January 2010 Archives

Rumors that European governments may have to bailout their financial institutions sent the markets down to a lower close with the Dow falling 53 points to 10,067. Nasdaq plunged 31 points to 2147. 

 

On the upside

Coherent (Nasdaq: COHR) reversed year ago losses to post a profit for the first quarter and the company raised its full year sales outlook.

Ruddick (NYSE: RDK) reported higher first quarter earnings that topped estimates prompting an upgrade.

Integrated Silicon Solution (NYSE: ISSI) swung to a first quarter profit as revenue surged.

On the downside

The Food and Drug Administration requested more data from Theravance (Nasdaq: THRX) for the use of telavancin to treat hospital-acquired pneumonia.

Fourth quarter earnings for Computer Programs and Systems (Nasdaq: CPSI) tumbled despite higher revenue.

Airgas (NYSE: ARG) reported sharply lower third quarter earnings that fell short of expectations as revenue dropped.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 5 points to 602.

Meager Gain For Wages And Benefits

|
Wages and benefits posted a meager 1.5% gain in 2009, the lowest on record. The markets traded mixed during the midday with the Dow rising 52 points to 10,173 while Nasdaq lost 3 points to 2175. 

 

On the upside

Acxion (Nasdaq: ACXM) swung to a third quarter profit that topped analyst estimates.

Shares of uranium supplier USEC (NYSE: USU) rose over reports that President Obama proposes to triple loan guarantees for nuclear reactors.

The U.S. Army Corps of Engineers awarded The Shaw Group (NYSE: SHAW) a five year environmental remedial action services contract in the Kansas City District.

On the downside

While Quantum (NYSE: QTM) reversed year ago losses to post a profit for the third quarter, the results fell short of estimates.

Arch Coal (NYSE: ACI) blamed soft demand for sharply lower fourth quarter earnings and forecast 2010 results below expectations.

Wilmington Trust (NYSE: WL) narrowed fourth quarter losses but the results missed expectations.

In the broad market, advancing issues outpaced decliners by a margin of 10 to 9 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 609.

The markets opened higher with the Dow gaining 66 points to 10,186 as the nation's economy expanded at its quickest pace in six years. Nasdaq climbed 19 points to 2198. 

 

On the upside

Fourth quarter earnings for PMC-Sierra (Nasdaq: PMCS) nearly doubled as revenue rose and the company expects first quarter revenue to top estimates.

Synovus Financial (NYSE: SNV) narrowed fourth quarter losses and forecast a profitable 2010.

Juniper Networks (NYSE: JNPR) reported a small dip in fourth quarter earnings but revenue rose to surpass expectations.

On the downside

Yucheng Technologies (Nasdaq: YTEC) swung to a fourth quarter loss as revenue tumbled.

Seanergy Maritime Holdings (Nasdaq: SHIP) priced its offering of more than 20 million common shares at $1.20 per share, a sharp discount over yesterday's closing price.

SanDisk (Nasdaq: SNDK) reversed year ago losses to post a profit for the fourth quarter that beat expectations by a wide margin but the flash memory maker offered a disappointing outlook.

In the broad market, advancing issues outpaced decliners by a margin of 2 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 611.

Disappointingly weak forecasts among technology companies renewed concerns about the economic recovery with the Dow plunging 115 points to 10,120. Nasdaq plummeted 42 points to 2179. 

 

On the upside

Deluxe (NYSE: DLX) reported higher fourth quarter earning that beat expectations.

Regions Financial (NYSE: RF) announced that Steve Nivet will replace Angel Medina Jr. as area president of South Florida.

US Airways Group (NYSE: LCC) narrowed losses for the fourth quarter even as revenue slipped.

On the downside

Arkansas Best (Nasdaq: ABFS) widened fourth quarter losses as revenue fell and the trucking company slashed its quarterly dividend.

Teradyne (NYSE: TER) reversed year ago losses to post a fourth quarter profit but revenue missed expectations.

Brunswick (NYSE: BC) widened losses for the fourth quarter as revenue tumbled.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 10 points to 607.

Markets Down Over Jobless Claims

|
The markets extended its losses during the midday with the Dow dropping 90 points to 10,145 as initial applications for jobless claims fell less than expected. Nasdaq tumbled 38 points to 2182. 

 

On the upside

Green Mountain Coffee Roasters (Nasdaq: GMCR) reported lower first quarter earnings but the results topped analyst estimates and revenue surged.

Shares of IFM Investments (NYSE: CTC) surged in its market debut.

Solutia  (NYSE: SOA) reversed year ago losses to post a profit for the fourth quarter as sales rose and the company expects revenue to increase between 5% to 10% in 2010.

On the downside

National Penn (Nasdaq: NPBC) blamed greater loan loss provisions for widening losses for the fourth quarter.

Although LSI (NYSE: LSI) swung to a profit for the fourth quarter, the company offered a disappointing forecast.

While Textron (NYSE: TXT) narrowed fourth quarter losses, the company forecast 2010 results well below expectations.

In the broad market, declining issues edged out advancers by a margin of more than 3 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 608.

Durable goods orders edged up by a disappointingly small 0.3% in December to weigh down the markets to a lower open with the Dow falling 68 points to 10,167. Nasdaq dropped 26 points to 2194. 

 

On the upside

Netflix (Nasdaq: NFLX) impressed with sharply higher fourth quarter earnings that surpassed analyst estimates as the movie rental subscription company added over 1.1 million customers.

Eastman Kodak (NYSE: EK) reversed year ago losses to post its first profit in more than a year as revenue rose and margins improved.

Fourth quarter earnings rose to top estimates for Nokia (NYSE: NOK) even as sales slipped.

On the downside

While first quarter earnings for Qualcomm (Nasdaq: QCOM) more than doubled, the telecom forecast current quarter results below expectations.

Tetra Tech (Nasdaq: TTEK) reported higher first quarter earnings but cut its full year outlook.

Motorola (NYSE: MOT) reversed year ago losses to post a profit for the first quarter but the company forecast disappointing phone sales for 2010.

In the broad market, declining issues edged out advancers by a margin of more than 5 to 3 on the NYSE by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 612.

Investors embraced the Federal Reserve's decision to hold interest rates steady. The markets closed higher with the Dow rising 41 points to 10,236 while Nasdaq climbed 17 points to 2221. 

 

On the upside

The Minerals Management Service paid Callon Petroleum (NYSE: CPE) $44.7 million to refund the company for overpaying royalties at the Medusa Field in the Deepwater Region of the Gulf of Mexico.

Boeing (NYSE: BA) swung to a profit that topped estimates as revenue climbed.

Benchmark Capital analyst Edward Atorino upgraded Moody's (NYSE: MCO) and lifted his fourth quarter earnings estimate for the company.

On the downside

Fitch Ratings lowered U. S. Steel's (NYSE: X) rating to junk status saying that it will take the company a long time to return to profitability.

Toyota Motor (NYSE: TM) halted the sale and production of eight car models including the popular Camry and Corolla due to gas pedals that can stick and cause cars to accelerate without warning.

Shares of Barnes & Noble (NYSE: BKS) dropped after Apple (Nasdaq: AAPL) unveiled its new iPad without the rumored Barnes & Noble e-store.

In the broad market, declining issues edged out advancers by a margin of 10 to 9 on the NYSE while advancers outpaced decliners by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks added 6 points to 618.

