq: HOLX) reported higher second quarter earnings but the results disappointed analysts.

First quarter earnings for Apache (NYSE: APA) surged but the results fell short of estimates.

Elizabeth Arden (Nasdaq: RDEN) blamed the sluggish environment for swinging to a first quarter loss and cut its full year guidance.

In the broad market, advancing issues outpaced decliners by a margin of 7 to 3 on the NYSE and by more than 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks soared 14 points to 730.

Mid-Day Report

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An upbeat consumer spending report boosted the markets during the midday with the Dow leaping 184 points to 13,004.  Nasdaq jumped 59 points to 2472.

On the upside

Micro Focus International will pay $73.3 million in cash to acquire NetManage (Nasdaq: NETM).

First quarter earnings for Amkor Technology (Nasdaq: AMKR) more than doubled as sales rose and the semiconductor packaging and testing services company forecast second quarter results ahead of estimates.

IndyMac Bancorp (NYSE: IMB) said that its loss for the first quarter will be smaller than its fourth quarter loss and that the losses will continue to narrow.  The company also announced that chief financial officer A. Scott Keys is taking a medical leave of absence.

On the downside

JDS Uniphase (Nasdaq: JDSU) narrowed losses for the third quarter as sales increased but shares of the communications equipment maker tumbled after the company forecast fourth quarter revenue below expectations.

Although Micros Systems (Nasdaq: MCRS) reported higher third quarter earnings, the results fell short of estimates and the information systems company warned that 2008 income will fall short of expectations prompting a downgrade.

PharmaNet Development Group (Nasdaq: PDGI) blamed contract cancellations for swinging to a first quarter loss.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks soared 13 points to 729.

Opening Bell Report

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The markets opened higher as investors mulled over the latest batch of corporate news along with increased consumer spending driven by rising food and energy costs.  The Dow added 22 points to 12,843 while Nasdaq rose 28 points to 2441.

On the upside

Microsoft (Nasdaq: MSFT) is considering a slightly higher bid for Yahoo (Nasdaq: YHOO), according to a number of media outlets.  Yahoo had been pursuing other options in its belief that the original offer of $31 a share in cash and stock was too low.

Analysts raised their opinion on shares of credit card processor Visa (NYSE: V).

Human resources management provider Administaff (NYSE: ASF) posted sharply higher earnings.

On the downside

Exxon Mobil (NYSE: XOM) posted higher profits, but the results fell short of lofty expectations on Wall Street.  Limited refinery production slowed earnings growth while costs increased.

Eastman Kodak (NYSE: EK) reported a smaller loss as sales edged up.  The cost of ramping up into the digital imaging space had exceeded $3.4 billion through the last three years.

Hospital operator LifePoint Hospitals (Nasdaq: LPNT) reported better than expected results for the 1st quarter.  However, plans to acquire more hospitals worried investors.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on both the NYSE and Nasdaq.  The Russell 2000 which tracks small cap stocks added 4 points to 720.

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