May 2009 Archives
On the upside
A beneficial owner of Air Transport Services (Nasdaq: ATSG) purchased $1 million worth of company stock.
The joint venture MED3000 Practice Resources was created by Tenet Healthcare (NYSE: THC) and MED3000 to provide technology to physicians and practice managers.
Genworth (NYSE: GNW) filed a preliminary prospectus with the Canadian securities adminstrators for an initial public offering.
On the downside
Cyclacel Pharmaceuticals (Nasdaq: CYCC) reported upbeat results from a Phase 2 clinical trial of its treatment for acute myeloid leukemia and a Phase 2 clinical trial for its cancer drug oral seliciclib but the stock price fell.
Jamba (Nasdaq: JMBA) widened first quarter losses as revenue fell.
UBS downgraded Level 3 Communications (Nasdaq: LVLT).
In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 9 points to 501.
On the upside
Savient Pharmaceuticals (Nasdaq: SVNT) will present six abstracts about the company's KRYSTEXXA at the European League Against Rheumatism in June.
Based on input provided by the FDA, Incyte's (Nasdaq: INCY) Phase III clinical trial of its myelofibrosis treatment will compare the proportion of patients achieving 35% reduction in spleen volume with patients using a placebo.
FiberNet Telecom Group (Nasdaq: FTGX) will be acquired by Zayo Group for $11.45 per share in cash.
On the downside
First quarter earnings for The Wet Seal (Nasdaq: WTSLA) plunged as revenue fell and the women's apparel retailer warned that second quarter results will miss estimates.
Although second quarter earnings for Esterline (NYSE: ESL) rose, the aerospace firm lowered its full year outlook as clients reduced inventories.
Profit takers weighed down shares of Oculus Innovative Sciences (Nasdaq: OCLS), which rose recently after the FDA approved the company's Microcyn Skin and Wound Gel.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 49.
On the upside
Dell (Nasdaq: DELL) posted a modest profit that fell versus year-ago levels, but beat expectations.
Shares of J. Crew Group (NYSE: JCG) surged after the apparel retailer posted quarterly results that surpassed analysts' estimates.
Penson Worldwide (Nasdaq: PNSN) offered $50 million in convertible notes at 8% and a conversion price of $9.81 a share. The company provides solutions to the financial services industry.
On the downside
Jewelry retailer Tiffany & Co. (NYSE: TIF) posted sharply lower revenues and earnings as consumers cut back on spending. The company reiterated its full-year guidance, but investors were mostly unimpressed.
Shares of Catalyst Pharmaceutical Partners (Nasdaq: CPRX) tumbled after its drug candidate to treat cocaine addiction failed to meet trial goals.
Corporate uniform supplier Cintas Corp. (Nasdaq: CTAS) trimmed its quarterly guidance as its customers laid off workers reducing demand for the company's products.
In the broad market, advancing issues edged out decliners by a margin of 4 to 3 on the NYSE and by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks lost a fraction to 492.
On the upside
Shares of Angiotech Pharmaceuticals (Nasdaq: ANPI) continued rising after the FDA approved its TAXUS Liberte Atom Stent system yesterday.
CuraGen (NYSE: CRGN) will present data at the American Society of Clinical Oncology meeting this weekend from three clinical trials of its anti-body drug conjugate CR011-vcMMAE.
Cytori (Nasdaq: CYTX) published its first preclinical study showing significant improvement in the cardiac function of heart attack patients after treatment with adipose-derived stem and regenerative cells.
On the downside
In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 492.
On the upside
FreeSeas (Nasdaq: FREE) reported sharply higher first quarter earnings that topped analyst estimates as the shipping company reduced expenses.
Deutsche Bank analyst Rod Lache upgraded CarMax (NYSE: KMX) citing the company's attractive stock price.
Longtop Financial Technologies (NYSE: LFT) reported sharply higher fourth quarter income as revenue surged.
On the downside
In the broad market, advancing issues outpaced decliners by a margin of 10 to 9 on the NYSE while decliners outpaced advancers by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 486.
On the upside
Time Warner (NYSE: TWX) announced plans to spin out AOL as a separate Internet company headed by Tim Armstrong, a recent hire from Google (Nasdaq: GOOG).
General Motors (NYSE: GM) announced plans to shut down 14 factories. Meanwhile, CNBC reported that GM's bondholders accepted an amended offer to swap its debt for a 10% stake in the automaker and a warrant to buy up to 15% more by cooperating in bankruptcy proceedings to sell assets.
Shares of biotechnology company Exelixis (Nasdaq: EXEL) surged after it announced a partnership with French drugmaker Sanofi-Aventis (NYSE: SNY) to develop new cancer drugs.
On the downside
On the upside
Lazard Capital Markets analyst Dr. Sean Lavin upgraded Sequenom (Nasdaq: SQNM) citing the company's attractive stock price.
Angiotech Pharmaceuticals (Nasdaq: ANPI) and Boston Scientific (NYSE: BSX) received approval from the Food and Drug Administration for their next generation TAXUS Liberte Atom stent system.
Coeur d'Alene Mines (NYSE: CDE) completed its 1-for-10 reverse stock split .
On the downside
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 10 points to 489.
On the upside
The Food and Drug Administration approved Oculus Innovative Sciences' (Nasdaq: OCLS) skin and wound gel Microcyn as a prescription treatment as well as an over the counter treatment.
Samsung and SanDisk (Nasdaq: SNDK) renewed their cross license agreement for seven years.