Sales of new homes posted a surprise drop in December to weigh down the markets during the midday with the Dow losing 54 points to 10,140. Nasdaq slipped 9 points to 2193. 

 

On the upside

Conolog (Nasdaq: CNLG) began production of its "GlowWorm" fiber optic detector that will allow maintenance work to be performed without cutting the cable.

Sify Technologies (Nasdaq: SIFY) reversed year ago losses to post a profit for the third quarter as revenue rose and company realized a one-time gain.

Rockwell Automation (NYSE: ROK) reported first quarter results well above expectations and lifted its full year outlook.

On the downside

Jackson Hewitt (NYSE: JTX) secured only half the funds it needs to provide tax refund anticipation loans.

Cemex (NYSE: CX) disappointed with a fourth quarter loss as sales dropped.

US Airways (NYSE: LCC) is expected to post a fourth quarter loss when the airliner releases earnings tomorrow.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 611.

Mixed Open Ahead Of Rate Decision

|
The markets opened mixed with the Dow falling 30 points to 10,163 while Nasdaq edged up a fraction to 2204 as investors await the Federal Reserve's decision on interest rates. 

 

On the upside

Sanmina-SCI (Nasdaq: SANM) reversed year ago losses to post a first quarter profit due to a large legal settlement and higher revenue.

Improving demand lifted fourth quarter earnings for Altera (Nasdaq: ALTR) to surpass analyst expectations.

McClatchy (NYSE: MNI) swung to a fourth quarter profit and negotiated an extension for its debt.

On the downside

GenVec (Nasdaq: GNVC) will offer common shares and warrants to raise approximately $28 million.

Hercules Offshore (Nasdaq: HERO) warned of losses for the fourth quarter.

Fourth quarter earnings for Caterpillar (NYSE: CAT) plunged as revenue tumbled.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 5 on the NYSE and by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 613.

The markets closed near the flat line with the Dow slipping 2 points to 10,194 despite improving consumer confidence as housing prices dropped. Nasdaq lost 7 points to 2203. 

 

On the upside

Whitney Holding (Nasdaq: WTNY) reported a fourth quarter loss that was smaller than expected.

Second quarter earnings for Parexel International (Nasdaq: PRXL) rose to top estimates.

VMware (NYSE: VMW) reported fourth quarter earnings that surpassed expectations and forecast first quarter results ahead of estimates.

On the downside

Borders Group (NYSE: BGP) chief executive Ron Marshall announced his departure from the bookseller after barely a year at the helm.

NorthStar Realty Finance (NYSE: NRF) will release fourth quarter as well as full year results on Thursday, February 25, 2010.

Falling energy prices weighed down shares of United States Natural Gas (NYSE: UNG).

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 5 points to 612.

Consumer confidence rose to its highest level in over a year to boost the markets during the midday with the Dow gaining 62 points to 10,259. Nasdaq rose 11 points to 2222. 

 

On the upside

Fourth quarter earnings surged for Volterra Semiconductor (Nasdaq: VLTR) to surpass analyst estimates prompting an upgrade.

While fourth quarter earnings tumbled for Baker Hughes (NYSE: BHI), the results topped expectations by a wide margin.

Shares of Barnes and Noble (NYSE: BKS) rose over rumors that Apple's (Nasdaq: AAPL) new Tablet will offer a Barnes and Noble online store.

On the downside

While Zoran (Nasdaq: ZRAN) narrowed losses for the fourth quarter, revenue fell short of estimates.

Ener1 (Nasdaq: HEV) will raise approximately $60 million through an offering of common shares.

While Regions Financial (NYSE: RF) narrowed fourth quarter losses, loan loss provisions rose.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE while advancers were on par with decliners on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 619.

Mixed Open As Home Prices Drop

|
A drop in November home prices weighed down investor sentiment leading to a mixed open with the Dow adding 11 points to 10,208 while Nasdaq lost 6 points to 2204. 

 

On the upside

Citi Investment Research upgraded Amylin Pharmaceuticals (Nasdaq: AMLN) in anticipation of regulatory approval for its once-weekly injectable diabetes treatment exenatide LAR.

Zions Bancorp (Nasdaq: ZION) narrowed fourth quarter losses due to significantly lower impairment charges.

Tellabs (Nasdaq: TLAB) reported sharply higher fourth quarter earnings that topped estimates.

On the downside

Weatherford International (NYSE: WFT) swung to a loss due to lower revenue and one time charges.

United States Steel (NYSE: X) disappointed with its fourth quarterly loss in a row as revenue plunged. The steel company warned of losses for the current quarter as well.

Oppenheimer analyst Carl McDonald downgraded Cigna (NYSE: CI) saying that the insurer's Medicare Advantage prices are significantly underpriced.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by a margin of 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 3 points to 614.

Existing home sales rose for the first time in four years in 2009 as prices tumbled to lift the markets to a modestly higher close with the Dow rising 23 points to 10,196. Nasdaq added 5 points to 2210. 

 

On the upside

The Ticketmaster (Nasdaq: TKTM) Live Nation (NYSE: LYV) merger was approved by the Justice Department with certain conditions to protect consumers by promoteing competition and lowering ticket prices.

Kingsway Financial (NYSE: KFS) will sell its holdings in Jevco Insurance to The Westaim Corp.

Philips Electronics (NYSE: PHG) swung to a fourth quarter profit.

On the downside

Raymond James lifted its earnings outlook for KeyCorp (NYSE: KEY) but the stock price fell.

Activision (Nasdaq: ATVI) is offering a free version of Call of Duty: World at War: ZOMBIES through the App Store for the iPhone and iPod touch.

The Iraq Oil Ministry selected ExxonMobil (NYSE: XOM) to head a twenty year contract to redevelop the country's West Qurna-1 oil field but ExxonMobil's stock price fell.

In the broad market, advancing issues outpaced decliners by a margin of 7 to 5 on the NYSE while decliners edged out advancers by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 618.

The markets traded higher during the midday with the Dow gaining 60 points to 10,233 as investors await President Barack Obama's middle class aid announcement. Nasdaq rose 9 points to 2214. 

 

On the upside

PrivateBancorp (Nasdaq: PVTB) narrowed fourth quarter losses.

Collins Stewart upgraded Solarfun Power Holdings (Nasdaq: SOLF) to a Buy rating.

Medifast (NYSE: MED) said that fourth quarter as well as full year results will top estimates.

On the downside

While fourth quarter earnings for Bank of Hawaii (NYSE: BOH) beat expectations, Morgan Stanley analyst Ken Zerbe warned that the gains were nonrecurring and due to the sale of investment securities.

Wimm-Bill-Dann (NYSE: WBD) blamed a raw milk shortage for warning that fourth quarter earnings will fall below last year.

Las Vegas Sands (NYSE: LVS) increased the base salary of senior vice president and chief financial officer Kenneth J. Kay retroactive to December 1, 2009 and was granted stock options to purchase 100,000 common shares.

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 added a fraction to 618.

As Federal Reserve Chairman Ben Bernanke's reappointment appeared more certain, the markets opened higher with the Dow climbing 69 points to 10,242. Nasdaq gained 16 points to 2221. 

 

On the upside

A Phase 2 clinical trial of Keryx Biopharmaceuticals' (Nasdaq: KERX) colon cancer treatment KRX-0401 improved survival rates.

AK Steel (NYSE: AKS) reversed year ago losses to post a greater than expected profit for the fourth quarter.

Liberty Global (Nasdaq: LBTYA) will sell its 37.8% stake of Jupiter Telecommunications to KDDI, Japan's second largest telecommunications company, for $4 billion in cash.

On the downside

While Poniard Pharmaceuticals' (Nasdaq: PARD) picoplatin met Phase II study goals in treating nerve damage in colon cancer patients undergoing chemotherapy, the results were not as effective as oxaliplatin, which is already approved for chemotherapy patients.

Quest Diagnostics (NYSE: DGX) reported higher fourth quarter earnings as the company controlled costs but revenue fell short of estimates.

Shares of MGIC Investment (NYSE: MTG) fell ahead of its earnings release tomorrow.

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 a fraction to 617.

As the December unemployment rate climbed in 43 states, nervous investors sent the markets tumbling to a sharply lower close with the Dow plummeting 216 points to 10,172. Nasdaq plunged 60 points to 2205. 

 

On the upside

GenVec (Nasdaq: GNVC) reported that its advanced esophageal cancer treatment TNFerade increased median survival time when used in combination with chemoradiation.

Poniard Pharmaceuticals (Nasdaq: PARD) will release more data on Monday from a Phase 2 clinical trial of its colorectal cancer treatment picoplatin.

The Food and Drug Administration approved Acorda Therapeutics' (Nasdaq: ACOR) multiple sclerosis treatment that will help patients walk.

On the downside

Citigroup analyst Timothy Arcuri downgraded Entegris (Nasdaq: ENTG) to a Sell rating.

China Yida Holding (Nasdaq: CNYD) will raise approximately $29 million through a registered direct offering of common stock.

PremierWest Bancorp (Nasdaq: PRWT) widened fourth quarter losses.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 11 points to 617.

The markets extended its losses during the midday with the Dow tumbling 49 points to 10,340 as investors ponder the impact of further regulations of the banking industry. Nasdaq fell 17 points to 2248. 

 

On the upside

International Game Technology (NYSE: IGT) reported higher first quarter earnings prompting an upgrade.

Electrobras (NYSE: EBR) agreed to pay overdue dividends of up to $5.65 billion.

Conexant (Nasdaq: CNXT) reversed year ago losses to post a better than expected profit for the first quarter and forecast current quarter results ahead of analyst estimates.

On the downside

Curis (Nasdaq: CRIS) will offer nearly 6.5 million units of stocks and warrants in order to raise approximately $16.3 million.

Synaptics (NYSE: SYNA) blamed a drop in sales for lower second quarter earnings.

Achillion Pharmaceuticals (Nasdaq: ACHN) will raise approximately $19.7 million through the offering of nearly 10.3 million common shares at a discount.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 629.

Concerns about new banking regulations that could hinder profits continued to weigh on investors. The markets opened lower with the Dow losing 28 points to 10,360. Nasdaq dropped 16 points to 2249. 

 

On the upside

Somaxon Pharmaceuticals (Nasdaq: SOMX) resubmitted its New Drug Application to the Food and Drug Administration for its insomnia treatment Silenor with a decision expected by March 21.

Johnson Controls (NYSE: JCI) reversed year ago losses to post a profit for the first quarter as sales rose and the auto parts maker lifted its full year revenue guidance.

NRG Energy (NYSE: NRG) will replace Sun Microsystems (Nasdaq: JAVA) on the S&P 500 index after Oracle (Nasdaq: ORCL) completes its acquisition of Sun.

On the downside

C. K. Cooper initiated coverage of Patterson-UTI Energy (Nasdaq: PTEN) with a Sell rating.

Advanced Micro Devices (NYSE: AMD) reversed year ago losses to post a profit for the first time in three years. The stock price dropped because the profit was due to a $1.25 billion payment from IBM (NYSE: IBM) to settle an antitrust lawsuit.

Capital One (NYSE: COF) swung to a better than expected profit but warned that growth of credit card business may be limited.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 623.

The possibility of tighter banking restrictions sent the markets tumbling to a sharply lower close with the Dow plunging 213 points to 10,389 over concerns that the new rules will hinder profits. Nasdaq dropped 25 points to 2265. 

 

On the upside

Plexus (Nasdaq: PLXS) reported higher first quarter earnings that surpassed analyst estimates by a wide margin.

Comerica (NYSE: CMA) reported a loss for the fourth quarter that was narrower than expected.

Third quarter earnings for Xilinx (NYSE: XLNX) beat expectations and revenue rose to a new record.

On the downside

A-Power Energy Generation Systems (Nasdaq: APWR) closed an $83 million private placement.

Shares of Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM) and Citigroup (NYSE: C) all fell over the possibility of increased banking regulations.

Pfizer (NYSE: PFE) will pay Auxilium (Nasdaq: AUXL) $15 million for exclusive rights to market and sell Auxilium's Xiaflex.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 11 points to 628.

President Barack Obama's proposal to tighten trading rules for big banks sent the markets tumbling during the midday with the Dow plummeting 209 points to 10,393. Nasdaq stumbled 27 points to 2263. 

 

On the upside

Huntington Bancshares (Nasdaq: HBAN) declared a quarterly dividend of a penny per common share payable April 1, 2010 to shareholders of record March 18, 2010 and a dividend of $21.25 per preferred share payable on April 15, 2010 to shareholders of record April 1, 2010.

Fourth quarter earnings for Knight Capital (Nasdaq: NITE) tumbled but the results topped analyst estimates.

Estee Lauder (NYSE: EL) raised its outlook for the second quarter as sales in Asia surged while the cosmetics company cut expenses.

On the downside

Inspire Pharmaceuticals (Nasdaq: ISPH) reported that its dry eye disease treatment Prolacria failed a late stage clinical trial.

Arizona's proposed budget will phase out the use of private prisons outside of Arizona sending shares of Corrections Corporation of America (NYSE: CXW) tumbling. CCA's correctional facilities in Colorado and Oklahoma currently house inmates from Arizona.

Forbes.com suggested that Zale (NYSE: ZLC) may close more stores in 2010 although the jewelry retailer has not announced any additional closures to the 218 stores shuttered in 2009.

In the broad market, declining issues outpaced advancers by a margin of 7 to 2 on the NYSE and by 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 629.

It was a mixed open for the markets with the Dow falling 20 points to 10,582 while Nasdaq rose 9 points to 2300.  An unexpected increase in jobless claims tempered upbeat corporate earnings news.

 

On the upside

Strong  holiday sales lifted fourth quarter earnings for eBay (Nasdaq: EBAY).

Seagate Technology (Nasdaq: STX) reversed year ago losses to post a stronger than expected profit for the second quarter as gross margin improved.

Fifthe Third Bancorp (Nasdaq: FITB) narrowed fourth quarter losses and posted a profit for the full year.

On the downside

Total Systems Services (NYSE: TSS) reported lower fourth quarter earnings and forecast 2010 results below expectations.

PNC Financial Services (NYSE: PNC) reversed year ago losses to report a stronger than expected fourth quarter profit but the stock price fell.

While Legg Mason (NYSE: LM) reversed year ago losses to post a third quarter profit, revenue fell.

In the broad market, advancing issues outpaced decliners by a margin of nearly 9 to 7 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 642.