National Semiconductor (NYSE: NSM) and Suntech Power Holdings (NYSE: STP) will jointly develop and promote photovoltaic technology solutions.
On the downside
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 4 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 499.
On the upside
LED lighting company Cree (Nasdaq: CREE) raised its revenue and profit targets for the 4th quarter due to a surge in sales.
Bank of America (NYSE: BAC) raised another $5.9 billion by converting preferred shares to common stock. The bank has raised $26 billion out of $33.9 billion in capital needed to boost its reserves.
On the downside
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 498.
On the upside
Morgan Stanley analyst Ken Zerbe upgraded Zions Bancorp (Nasdaq: ZION) citing the bank's attractive price.
JPMorgan analyst Mike McCormack upgraded Qwest Communications International (NYSE: Q) due to positive revenue trends.
Intel (Nasdaq: INTC) announced that a more powerful multiprocessor chip will be produced in the second half of the year.
On the downside
Shares of Oncogenex (Nasdaq: OGXI) sank as investors locked in profits. The stock price surged last week over take-over speculation.
Flagstar Bancorp (NYSE: FBC) will be replaced by Bank of the Ozarks (Nasdaq: OZRK) on the S&P SmallCap 600 after market close today.
Cardica (Nasdaq: CRDC) announced on Friday that it Nasdaq warned the company that it was no longer in compliance with the Minimum Equity requirement for listing on the exchange.
In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks jumped 22 points to 500.
On the upside
Cytokinetics (Nasdaq: CYTK) will receive $50 million from Amgen (NYSE: AMGN) in order to exercise Amgen's exclusive global rights to Cytokinetics' heart drugs.
Lazard Capital Markets upgraded Yingli Green Energy (NYSE: YGE).
Morgan Stanley analyst Kathryn Huberty upgraded Apple (Nasdaq: AAPL) citing the success of the iPhone and expects margins to rise.
On the downside
First quarter earnings for Giant Interactive Group (NYSE: GA) plunged as revenue tumbled.
Regions Financial's (NYSE: RF) Morgan Keegan unit lost several arbitration cases.
FBR analyst Mehdi Hosseini downgraded First Solar (Nasdaq: FSLR) citing falling polysilicon prices and lower demand.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 19 points to 497.
On the upside
Chico's FAS (NYSE: CHS) expected same-store sales for the month to rise. The women's apparel retailer joined other companies in the sector in seeing retail sales growth.
Shares of MAP Pharmaceuticals (Nasdaq: MAPP) soared after its migraine drug treatment met late-stage study goals.
An analyst upgraded pawnshop operator and check cashing service provider Cash America International (NYSE: CSH).
An analyst upgraded NetApp, Inc. (Nasdaq: NTAP), a maker of data storage solutions.
On the downside
As a deadline looms for General Motors (NYSE: GM) to announce restructuring plans, Fiat actively negotiated with the German government to buy GM's Opel automotive unit.
Altair Nanotechnologies (Nasdaq: ALTI) raised $14 million as its shares dipped below $1 a share. The company develops and markets paint resins and sensors.
In the broad market, advancing issues edged out decliners by a narrow margin on the NYSE and outpaced them by a margin of nearly 4 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 474.
On the upside
Cougar Biotechnology (Nasdaq: CGRB) will be acquired by Johnson & Johnson (NYSE: JNJ) for approxmately $1 billion in cash.
CommScope (NYSE: CTV) priced its offering of 9.1 million shares of common stock and $250 million aggregate principal of 3.25% convertible notes.
First quarter earnings for Excel Maritime Carriers (NYSE: EXM) surged as revenue soared nearly four times last year.
On the downside
LDK Solar (NYSE: LDK) swung to a first quarter loss prompting a downgrade.
Yingli Green Energy (NYSE: YGE) swung to a wider than expected first quarter loss and lowered its 2009 shipment outlook.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE while deliners outpaced advancers by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 477.
On the upside
Aruba Networks (Nasdaq: ARUN) reported a narrow 3rd quarter loss that beat expectations. Analysts promptly upgraded the wireless network equipment maker.
Sears Holdings (Nasdaq: SHLD) posted a surprise profit versus a year-ago loss due to better control over its inventory.
Software maker Autodesk (Nasdaq: ADSK) reported 1st quarter profits that beat expectations despite a decline in revenues.
On the downside
Sales at Salesforce (NYSE: CRM) met expectations, but the company offered modest sales targets for the year.
Sports apparel and equipment retailer Zumiez (Nasdaq: ZUMZ) lowered its 2nd quarter targets. Analyst promptly downgraded the stock.
In the broad market, advancing issues outpaced decliners by a margin of 6 to 5 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 481.
On the upside
The International Trade Commission sided with Tessera Technologies (Nasdaq: TSRA) in a patent dispute with Motorola (NYSE: MOT), Qualcomm (Nasdaq: QCOM), Freescale Semiconductor and Spansion.
A tentative deal has been reached between the United Auto Workers union and General Motors (NYSE: GM) to reduce labor costs and change funding for retiree health benefits.
Shares of OpenTable (Nasdaq: OPEN) surged in its market debut.
On the downside
Although first quarter earnings and revenue rose for GameStop (NYSE: GME), the video game retailer forecast second quarter results below estimates and lowered its same store sales guidance for the year.
Dahlman Rose analyst Daniel Scott downgraded Patriot Coal (NYSE: PCX) citing lower demand and oversupply.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks fell 8 points to 481.
On the upside
NetApp (Nasdaq: NTAP) will acquire Data Domain (Nasdaq: DDUP) in a cash and stock deal valued at approximately $1.5 billion.
Brocade Communications Systems (Nasdaq: BRCD) swung to a second quarter loss but revenue surged to beat expectations.
Stein Mart (Nasdaq: SMRT) reported first quarter earnings that more than doubled as the department store operator slashed expenses.
On the downside
Although Suntech Power Holdings (NYSE: STP) reported first quarter earnings that topped estimates, revenue plunged to fall short of expectations. The solar module maker also announced plans to offer 20 million American depositary shares.
New York & Co. (NYSE: NWY) swung to a first quarter loss as revenue fell and warned of losses for the second quarter.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 479.
On the upside
Barnes & Noble (NYSE: BKS) posted a narrow quarterly loss, but the results of the nation's largest book retailer were better than expected as full-year profits remained within reach.Limited Brands (NYSE: LTD) posted lower revenues and profits, but the results beat expectations. The operator of Victoria's Secret and other clothing and personal care products store also offered a higher outlook for the year.
On the downside
GameStop (NYSE: GME) reported record sales and profits for the latest quarter, but investors focused on lower same-store sales of video games.
Shares of Alabama-based Regions Financial (NYSE: RF) continued to slide after selling new stock at only $4 a share. Shares of Fifth Third Bancorp (Nasdaq: FITB) also lost ground.
Apparel retailer Hot Topic (Nasdaq: HOTT) lowered its outlook for the current quarter.
In
the broad market, declining issues outpaced advancers by a margin
of more than 3 to 1 on the NYSE and by a margin of nearly 3 to 1 on
Nasdaq. The Russell 2000 which tracks small cap stocks lost 5 points to
484.
On the upside
Tween Brands (NYSE: TWB) reported a narrower than expected loss as revenue fell.FBR Capital Markets analyst Adrienne Tennant upgraded Talbots (NYSE: TLB) and lifted her price target citing the company's efforts to stabilize liquidity problems.
Bank of Ireland (NYSE: IRE) announced plans to repurchase debt securities.
On the downside
GSI Group (Nasdaq: GSIG) warned that it may take an impairment charge of up to $235 million.
Second quarter earnings for Eaton Vance (NYSE: EV) plunged as revenue tumbled.
Ann Taylor (NYSE: ANN) swung to a first quarter loss due to lower revenue.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by a margin of more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stockslost 3 points to 489.
On the upside
First quarter earnings for Paragon Shipping (Nasdaq: PRGN) rose to top analyst estimates.AmTech research upgraded JA Solar (Nasdaq: JASO).
Three different groups are expected to make offers on General Motors' (NYSE: GM) Opel unit in Germany.
On the downside
Several investors have agreed to purchase $11.1 million worth of common stock and warrants of Oncothyreon (Nasdaq: ONTY).
Needham & Co. downgraded Palm (Nasdaq: PALM) due to valuation concerns.
Hertz Global Holdings (NYSE: HTZ) will offer common stock and convertible notes in order to raise as much as $812 million.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by a margin of more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 3 points to 496.
On the upside
Bank of America (NYSE: BAC) successfully raised nearly $13.5 billion by issuing new stock in order to shore up its balance sheet.Toll Brothers (NYSE: TOL) posted sharply lower revenues, but the results for the homebuilder narrowly beat expectations.
Shares of chip designer Analog Devices (NYSE: ADI) rose after the company reported lower revenues and earnings that beat targets. Analysts promptly upgraded the stock.
Discount retailer Target (NYSE: TGT) reported slightly higher revenues and lower 1st quarter profits to beat estimates.
On the downside
Shares of Regions Financial (NYSE: RF) sagged after the Alabama-based bank offered $1.25 billion in new stock.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 on the NYSE and by a margin of nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 496.
On the upside
FONAR (Nasdaq: FONR) reversed year ago losses to post a profit for the third quarter as revenue rose and the company cut costs.UBS analyst Vishal Shreedhar upgraded Gildan Activewear (NYSE: GIL) citing better margins and improved sales.
Although Solarfun Power Holdings (Nasdaq: SOLF) swung to a first quarter loss as revenue plunged, the results topped analyst estimates.
On the downside
Simcere Pharmaceutical (NYSE: SCR) reported lower first quarter earnings that fell short of expectations.
KBW analyst Robert Lee warned that Invesco's (NYSE: IVZ) plan to sell $400 million worth of common shares may be indicative of a tight cash flow situation.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 493.
On the upside
Ambulatory and outpatient management services provider CardioNet (Nasdaq: BEAT) announced that Highmark Medicare Services will reimburse for CPT code 93229 at a rate of $1,123.07.Goldman Sachs upgraded Tenet Healthcare (NYSE: THC) citing improved margins and a better urban market.
Kulicke & Soffa Industries (Nasdaq: KLIC) lifted its revenue outlook for the third quarter saying that sales are better than expected.
On the downside
Penn Virginia (NYSE: PVA) will offer 3.5 million shares of common stock at $19 per share.
Fourth quarter earnings for Medtronic (NYSE: MDT) plunged as expenses soared. The company also announced the eliminatin of 1,500 to 1,800 positions.
In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE while advancers were on par with decliners on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 493.