Banking losses and tighter lending restrictions in China fueled fears of a stalled economic recovery sending the markets tumbling to a sharply lower close with the Dow plummeting 122 points to 10,603. Nasdaq dropped 29 points to 2291.

 

On the upside

Central European Media Enterprises (Nasdaq: CETV) will sell its Studio 1+1 and Kino channels in the Ukraine to Harley Trading Limited for $300 million.

Axcelis Technologies (Nasdaq: ACLS) announced orders from Asian and European clients for its Optima HDx high current implanter.

Fourth quarter earnings for State Street (NYSE: STT) nearly doubled to top estimates even as revenue slipped.

On the downside

Neutral Tandem (Nasdaq: TNDM) affirmed its full year outlook but the stock price fell.

Silver Standard Resources (Nasdaq: SSRI) president and chief executive Robert A. Quartermain resigned effective January 19, 2010. Director A. E. Michael Anglin was named interim president and chief executive.

Shares of hospital operator Community Health Systems (NYSE: CYH) dropped after Republican Scott Brown won the Massachusetts Senate seat, signalling the end of health care reform.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 9 points to 639.

New lending restrictions in China may hinder the global economic recovery sending the Dow plummeting 192 points to 10,533. Nasdaq sank 44 points to 2275.

 

On the upside

A South Korean newspaper reported that Woori America Bank may be seeking a 51% stake in Hanmi Financial (Nasdaq: HAFC).

Briefing.com reported that The New England Journal of Medicine would be publishing an article on Cyclacel Pharmaceuticals (Nasdaq: CYCC).

Brinker International (NYSE: EAT) reversed year ago losses to post a better than expected profit for the second quarter.

On the downside

Dr. Reddy's Laboratories (NYSE: RDY) blamed charges and lower revenue for swinging to a third quarter loss.

Shares of hospital operator Universal Health Services (NYSE: UHS) dropped after a Republican victory in the Massachusetts Senate race guaranteed that health care reform will not pass.

Falling gold prices weighed down shares of Yamana Gold (NYSE: AUY).

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 2 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 13 points to 635.

Banking losses weighed on investor sentiment to send the markets down to a lower open with the Dow plunging 157 points to 10,567. Nasdaq plummeted 38 points to 2282.

 

On the upside

Samsung settled a lawsuit filed by Rambus (Nasdaq: RMBS) by agreeing to license Rambus technology. Rambus may potentially receive $900 million in the next five years.

Lexicon Pharmaceuticals (Nasdaq: LXRX) reported positive results from a Phase II clinical trial of its diabetes treatment LX4211.

Second quarter earnings for Cree (Nasdaq: CREE) more than tripled to surpass expectations.

On the downside

While fourth quarter earnings for CSX (NYSE: CSX) rose, shipping volume dropped and full year income fell.

Lexington Realty Trust (NYSE: LXP) will offer $100 million worth of convertible guaranteed notes.

Shares of eBay (Nasdaq: EBAY) fell ahead of its earnings release after market close.

In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 11 points to 637.

Kraft's $19.6 billion acquisition of Cadbury sparked speculation of further corporate consolidations to lift the markets to a higher close with the Dow surging 115 points to 10,725. Nasdaq leaped 32 points to 2320.

 

On the upside

Craig-Hallum Capital initiated coverage of LTX-Credence (Nasdaq: LTXC) with a Buy rating.

McMoRan (NYSE: MMR) narrowed fourth quarter losses as revenue rose.

Helicos BioSciences (Nasdaq: HLCS) sold one of their Helicos Genetic Analysis Systems that sequences a single molecule to the Turku Centre for Biotechnology in Finland.

On the downside

Kaufman Bros. cited sluggish growth for downgrading Paetec Holding (Nasdaq: PAET).

Research in Motion (Nasdaq: RIMM) introduced its BlackBerry Presenter which allows PowerPoint presentations to be run from a BlackBerry but the stock price dropped.

Cadbury agreed to be acquired by Kraft Foods (NYSE: KFT) in a cash and stock deal valued at approximately $19.6 billion.

In the broad market, advancing issues outpaced decliners 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 soared 11 points to 649.

Despite a $7.6 billion loss in the fourth quarter for Citigroup, the markets advanced during the midday with the Dow soaring 102 points to 10,712. Nasdaq surged 27 points to 2315.

 

On the upside

Emerging Stock Report initiated coverage of Wave Systems (Nasdaq: WAVX).

Stratasys (Nasdaq: SSYS) will produce an exclusive line of Hewlett-Packard (NYSE: HPQ) branded three dimensional printers.

Williams (NYSE: WMB) announced a restructuring plan to combine its pipeline and processing systems, creating a vast nationwide partnership.

On the downside

Shares of Amcore Financial (Nasdaq: AMFI) continued to fall after regulators refused to approve the company's capital restoration plan.

Bernstein downgraded Sprint (NYSE: S).

Profit takers sent shares of Baidu (Nasdaq: BIDU) lower.  The stock price surged last week when Google (Nasdaq: GOOG) threatened to pull out of China due to cyber attacks.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 7 points to 645.

The markets opened higher with the Dow rising 39 points to 10,649 even as Citgroup reported a significant loss due to charges associated with repaying the government. Nasdaq gained 17 points to 2305.

 

On the upside

GenVec (Nasdaq: GNVC) will license its hearing loss treatments to Novartis for $5 million upfront along with a $2 million purchase of stock.

Credit Suisse analyst Paul Silverstein upgraded Ciena (Nasdaq: CIEN) and lifted his price target on the telecommunications equipment maker saying that sales will increase more than expected as the company upgrades its networks.

Brink's Home Security (NYSE: CFL) will be acquired by Tyco International (NYSE: TYC) in a cash and stock deal valued at approximately $2 billion.

On the downside

Broadpoint AmTech Research downgraded JA Solar (Nasdaq: JASO).

Borders (NYSE: BGP) said that sales tumbled during the holiday shopping season.

Jaguar Mining (NYSE: JAG) warned that gold production during the fourth quarter was lower than expected.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 638.

U.S. Markets Closed

|
U.S. markets are closed in observance of the Martin Luther King, Jr holiday.
A smaller than expected gain in consumer sentiment and JP Morgan's increasing loan loss provisions sent the markets tumbling to a sharply lower close with the Dow sinking 100 points to 10,609. Nasdaq plummeted 28 points to 2287.

 

On the upside

Interactive Data (NYSE: IDC) is exploring strategic alternatives to improve shareholder value.

Verizon (NYSE: VZ) cut its unlimited calling plan prices, which boosted shares of Palm (Nasdaq: PALM). Verizon will introduce both the Palm Pre Plus and Pixi Plus on January 25.

Pershing Square Capital Management acquired an approximate 2% share of Kraft Foods (NYSE: KFT).

On the downside

Shares of student lender Sallie Mae (NYSE: SLM) fell ahead of its earnings release next week.

Pacific Capital Bancorp (Nasdaq: PCBC) completed the sale of its Refund Anticipation Loan and Refund Transfer units to Santa Barbara Tax Products Group.

Eaton Vance Management (NYSE: EOI) announced the monthly distributions for two of its equity income funds.

In the broad market, declining issues outpaced advancers by a margin of 5 to 2 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 8 points to 637.

JP Morgan's soaring loan loss provisions sparked concerns about the economic recovery to send the markets tumbling during the midday with the Dow plummeting 136 points to 10,573. Nasdaq plunged 33 points to 2283.