On the upside
Luxury retailer Saks Inc. (NYSE: SKS) reported lower revenues and a 1st quarter loss, but the results surpassed expectations. Cost-cutting was expected to add $60 million to the bottom line this year.Shares of Avon Products (NYSE: AVP) rose after the cosmetics company signed up 1 million new sales reps in the 1st quarter.
Shares of FONAR Corporation (Nasdaq: FONR) soared after the medical device company posted higher revenues that resulted in an unexpected profit.
On the downside
Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS) applied for permission to repay TARP funds in the ammount of $10 billion each.
American Express (NYSE: AXP) announced plans to cut up to 4000 jobs in order to save $800 million this year.
In the broad market, declining issues outpaced advancers 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 lost 5 points to 489.
On the upside
Goldman Sachs analyst Matthew Fassler lifted his earnings estimate for Sonic Automotive(NYSE: SAH).
Saks Fifth Avenue (NYSE: SKS) will open a store in the Plaza Internacional in Puerto Rico.
An election victory for India's Congress Party lifted shares of Sterlite Industries India (NYSE: SLT).
Goldman Sachs analyst Richard Ramsden upgraded Bank of America (NYSE: BAC) to a Buy rating.
BMO Capital Markets analyst Peter Winter upgraded U.S. Bancorp (NYSE: USB) to Outperform.
Shares of OceanFreight (Nasdaq: OCNF) rose ahead of its earnings release after market close tomorrow.
In the broad market, advancing issues outpaced decliners by a margin of 6 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks jumped 18 points to 494.
On the upside
Shares of ICICI Bank (NYSE: IBN) rose after an election victory by India's Congress Party fueled optimism for banking reform.
Quicksilver Resources (NYSE: KWK) will raise $280 million through the sale of 27.5% of its natural gas leasehold interests to ENI (NYSE: E).
Dillard's (NYSE: DDS) reported higher first quarter earnings even as sales fell.
Shares of Zale (NYSE: ZLC) continued rising over optimism that jewelry sales will rebound.
On the downside
Converted Organics (Nasdaq: COIN) reported that first quarter sales of its organic fertilizer products was $492,000, below expectations.
In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 12 points to 488.
On the upside
Lowe's Companies (NYSE: LOW) posted lower earnings, but the results at the nation's 2nd largest home improvement chain were better than expected.Shares of Bank of America (NYSE: BAC) surged higher after an analyst boosted the company's earnings outlook to a possible profit for this quarter.
The CEO of Kona Grill (Nasaq: KONA) stepped won. Unrelated to the move was an offer by Mill Road Capital to acquire the restaurant chain for $4.60 a share in cash.
Takeda America, a subsidiary of a Japanese drug company, offered to buy IDM Pharma (Nasdaq: IDMI) for about $70 million.
On the downside
An analyst downgraded Allegheny Energy (NYSE: AYE). Shares of the electric utility which operates in the mid-Atlantic states promptly sold off.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 on the NYSE and by 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 8 points to 484.
On the upside
Although first quarter earnings for WuXi PharmaTech (NYSE: WX) slipped, revenue rose prompting upgrades.Protective Life (NYSE: PL) priced its offering of 13.5 million common shares at $9 per share.
Jefferies lifted its price target for Red Hat (NYSE: RHT).
On the downside
Fitch Ratings warned that it may downgrade Fifth Third Bancorp (Nasdaq: FITB) and Wells Fargo (NYSE: WFC).
Developers Diversified Realty (NYSE: DDR) declared a quarterly dividend of $0.50 per depositary share of Preferred Class G stock payable on June 16, 2009 to shareholders of record May 29, 2009.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 4 points to 475.
On the upside
HSH Nordbank agreed to issue a covenant waiver to DryShips (Nasdaq: DRYS) for $654 million of outstanding debt.Cell Therapeutics (Nasdaq: CTIC) will reduce approximately $14 million in annual expenses through the closure of its Bresso, Italy facility and the elimination of 56 positions at the facility.
BioCryst (Nasdaq: BCRX) reported upbeat results from a Phase II clinical trial for its cutaneous T-cell lymphoma treatment.
On the downside
Gushan Environmental Energy (NYSE: GU) swung to a first quarter loss as revenue tumbled.
Fortress Investment Group (NYSE: FIG) priced its offering of 40 million shares of Class A stock at $5.00 per share.
In the broad market, declining issues outpaced advancers by a margin of 7 to 5 on the NYSE and by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 477.
On the upside
Six major insurance companies received preliminary approval to tap federal bailout funds. Shares of Hartford Financial Services (NYSE: HIG) rallied.Las Vegas Sands (NYSE: LVS) announced plans to spin off its Macau assets in an IPO.
Shares of Nordstrom (NYSE: JWN) rose after the high-end retailer posted lower profits that surpassed expectations. The company also boosted its full-year outlook.
On the downside
Sealy (NYSE: ZZ) was downgraded by an analyst after the mattress maker recently announced plans to refinance its debt.
JC Penney (NYSE: JCP) posted sharply lower profits due to rising pension costs. Meanwhile, overall sales fell 6% due to particularly weak fine jewelry sales.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 8 points to 480.
On the upside
Atmel (Nasdaq: ATML) unveiled its AT73C240 Audio Companion IC for portable multimedia applications.Hartford Financial Services (NYSE: HIG) will no longer enter agreements that include "gross-up" provisions.
Raymond James analyst Steven Schwartz lifted his price target for Genworth Financial (NYSE: GNW).
On the downside
Forest City Enterprises (NYSE: FCEA) priced its offering of 45.5 million common shares at $6.60 per share.