 

On the upside

Manitowoc (NYSE: MTW) will sell approximately $400 million in senior unsecured notes in order to refinance some of its long term debt.

JP Morgan upgraded OfficeMax (NYSE: OMX).

Procter & Gamble (NYSE: PG) partnered with PFSweb (Nasdaq: PFSW) to launch online shopping site eStore featuring P&G products.

On the downside

FalconStor Software (Nasdaq: FALC) warned of a fourth quarter loss and cut its full year outlook as OEM software license revenue disappointed.

Merriman downgraded China Automotive Systems (Nasdaq: CAAS).

AZZ (NYSE: AZZ) warned that 2011 results will be lower than expected due to difficult economic conditions.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 11 points to 634.

Disappointing earnings from JP Morgan weighed the markets down to a lower open with the Dow plunging 105 points to 10,604. Nasdaq tumbled 21 points to 2295.

 

On the upside

Shiseido will acquire Bare Escentuals (Nasdaq: BARE) in a deal valued at approximately $1.7 billion.

Sequenom (Nasdaq: SQNM) agreed to settle securities class action lawsuits by paying $14 million, issuing stock and implementing changes to its corporate governance policies.

Hersha Hospitality Trust (NYSE: HT) priced its offering of 45 million common shares at $3 per share.

On the downside

Majesco Entertainment (Nasdaq: COOL) disappointed with a fourth quarter loss.

GenVec (Nasdaq: GNVC) reported 184 deaths in a Phase III clinical trial of its pancreatic cancer treatment TNFerade.

Yingli Green Energy (NYSE: YGE) received approval to build the first national level photovoltaic technology laboratory in Baoding, China.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 642.

A greater than expected gain in business inventories lifted the markets to a higher close with the Dow climbing 29 points to 10,710. Nasdaq rose 8 points to 2316.

 

On the upside

Shares of MannKind (Nasdaq: MNKD) continued to climb after the biopharmaceutical announced on Tuesday it expects FDA approval for its inhaled insulin Afrezza.

Rumors that Textron (NYSE: TXT) will be acquired lifted shares of the aerospace firm.

Mad Money's Jim Cramer cited a better ad campaign, a new recipe and expansion of its international business for recommending Domino's Pizza (NYSE: DPZ).

On the downside

Canadian Solar (Nasdaq: CSIQ) entered a joint venture with West Holding to sell and distribute solar residential rooftop systems in Japan but the stock price dropped.

Reuters reported that Germany will cut its solar incentives by 16% to 17% sending shares of JA Solar (Nasdaq: JASO), Trina Solar (NYSE: TSL) and Suntech Power Holdings (NYSE: STP) tumbling.

Sprint (NYSE: S) secured more than $500 million in new and renewed federal contracts in 2009 but the stock price slipped.

In the broad market, advancing issue outpaced decliners by a margin of 7 to 5 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks rose 2 points to 646.

Mortgage rates slipped to lift the markets modestly higher during the midday with the Dow rising 16 points to 10,696. Nasdaq gained 6 points to 2314.

 

On the upside

RealNetworks (Nasdaq: RNWK) founder will step down from the chief executive position while remaining chairman.

Forest Oil (NYSE: FST) announced that two Texas Panhandle Granite Wash wells exceeded expectations.

China Information Security Technology (NYSE: CPBY) reported a record $36.73 million in new contracts signed in the fourth quarter.

On the downside

Rosetta Genomics (Nasdaq: ROSG) will raise approximately $5.1 million from institutional investors through a registered direct offering.

Securities litigation lawfirm Barrack, Rodos & Bacine is investigating Medifast (NYSE: MED) for possible securities law violations.

Kayne Anderson MLP Investment (NYSE: KYN) will sell 5.5 million shares to raise approximately $124 million.

In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 9 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 645.

Despite a drop in retail sales, the market opened higher with the Dow gaining 25 points to 10,706. Nasdaq rose 8 points to 2316.

 

On the upside

The Federal Communications Commission granted TerreStar (Nasdaq: TSTR) authority to integrate it satellite and terrestrial communications network to enhance its mobile wireless services.

Sunesis Pharmaceuticals (Nasdaq: SNSS) announced upbeat results from new nonclinical studies of its leukemia treatment voreloxin.

Barclays will pay approximately $25 million in cash to acquire the 700 New York Stock Exchange market maker assignments held by LaBranche (NYSE: LAB).

On the downside

MDRNA (Nasdaq: MRNA) will sell nearly 5.4 million common shares to raise approximately $5.5 million through a registered direct offering.

Cell Therapeutics (Nasdaq: CTIC) will sell $30 million worth of preferred stock and warrants to purchase common shares to two institutional investors through a registered offering.

America Movil (NYSE: AMX) offered $21 billlion to acquire rivals Telmex and Telmex Internacional in an effort to combine all three telecommunications companies.

In the broad market, declining issues barely edged out advancers by a slim margin on the NYSE while advancers outpaced decliners by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 644.

The markets closed higher with the Dow rising 53 points to 10,680 after the Federal Reserve said that the economy was making modest improvements. Nasdaq climbed 25 points to 2307.

 

On the upside

For the first quarter of fiscal 2010, Amtech Systems (Nasdaq: ASYS) booked $59 million in orders.

American Capital's (Nasdaq: ACAS) wholly owned affiliate European Capital received euro 66.8 million from the sale three portfolio companies.

Synovus Financial (NYSE: SNV) has a presence in the warmer southeastern parts of the nation making it an attractive take-over target.

On the downside

Regulators informed Amcore Financial (Nasdaq: AMFI) that its capital restoration plan failed to meet statutory requirements.

Jackson Hewitt (NYSE: JTX) warned that it may not be able to offer tax-refund anticipation loans.

Old National Bancorp (NYSE: ONB) must record a $12 million loss in the fourth quarter from a single loan.

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 8 points to 643.

Markets Advance At Midday

|
Rising mortgage applications along with retreating oil and gas prices lifted the markets during the midday with the Dow gaining 33 points to 10,660. Nasdaq rose 8 points to 2290.

 

On the upside

Tower Semiconductor (Nasdaq: TSEM) raised its revenue guidance to 2010.

Oriental Express Hotels (NYSE: OEH) priced its offering of 12 million common shares at $10 per share.

Deutsche Bank North America analyst Chris Woronka upgraded Wyndham Worldwide (NYSE: WYN) and lifted his price target on the stock citing the company's attractive price.

On the downside

Flanders (Nasdaq: FLDR) will voluntarily delist itself from Nasdaq because it is not in compliance with some listing rules.

Big 5 Sporting Goods (Nasdaq: BGFV) lowered the high end of its fourth quarter earnings outlook.

Shares of Rambus (Nasdaq: RMBS) fell as its antitrust suit began.

In the broad market, advancing issues outpaced decliners by a margin of 4 to 3 on the NYSE and by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 637.

The markets opened mixed with the Dow rising 11 points to 10,639 while Nasdaq slipped 4 points to 2277 as banking executives defended their compensation and bonus practices.

 

On the upside

Kraft Foods (NYSE: KFT) lifted its full year earnings guidance for the second time.

Google (Nasdaq: GOOG) may withdraw operations from China due to difficult conditions created by the government. Shares of Baidu (Nasdaq: BIDU) rose.

Health Management Associates (NYSE: HMA) appointed Kelly E. Curry to the position of executive vice president and chief financial officer.

On the downside

Barclays Capital downgraded Affymetrix (Nasdaq: AFFX).

El Paso Pipeline (NYSE: EPB) priced its offering of 8.75 million common units at $24.48 per unit.

Tesoro (NYSE: TSO) will begin maintenance work at its Los Angeles refinery today.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by nearly 8 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 637.

It was a lower close for the markets with the Dow losing 36 points to 10,627 as China tightened its monetary policy and Alcoa disappointed with quarterly results that missed expectations. Nasdaq dropped 30 points to 2282.

 

On the upside

Illlumina (Nasdaq: ILMN) released preliminary fourth quarter revenue that topped analyst estimates.

Emulex (NYSE: ELX) impressed with preliminary second quarter results that surpassed expectations.

Supervalu (NYSE: SVU) reversed year ago losses to post a profit for the third quarter as the grocery chain controlled costs.

On the downside

Great Atlantic & Pacific Tea (NYSE: GAP) blamed one time charges and lower sales for widening third quarter losses.

Quantum (NYSE: QTM) will release third quarter results on January 28, 2010 after market close.

Goldman Sachs initiated coverage of Radian Group (NYSE: RDN) with a Neutral rating.

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 fell 8 points to 635.

The markets extended its losses during the midday with the Dow falling 63 points to 10,600 over disappointing corporate earnings. Nasdaq tumbled 33 points to 2279.

 

On the upside

China Direct Industries (Nasdaq: CDII) will supply approximately $9.4 million in pure magnesium to several Fortune Global 500 companies.

Spectrum Pharmaceuticals (Nasdaq: SPPI) completed patient enrollment in the second of two Phase 3 clinical trials of its non-muscle invasive bladder cancer treatment Apaziquone.

Goldman Sachs upgraded MGM Mirage (NYSE: MGM) and lifted its price target for the company saying that the casino operator was undervalued.

On the downside

ATS Medical (Nasdaq: ATSI) warned of losses for the fourth quarter due to disappointing sales.

Concerns that stiff competition among wireless providers will impact revenue and market share sent shares of MetroPCS (NYSE: PCS) and Leap Wireless (Nasdaq: LEAP) lower.

Goldman Sachs initiated coverage of PMI Group (NYSE: PMI) with a Sell rating.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 634.

The markets opened lower with the Dow losing 25 points to 10,638 after Alcoa reported disappointing results that fell short of expectations. Nasdaq dropped 17 points to 2294.

 

On the upside

Cirrus Logic (Nasdaq: CRUS) expects third quarter revenue to top estimates as demand improved.

BMO Capital Markets upgraded QLogic (Nasdaq: QLGC).

Hartford Financial Services (NYSE: HIG) raised its fourth quarter earnings guidance well above expectations due to higher account values and lower expenses.

On the downside

Electronic Arts (Nasdaq: ERTS) blamed disappointing holiday sales for lowering its fiscal 2010 revenue and earnings guidance.

While Alcoa (NYSE: AA) narrowed fourth quarter losses, the results fell short of analyst expectations.

KKR Financial (NYSE: KFN) priced its offering of senior convertible notes.

In the broad market, declining issues outpaced advancers by a margin of 5 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 640.

The Dow closed higher by gaining 45 points to 10,663 ahead of Alcoa's earnings release after market close. Nasdaq slipped 4 points to 2312.

 

On the upside

Mindray Medical (NYSE: MR) released higher preliminary full year the results.

Huntington Bancshares (Nasdaq: HBAN) named former chief finanical officer, treasurer and director of Charter One Financial and First Federal of Michigan Richard W. Neu to its board.

Shares of Alcoa (NYSE: AA) rose ahead of its earnings release.

On the downside

Achillion Pharmaceuticals (Nasdaq: ACHN) reported additional upbeat preliminary data from a Phase 1b study of its hepatitis C treatment ACH-1625.

Lumber Liquidators (NYSE: LL) expects fourth quarter earnings and full year revenue to top estimates.

Chordiant Software (Nasdaq: CHRD) declared that the unsolicited $3.46 per share stock offer by CDC Software (Nasdaq: CDCS) was not in the best interest of Chordiant shareholders.

In the broad market, advancing issues outpaced decliners by a margin of 3 to 2 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 fraction to 643.

Mixed Markets Ahead Of Earnings

|
The markets traded mixed during the midday with the Dow rising 7 poinst to 10,625 despite a greater than expected jump in exports to China as investors await corporate earnings news. Nasdaq lost 11 points to 2305.

 

On the upside

The Food and Drug Administration informed MAP Pharmaceuticals (Nasdaq: MAPP) that another effectiveness study of its migraine treatment Levadex would not be necessary.

AMAG Pharmaceuticals (NYSE: AMAG) reported better than expected sales of its anemia treatment Feraheme.

Ford (NYSE: F) won both the North American Car as well as Truck of the Year award at the 2010 North American International Auto Show.

On the downside

Zhongpin (Nasdaq: HOGS) disappointed with a 2010 full year forecast that missed estimates.

InterOil (Nasdaq: IOC) reported that a second test at its Antelope-2 well in Papua New Guinea confirmed a higher stabilized condensate to gas ratio.

Nu Skin (NYSE: NUS) named Stuart Kim, Ph.D. to its Nu Skin Anti-Aging Scientific Advisory Board.

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 nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 642.

Despite a surge in exports to China, the markets opend lower with the Dow easing a point to 10,616. Nasdaq fell 9 points to 2307.

 

On the upside

Pacific Ethanol (Nasdaq: PEIX) reopened its ethanol plant in Burley, Idaho after sitting idle for nearly a year due to depressed market conditions.

McMoRan Exploration (NYSE: MMR) discovered gas at its Davy Jones ultra-deep prospect in the Gulf of Mexico.

Tuesday Morning (Nasdaq: TUES) forecast higher second quarter earnings well above expectations as same store sales rose.

On the downside

Associated Banc-Corp (Nasdaq: ASBC) blamed charges for swinging to a fourth quarter loss. The company will offer $400 million worth of common stock

Cyclacel Pharmaceuticals (Nasdaq: CYCC) will raise approximately $7.2 million through a registered direct offering.

Heineken will acquire Mexico's second largest brewery Femsa (NYSE: FMX) in an all stock deal valued at $5.5 billion. However, Femsa stock dropped.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 5 on the NYSE while decliners edgd out advancers by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 642.

A record drop in consumer borrowing lifted the markets to a modestly higher close with the Dow rising 11 points to 10,618. Nasdaq climbed 17 points to 2317.

 

On the upside

Luna Innovations (Nasdaq: LUNA) extended its development and supply agreement with Intuitive Surgical (Nasdaq: ISRG).

Grubb & Ellis (NYSE: GBE) will acquire the 36,600 square foot Center for Neurosurgery and Spine in St. Cloud, Minnesota.

MAKO Surgical (Nasdaq: MAKO) reported sharply higher fourth quarter operating results that topped expectations.

On the downside

Genomic Health (Nasdaq: GHDX) reported higher fourth quarter revenue but the results fell short of estimates due to payment delays.

DCT Industrial Trust (NYSE: DCT) signed 3.1 million square feet of leases in the fourth quarter.