First quarter earnings for Gammon Gold (NYSE: GRS) tumbled as revenue plunged.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 8 points to 480.
On the upside
Although second quarter earnings for Gildan Activewear (NYSE: GIL) plunged, revenue topped analyst estimates.Morgan Stanley upgraded Barclays (NYSE: BCS).
The Food and Drug Administration approved Nektar Therapeutics' (Nasdaq: NKTR) and UCB's rheumatiod arthritis drug Cimzia.
On the downside
BMO Capital Markets analyst Tony Robson downgraded Cliffs Natural Resources (NYSE: CLF) after the iron ore and coal miner cut its dividend and announced an offering of 12 million shares.
Brigham Exploration (Nasdaq: BEXP) will raise capital through the offering of 30 million shares of common stock.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 10 points to 482.
On the upside
American Express (NYSE: AXP) offered $3 billion in debt notes at about 8% in order to raise funds to pay off TARP obligations.JP Morgan Chase (NYSE: JPM) raised another $2.5 billion in debt in addition to last month's $3 billion offering.
The Federal Trade Commission issued an order to dismiss a 7-year old case against chipmaker Rambus (Nasdaq: RMBS).
On the downside
Casino operator MGM Mirage (NYSE: MGM) issued $1 billion in new stock and offered $1.5 billion in new debt in order to meet existing debt obligations.
Shares of Stealt Gas (Nasdaq: GASS) fell after the petroleum shipping compoany posted slightly higher revenues and sharply lower profits mostly due to currency hedging issues.
In the broad market, advancing issues outpaced decliners by a margin of 10 to 9 on the NYSE and by 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 474.
On the upside
Credit Suisse analyst Catherine Arnold said that the benefits of Pfizer's (NYSE: PFE) acquisition of Wyeth (NYSE: WYE) have not been reflected in the stock price.
The Wall Street Journal reported that General Motors (NYSE: GM) will begin importing cars made in China in 2011 in order to reduce manufacturing expenses. The troubled automaker also plans to terminate as many as 2,000 dealerships nationwide.
On the downside
MGM Mirage (NYSE: MGM) announced plans to raise up to $1.5 billion through a two-part note offering.
Lear (NYSE: LEA) extended a default waiver on its main credit line.
Liz Claiborne (NYSE: LIZ) blamed restructuring charges and lower same store sales for widening first quarter losses.
Avis Budget Group (NYSE: CAR) said that its fleet of cars is 22% lower than last year. With a smaller inventory of cars, the car rental company expects to increase rental fees.
In the broad market, declining issues overwhelmed advancers by a margin of more than 6 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 23 points to 471.
On the upside
KeyBanc Capital Markets upgraded Ferro (NYSE: FOE).
Shares of Advanced Micro Devices (NYSE: AMD) rose after the European Union fined rival Intel (NYSE: INTC) $1.45 billion for antitrust activity.
Bargain hunters lifted shares of Great Atlantic & Pacific Tea (NYSE: GAP) after the stock plunged yesterday when the grocery store chain reported a significant fourth quarter loss.
On the downside
Soaring costs sent fourth quarter earnings tumbling for GT Solar International (Nasdaq: SOLR) to miss estimates by a wide margin.
Kite Realty Group Trust (NYSE: KRG) cut its full year outlook and priced its offering of 25 million shares of common stock at $3.20 per share.
In the broad market, declining issues overwhelmed advancers by a margin of nearly 5 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled15 points to 479.
On the upside
The European Union slapped Intel (Nasdaq: INTC) with a record $1.45 billion fine for thwarting competition. The figure represented 4% of Intel's worldwide revenues last year. Analysts pointed out that the EU could have levied a fine equivalent to 10% of global sales.Macy's (NYSE: M) posted a wider 1st quarter loss, but the results were better than expected.
On the downside
McDermott International (NYSE: MDR) posted lower 1st quarter profits. Investors remained worried about the outlook for the engineering and construction company.
Regional bank BB&T (NYSE: BBT) offered 75 million shares at $20 apiece in order to raise money to start repaying $3.1 billion in federal government loans.
The Medicines Company (Nasdaq: MDCO) stopped late stage trials for its anti-clotting drug candidate.
In the broad market, declining issues overwhelmed advancers by a margin of nearly 5 to 1 on the NYSE and by 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 12 points to 482.
On the upside
Third quarter earnings for Winn-Dixie (Nasdaq: WINN) rose to top estimates prompting the grocery store operator to lift its full year outlook.Although first quarter earnings fell for Callon Petroleum (NYSE: CPE), the results were better than expected.
Stifel Nicolaus initiated coverage of PetroQuest Energy (NYSE: PQ) with a Buy rating.
On the downside
Great Atlantic & Pacific Tea (NYSE: GAP) widened fourth quarter losses prompting a downgrade.
Shares of auto parts suppler American Axle (NYSE: AXL) plunged over concerns that General Motors (NYSE: GM) may file for bankruptcy.
In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 6 points to 495.
On the upside
Stec Inc. (Nasdaq: STEC) reported higher first quarter earnings that surpassed estimates prompting an upgrade.Tw telecom (Nasdaq: TWTC) reversed year ago losses to post a first quarter profit that beat expectations as revenue climbed.
Federal Agricultural Mortgage (NYSE: AGM) swung to a profit for the first quarter.
On the downside
Six executives at General Motors (NYSE: GM) sold their holdings in the troubled automaker sending the stock price plummeting.