While second quarter earnings for Global Payments (NYSE: GPN) rose, the company offered a cautious outlook for the final two quarters of the year.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 3 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks added two points to 644.

The markets traded mixed during the midday with the Dow losing 25 points to 10,581 as a strong gain in wholesale inventories tempered news of an unexpected increase in job cuts. Nasdaq gained 11 points to 2311.

 

On the upside

Immunomedics (Nasdaq: IMMU) received a patent for its proprietary autoimmune disease treatment epratuzumab.

Hutchison Telecommunications International's (NYSE: HTX) majority shareholder made an offer to take the company private.

The Puerto Rico Ports Authority awarded OSI Systems (Nasdaq: OSIS) a ten year contract to provide a turn key scanning solution for containerized cargo.

On the downside

Lawson Software (Nasdaq: LWSN) will acquire Healthvision Solutions for approximately $160 million prompting a downgrade from Cowen & Co. analyst Peter Goldmacher. The company also forecast third quarter results below estimates.

December traffic for Delta Air Lines (NYSE: DAL) tumbled 7.5%.

Deutsche Bank downgraded FTI Consulting (NYSE: FCN).

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 added a fraction to 642.

Sharp Cut In Jobs Weighs Down Dow

|
An unexpectedly sharp number of job cuts in December weighed down the Dow with the blue chip index slipping 28 points to 10,578. Nasdaq rose 6 points to 2306.

 

On the upside

UPS (NYSE: UPS) raised its earnings guidance for the fourth quarter and announced that 1,800 jobs will be cut in order to streamline operations.

DragonWave (Nasdaq: DRWI) reported third quarter earnings that doubled as revenue surged.

The Food and Drug Administration approved Cytori Therapeutics' (Nasdaq: CYTX) fat removal and injection PureGraft system.

On the downside

Synta Pharmaceuticals (Nasdaq: SNTA) priced its offering of approximately 5.5 million shares at $4.50.

Soleil downgraded MetroPCS (NYSE: PCS).

The Department of Education issued a report relating to the timing of Apollo Group's (Nasdaq: APOL) return of Title IV funds and may require the parent company of the University of Phoenix to post a letter of credit of approximately $125 million by the end of January.

In the broad market, declining issues outpaced advancers by a margin of 3 to 2 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks lost a point to 640.

It was a mixed close for the markets with the Dow gaining 33 points to 10,606 as 30-year mortgage rates slipped while jobless claims rose. Nasdaq lost a point to 2300.

 

On the upside

InfoSpace (Nasdaq: INSP) lifted its fourth quarter guidance.

Zygo (Nasdaq: ZIGO) received an unsolicited acquisition offer of $10 per share from II-VI (Nasdaq: IIVI).

Sutor Technology (Nasdaq: SUTR) signed four new contracts to provide steel coils for approximately $25 million.

On the downside

Bebe (Nasdaq: BEBE) disappointed with second quarter same store sales that plunged 22.5%.

Christopher & Banks (NYSE: CBK) blamed a greater than anticipated tax rate for third quarter earnings that fell short of estimates.

Majesco Entertainment (Nasdaq: COOL) announced its new Pirates Plund-Arrr for the Wii to be released in April.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 5 on the NYSE and by 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 4 points to 641.

The markets traded mixed during the midday with the Dow adding 8 points to 10,582 as a drop in mortgage rates tempered concerns that the nation will have difficulty replacing the 7 million jobs lost over the past two years. Nasdaq dropped 12 points to 2288.

 

On the upside

Zix (Nasdaq: ZIXI) offered an upbeat preliminary fourth quarter update and announced that it expects 2010 to be its first profitable year.

Cyclacel Pharmaceuticals (Nasdaq: CYCC) reported that its lung cancer treatment seliciclib killed lung cancer cells.

Somaxon Pharmaceuticals (Nasdaq: SOMX) reassured investors that it will continue working with the Food and Drug Administration in seeking approval of its insomnia medication Silenor.

On the downside

ZymoGenetics (Nasdaq: ZGEN) increased its public offering to 14 million common shares at $6 per share.

J.C. Penney (NYSE: JCP) reported a drop in December same store sales.

Analysts downgraded Hot Topic (Nasdaq: HOTT) after the teen apparel retailer reported lower December same store sales and cut its fourth quarter guidance.

In the broad market, declining issues barely edged out advancers by a slim margin on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 637.

The markets opened lower with the Dow losing 44 points to 10,529 as initial applications for unemployment benefits rose. Nasdaq dropped 12 points to 2288.

 

On the upside

Roth Capital initiated coverage of GenVec (Nasdaq: GNVC) with a Buy rating and set a price target of $4 on the stock.

Third quarter earnings surged for Bed Bath & Beyond (Nasdaq: BBBY) to surpass expectations and the company forecast fourth quarter earnings above estimates.

Lennar (NYSE: LEN) reported its first quarterly profit in nearly three years due to a tax benefit.

On the downside

Tessera Technologies (Nasdaq: TSRA) blamed lower than expected royalties for lowering its fourth quarter outlook.

GameStop (NYSE: GME) cut its earnings guidance for the fourth quarter as December same store sales tumbled due to continued weakness in the economy and product shortages.

Abercrombie & Fitch (NYSE: ANF) reported a sharp 19% drop in December same store sales.

In the broad market, declining issues outpaced advancers by a margin of 10 to 9 on the NYSE while advancers edged out decliners by nearly 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 639.

It was a mixed close for the markets with the Dow adding a point to 10,573 as the services sector expanded but not as much as expected. Nasdaq fell 7 points to 2301.

 

On the upside

Oppenheimer analyst Sam Dubinsky lifted his price target for Solarfun Power Holdings (Nasdaq: SOLF).

Kulicke & Soffa Industries (Nasdaq: KLIC) chairman and chief executive Scott Kulicke and interim chief financial officer Michael J. Morris will both make presentations at the 12th Annual Needham Growth Stock Conference in New York.

Earlier this week, China TransInfo Technology (Nasdaq: CTFO) announced that it secured a contract valued at approximately $3.9 million to design a comprehensive management and transportation emergency response center information system for Shanghai.

On the downside

Broadwind Energy (Nasdaq: BWEN) will offer 15 million common shares.

Apple (Nasdaq: AAPL) purchased mobile advertising firm Quattro Wireless.

United Airlines (Nasdaq: UAUA) announced fee waivers for flight changes for travelers going to or returning from the Midwest and Southeast due to winter storms.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE while decliners edged out advancers by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 637.

While the nation's services sector expanded in December, the gain was below expectations. The markets turned negative during the midday with the Dow easing a fraction to 10,571. Nasdaq lost 5 points to 2303.

 

On the upside

Shares of Sunesis Pharmaceuticals (Nasdaq: SNSS) surged after website BioMed Reports commented that traders should take advantage of any retreat in the stock price.

Cyclacel Pharmaceuticals (Nasdaq: CYCC) president and chief executive Spiro Rombotis will make a presentation at the OneMedForum 2010 Finance Conference.

Worthington Industries (NYSE: WOR) reversed year ago losses to post a profit for the second quarter as steel prices rose and the company improved its inventory management.

On the downside

Robbins & Myers (NYSE: RBN) disappointed with sharply lower first quarter earnings revenue fell.

Investopedia named MetroPCS (NYSE: PCS) as one of the worst performing stocks of 2009.

UBS downgraded Kansas City Southern (NYSE: KSU).