National Financial Partners (NYSE: NFP) swung to a first quarter loss due to a significant goodwill charge.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 13 points to 488.
On the upside
Fluor Corp. (NYSE: FLR) posted higher 1st quarter revenues and profits that beat expectations.Alpha Natural Resources (NYSE: ANR) offered about $1.4 billion in stock to buy Foundation Coal (NYSE: FCL).
China-based Ctrip.com (Nasdaq: CTRP) which offer travel services online posted higher revenues and profits. Analysts promptly upgraded the stock.
On the downside
Bank of America (NYSE: BAC) raised $7.3 billion by selling part of its stake in China Construction Bank to a group of investors.
Andarko Petroleum (NYSE: APC) offered 30 million shares to raise about $1.5 billion.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE and by 4 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks was unchanged at 501.
The markets tumbled to close sharply lower with the Dow plummeting 155 points to 8418 as banks began issuing stock to raise capital. Nasdaq fell 7 points to 1731.
On the upside
D&E Communications (Nasdaq: DECC) will be acquired by Windstream (NYSE: WIN) in a cash and stock deal valued at approximately $159 million.
Shares of Vanda Pharmaceuticals (Nasdaq: VNDA) continued rising after the FDA approved the biopharmaceutical's schizophrenia treatment Fanapt.
Shares of Compton Petroleum (NYSE: CMZ) surged ahead of its earnings release after market close.
On the downside
Principal Financial Group (NYSE: PFG) will offer approximately 42.3 million common shares in order to raise about $1 billion.
E*Trade Financial (Nasdaq: ETFC) will raise approximately $150 million through the sale of common stock.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 9 points to 501.
General Motors said that despite its restructuring efforts, it may still file for bankruptcy protection. The Dow plunged 136 points to 8437 while Nasdaq lost 5 points to 1733.
On the upside
Shares of Cell Therapeutics (Nasdaq: CTIC) continued climbing after the biopharmaceutical reported sharply narrower first quarter losses last week.
Dish Network (Nasdaq: DISH) reported higher fourth quarter earnings that beat expectations by a wide margin.
Ambac Financial (NYSE: ABK) narrowed first quarter losses as revenue rose.
On the downside
General Motors (NYSE: GM) acknowledged that it may still file for bankruptcy protection.
Morgan Stanley (NYSE: MS) will raise $4 billion through the offering of 167.9 million shares of common stock.
In the broad market, declining issues outpaced advancers by a margin of 5 to 2 on the NYSE and by nearly 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 8 points to 503.
On the upside
Shares of Alabama-based Colonial Bancgroup (NYSE: CNB) continued to rally on hopes that it would receive a capital infusion.Conseco (NYSE: CNO) posted a profit after the insurer reported improved performance across its entire line of business.
On the downside
American International Group (NYSE: AIG) sold its Japanese headquarters to Nippon Life Insurance for $1.2 billion in cash to make a small dent in the more than $180 billion in bailout funds that it had received from the federal government.
China Precision Steel (Nasdaq: CPSL) posted sharply lower revenues and a net loss as global demand for its products fell.
Shares of Physicians Formula Holdings (Nasdaq: FACE) tumbled after the cosmetics company reported revenues that fell by more than half and a net loss.
In the broad market, declining issues outpaced advancers by a
margin of nearly 5 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell
2000 which tracks small cap lost 8 points to 503.
On the upside
Deutsche Bank analyst Rod Lache upgraded American Axle (NYSE: AXL) for its cost cutting initiatives and expects the auto parts supplier to survive the auto industry slump.
Relief that the government's stress test indicated that Marshall & Ilsley (NYSE: MI) must raise less capital than originally thought lifted shares of the regional bank.
A jury acquitted W. R. Grace & Co. (NYSE: GRA) along with three former executives on charges that they knowingly exposed mine workers to asbestos.
On the downside
Heckmann (NYSE: HEK) blamed a goodwill impairment charge for reporting a loss for the first quarter.
Ramtron International (Nasdaq: RMTR) swung to a first quarter loss as revenue dropped.
In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 1 on the NYSE and by 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 18 points to 511.
On the upside
Huntington Bancshares (Nasdaq: HBAN) issued 38.5 million shares of common stock to raise approximately $120 million.Although Dynegy (NYSE: DYN) widened first quarter losses, the results surpasses expectations.
Regions Financial (NYSE: RF) agreed to raise the $2.5 billion necessary to satisfy the government's stress test.
On the downside
Allstate (NYSE: ALL) swung to a first quarter loss as investment income dropped and the number of insurance policies fell.
International Rectifier (NYSE: IRF) widend third quarter losses due to lower revenue and a one-time charge.
In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks jumped 10 points to 503.
On the upside
Wells Fargo (NYSE: WFC) offered to sell $7.5 billion in stock at $22 a share. Investors were relatively optimistic that the bank will raise the money in order to meet balance sheet requirements set by the federal governmentShares of Fifth Third Bankcorp (Nasdaq: FITB) surged after analysts upgraded the regional bank.
Covidien (NYSE: COV) offered $440 million in cash to buy medical device maker VNUS Medical (Nasdaq: VNUS).
On the downside
Delta Petroleum (Nasdaq: DPTR) announced plans to raise $225 million at $1.50 a share with participation by existing investors.
DryShips (Nasdaq: DRYS) announced plans to raise up to $475 million in addition to $500 million that it had previously announced in January. Analyst promptly downgraded the stock.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 11 points to 504.
On the upside
Eclipsys (Nasdaq: ECLP) reported first quarter results that topped analyst estimates and lifted its full year guidance.Shares of Genworth Financial (NYSE: GNW) rose ahead of its earnings release after market close.
Prudential Financial (NYSE: PRU) reported better than expected first quarter results.
On the downside
First quarter earnings and revenue fell for Diana Shipping (NYSE: DSX) and the drybulk shipper announced the offering of 6 million common shares at a discount.
Strategic Hotels & Resorts (NYSE: BEE) swung to a loss as revenue dropped.
In the broad market, declining issues outpaced advancers 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 plunged 12 points to 492.
On the upside
THQ (Nasdaq: THQI) blamed restructuring costs and lower sales for widening fourth quarter losses but revenue topped estiamtes prompting an upgrade.KBR Capital Markets analyst David Konrad upgraded Fifth Third Bancorp (Nasdaq: FITB) and raised his price target for the regional bank saying that it should be able to raise the necessary capital to satisfy the government's stress test.
Goldman Sachs upgraded Capital One (NYSE: COF) citing the bank's valuation.
On the downside
US Airways (NYSE: LCC) will issue 15.2 million shares of common stock and $75 million of convertible senior notes in order to raise $150 million.
USEC (NYSE: USU) swung to a loss for the first quarter even as revenue climbed.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 500.
On the upside
Banking stocks rallied as the results of the government's stress tests indicated capital needs, but all of the banks were deemed strong enough to survive by analysts. Shares of Citigroup (NYSE: C) and Bank of America (NYSE: BAC) surged higher in heaving trading.Retailers posted declines in April sales that were smaller than expected. Shares of Gap (NYSE: GPS) and Wet Seal (Nasdaq: WTSLA) rose in early trading.
Shares of Vanda Pharmaceuticals (Nasdaq: VNDA) soared nearly tenfold after the FDA approved its schizophrenia drug.
On the downside
Chemical company DuPont (NYSE: DD) announced plans to lay off 2000 workers in order cut expenses.
General Motors (NYSE: GM) lost $6 billion in the 1st quarter as revenues fell by nearly half as consumer worried about the auto maker not being able to honor its warranties if the company filed for bankruptcy.
In the broad market, advancing issues outpaced decliners by a margin of 4 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 508.
On the upside
Vignette (Nasdaq: VIGN) will be acquired by Open Text (Nasdaq: OTEX) in a deal valued at approximately $310 million.Dolan Media (NYSE: DM) reported higher first quarter earnings as revenue surged.
Ashford Hospitality Trust (NYSE: AHT) swung to a first quarter profit despite lower revenue.
On the downside
Warren Resources (Nasdaq: WRES) swung to a loss for the first quarter as revenue plunged.
First quarter earnings for Pitney Bowes (NYSE: PBI) fell as revenue slipped prompting the company to lower its full year guidance.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 2 on the NYSE and by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 505.
On the upside
APAC Customer Services (Nasdaq: APAC) reversed year ago losses to post a profit for the first quarter as revenue rose.ArvinMeritor (NYSE: ARM) swung to a second quarter loss but the loss was smaller than expected prompting an upgrade.
Fortress Investment Group (NYSE: FIG) narrowed first quarter losses even as revenue fell and assets dropped.
On the downside
Although Pulte Homes (NYSE: PHM) narrowed first quarter losses, revenue tumbled to fall short of estimates.
Delta Petroleum (Nasdaq: DPTR) widened first quarter losses as revenue fell.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 3 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 501.
On the upside
Bank of America (NYSE: BAC) may be in need of as much as $34 billion in new capital in order to shore up its balance sheet. Another report indicated that all banks may need only $75 billion in capital altogether. Shares of Wells Fargo (NYSE: WFC) and Citigroup (NYSE: C) rose ahead of the results of the government's bank stress tests to be revealed tomorrow.Shares of Zions Bankcorp (Nasdaq: ZION) surged on expectations that the regional bank will not need more capital infusion.
The Boston Globe, which is owned by The New York Times Company (NYSE: NYT), reached a tentative agreement with labor unions for concessions.
On the downside
Masimo (Nasdaq: MSI) reported higher revenues and earnings, but investors remained worried about demand for company's medical monitoring devices.
Shares of General Motors (NYSE: GM) fell sharply on worries that the issuance of new stock may significantly dilute existing shareholders.
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 504.
On the upside
Shares of Las Vegas Sands (NYSE: LVS) surged ahead of its earnings release after market close.
AtriCure (Nasdaq: ATRC) reported a smaller than expected first quarter loss as revenue rose and announced that it entered a $10 million credit facility.
Although Radian Group (NYSE: RDN) swung to a first quarter loss, the mortgage insurer reassured investors that it had adequate liquidity.
On the downside
Although D. R. Horton (NYSE: DHI) narrowed second quarter losses, revenue fell short of expectations.
FMC (NYSE: FMC) reported lower first quarter earnings as revenue fell, forecast second quarter results below estimates and trimmed its 2009 outlook.
In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 5 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap slipped 4 points to 502.
On the upside
Amylin Pharmaceuticals (Nasdaq: AMLN) requested that the Food and Drug Administration approve its once a week injectable diabetes drug exenatide LAR.
An analyst upgraded MGM Mirage (NYSE: MGM) after the casino operator posted a first quarter profit.
A Bloomberg News article said that AIG (NYSE: AIG) is expected to report a first quarter profit and will most likely not need additional capital from the government.
On the downside
Myriad Genetics (Nasdaq: MYGN) reversed year ago losses to post a profit for the third quarter but revenue misses estimates.
Chesapeake Energy (NYSE: CHK) widened first quarter losses due to a significant write-down.
In the broad market, declining issues outpaced advancers by a margin of 3 to 2 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap lost 7 points to 499.
On the upside
CVS Caremark (NYSE: CVS) posted lower profits due to a slowdown in discretionary spending. However, overall revenues was boosted by the acquisition of Longs Drugs stores.
Kraft Foods (NYSE: KFT) reported higher profits and lower revenues due to a strong dollar weighing down international sales results.
Pegasystems (Nasdaq: PEGA) posted record revenues and profits that beat estimates. The company makes business process management software solutions.
On the downside
Hologic (Nasdaq: HOLX) announced a delay to request FDA approval which in turn delayed the launch of its mammography system.
PetroQuest Energy (NYSE: PQ) posted a sizable loss due to a decline in oil prices and may need to raise more money which would be dilutive to existing shareholders.
In
the broad market, declining issues outpaced advancers by a margin
of 4 to 3 on the NYSE and by 3 to 2 on Nasdaq. The
Russell 2000 which tracks small cap dropped 4 points to 502.
On the upside
Shares of Crocs (Nasdaq: CROX) surged after Wedbush Morgan analyst Jeff Mintz said that he expects Crocs to post a smaller than expected loss.Fifth Third Bancorp (Nasdaq: FITB) has refinanced over $21 million in Freddie Mac loans.
The government requested that Wells Fargo (NYSE: WFC) raise additional capital as a precaution against further loan losses.
On the downside
DirecTV (Nasdaq: DTV) will merge with the entertainment unit of Liberty Media then spin-off as a new company.
First quarter earnings for Astronics (Nasdaq: ATRO) plunged by nearly half to miss expectations.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 19 points to 506.
On the upside
Shares of Massey Energy (NYSE: MEE) and Foundation Coal Holdings (NYSE: FCL) climbed after Goldman Sachs upgraded the coal sector.Canadian Solar (Nasdaq: CSIQ) will provide Topinfrasolar with an additional 5 megawatts of solar products.
Continental Airlines (NYSE: CAL) reported lower April traffic and capacity data but demand has stabilized.
On the downside
Comtech (Nasdaq: CMTL) will offer $200 million in convertible senior notes through a private placement.
Although fourth quarter earnings for Haemonetics (NYSE: HAE) rose to top estimates, the company forecast full year revenue that fell short of expectations.
In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 10 points to 497.
On the upside
Sprint Nextel (NYSE: S) widened first quarter losses as revenue dropped but the results were better than expected.Shares of Boise (NYSE: BZ) rose ahead of its earnings release tomorrow.
UBS upgraded Cott (NYSE: COT) after the soft drink maker reversed year ago losses to post a first quarter profit.
On the downside
Calgon Carbon (NYSE: CCC) disappointed with first quarter revenue that fell short of estimates.
Caris & Co. downgraded AthenaHealth (Nasdaq: GPRO) after the online services provider for medical practices reported first quarter revenue that misses expectations.
In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 4 points to 491.
On the upside
American Capital (Nasdaq: ACAS) is exploring the possible sale of its European Capital business.PerkinElmer (NYSE: PKI) blamed charges for sharply lower first quarter earnings but the results topped estimates.
First quarter earnings for General Cable (NYSE: BGC) slipped but the results beat expectations and the company forecast upbeat second quarter results.
On the downside
Brean Murray downgraded GigaMedia (Nasdaq: GIGM).
First quarter earnings for Gen-Probe (Nasdaq: GPRO) tumbled as revenue dropped.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap eased a fraction to 486.
On the upside
James River Coal (Nasdaq: JRCC) reversed year ago losses to post a profit as the average price of Central Appalachian coal climbed.Private label soft drink maker Cott (NYSE: COT) swung to a profit due to cost cutting measures.
DryShips (NYSE: DRYS) reported a first quarter loss but the results beat expectations.
On the downside
Reliant Energy (NYSE: RRI) completed the sale of its Texas retail business to NRG Energy (NYSE: NRG) and announced the retirement of board chairman Joel Staff on June 18.
Although first quarter earnings rose for Aon (NYSE: AOC) due to cost cutting measures, the results fell short of estimates.
In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 3 on the NYSE and by 1nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap added a point to 488.
On the upside
Sumitomo Mitsui acquired Citigroup's Japan brokerage businesses (NYSE: C) for $5.6 billion, a highly-anticipated move that would help shore up Citigroup's balance sheet.Shares of McAfee (NYSE: MFE) rose after the computer security software maker reported a jump in quarterly profits.
General Cable (NYSE: BGC) posted lower 1st quarter profits, but the results for the wire and cable maker were better than expected.
On the downside
MasterCard (NYSE: MA) reported lower revenues and profits from its credit card and global payment operations.
Chevron (NYSE: CVX) posted sharply lower revenues and earnings due to the steep decline in oil prices versus year-ago levels. The results met most analysts' expectations, but the stock opened lower along with the rest of the market.
In
the broad market, declining issues outpaced advancers by a margin
of 5 to 4 on the NYSE and by 10 to 9 on Nasdaq. The
Russell 2000 which tracks small cap eased 2 points to 485.