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 stocks edged up a point to 639.

The markets opened mixed with the Dow slipping 15 points to 10,556 after employers cut more than expected jobs in December. Nasdaq added a fraction to 2309.

 

On the upside

Netlist (Nasdaq: NLST) chief executive C. K. Hong will make a presentation at the Needham 12th Annual Growth Stock Conference.

Taser International (Nasdaq: TASR) shipped three large orders in December 2009 and expects fourth quarter revenue to be approximately $32 million.

Family Dollar Store (NYSE: FDO) reported higher first quarter earnings that topped estimates as revenue rose.

On the downside

Sonic (Nasdaq: SONC) blamed the economy for lower first quarter earnings that fell short of analyst expectations.

Beazer Homes (NYSE: BZH) announced plans to offer 18 million common shares and $50 million worth of senior convertible notes.

Goldman Sachs downgraded Louisiana Pacific (NYSE: LPX) to a Sell rating.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 5 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 639.

Despite a sharp drop in pending home sales, the markets closed mixed with the Dow slipping 11 points to 10,572 as factory orders rose by a larger than expected amount. Nasdaq added a fraction to 2308.

 

On the upside

Citisquare Group extended the deadline to purchase ten acres of land from McClatchy Co. (NYSE: MNI), which increased the termination fee the company must pay McClatchy.

Shares of MGM Mirage (NYSE: MGM) rose over excitement that the company's new Las Vegas CityCenter development will draw clients back to Las Vegas.

Reports that Macau gaming revenue climbed 10% in 2009 lifted shares of Melco Crown Entertainment (Nasdaq: MPEL).

On the downside

MannKind (Nasdaq: MNKD) engaged in discussions with the Food and Drug Administration regarding the label for its inhaled insulin Afresa.

BioMed Realty Trust (NYSE: BMR) commenced a private placement of $125 million worth of exchangeable senior notes.

Motely Fool suggested that E*Trade (Nasdaq: ETFC) may be the target of an acquisition.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE while decliners edged out advancers by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 638.

Pending home sales plunged in November to send the markets down during the midday with the Dow losing 42 points to 10,541. Nasdaq fell 9 points to 2298.

 

On the upside

Morgan Stanley analyst William Greene expects the airline industry to recover in 2010 with increases in revenue per available seat mile as costs per available seat mile declines. Shares of United Air Lines (Nasdaq: UAUA), Delta Air Lines (NYSE: DAL) and US Airways (NYSE: LCC) all rose.

Ford (NYSE: F) reported a sharp 33% jump in auto sales for the month of December.

Aegean Marine Petroleum Network (NYSE: ANW) will acquire marine fuel supplier Verbeke Bunkering N.V.

On the downside

As part of a lawsuit settlement, H&R Block  (NYSE: HRB) will refund up to $19.4 million to Express IRA clients.

Spartan Stores (Nasdaq: SPTN) warned of weak third quarter results due to continued economic challenges.

Claymore Dividend & Income Fund (NYSE: DCS) announced that approximately 51.8% of its common shares were tendered for its in-kind offer through the expiration date.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 4 on the NYSE while decliners edged out advancers by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 638.

A sharp drop in pending home sales weighed down the markets to a lower open with the Dow falling 44 points to 10,539. Nasdaq lost 6 points to 2301.

 

On the upside

Keryx Biopharmaceuticals (Nasdaq: KERX) reached a Special Protocol Assessment agreement with the Food and Drug Administration regarding the design of a Phase 3 trial for its end-stage renal disease treatment Zerenex.

On Track Innovations (Nasdaq: OTIV) landed contracts for a national eID program valued at over $30 million.

Goldman Sachs upgraded Tenet Healthcare (NYSE: THC) and placed the company on its conviction buy list citing the hospital operator's valuation.

On the downside

Brightpoint (Nasdaq: CELL) disappointed with a fourth quarter guidance below expectations.

Barclays cited lower mortgage volumes for downgrading Fidelity National Financial (NYSE: FNF).

Kraft Foods (NYSE: KFT) increased the cash component of its acqusition offer for Cadbury (NYSE: CBY) but Cadbury's largest shareholder billionaire William Buffet said he vote no on the offer.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 3 points to 636.

Upbeat manufacturing activity boosted the markets to a higher close with the Dow surging 155 points to 10,583 on the first day of trading of 2010. Nasdaq leaped 39 points to 2308.

 

On the upside

Fuel Systems Solutions (Nasdaq: FSYS) will present at Needham & Company's 12th Annual Growth Stock Conference and will participate in the CIBC Clean Energy Investor Conference later this month.

Oppenheimer analyst Scott Burk said that increasing spot rates will benefit Genco Shipping (NYSE: GNK).

Analysts upgraded Morgan Stanley (NYSE: MS).

On the downside

BPZ Resources (NYSE: BPZ) completed two wells in northwest Peru but the stock price dropped.

A class action lawsuit has been filed agains Kohlberg Capital (Nasdaq: KCAP) alleging securities fraud.

Fannie Mae (NYSE: FNM) announced plans to sell $4 billion worth of three month and six month notes.

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 14 points to 640.

A stronger than expected gain in manufacturing activity lifted the markets higher during the midday with the Dow jumping 161 points to 10,589. Nasdaq surged 38 points to 2307.

 

On the upside

China Direct Industries (Nasdaq: CDII) cited improved visibility for providing an annual financial guidance.

Kandi Technologies (Nasdaq: KNDI) announced strategic alliances with China Potevio/CNOOC New Energy and Power, Ltd. and Tianneng Power International, Ltd. to design and market new electronic vehicles in China.

UBS analyst Robin Farley upgraded Las Vegas Sands (NYSE: LVS) saying that gaming revenue in Macau will continue to grow.

On the downside

Nokia (NYSE: NOK) said that its smartphone market share in Latin America will be on par with Research in Motion (Nasdaq: RIMM) in 2011.

Freddie Mac (NYSE: FRE) sold $3 billion worth of bills at interest rates lower than previous auctions.

Jefferies & Co. analyst Randal Konik downgraded AnnTaylor Stores (NYSE: ANN) to Underperform citing greater cost pressures.

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 advanced 13 points to 638.

The first day of trading in 2010 opened strong with the Dow soaring 131 points to 10,559 as manufacturing activity expanded at a greater than expected rate last month. Nasdaq jumped 32 points to 2301.

 

On the upside

BioForm Medical (Nasdaq: BFRM) will be acquired by privately held Merz Pharma Group for approximately $253 million.

Robert W. Baird analyst Tristan Gerra upgraded Intel (Nasdaq: INTC) and raised his price target on the company saying that corporate spending on personal computers will improve in 2010.

Total SA will pay $800 million to acquire a 25% stake in Chesapeake Energy's (NYSE: CHK) Barnett Shale in northern Texas.

On the downside

Novartis offered approximately $39.3 billion to acquire the remaining shares of Alcon (NYSE: ACL) that it does not already own. The value of the offer to minority shareholders is approximately $153 per share, well below the close price on Thursday of $164.35.

J. P. Morgan downgraded MercadoLibre (Nasdaq: MELI).

Shares of United Air Lines parent UAL (Nasdaq: UAUA) fell as crude oil prices surged over $81.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 10 points to 635.

U. S. Markets Closed

|
U. S. markets are closed in observance of the New Year holiday.

About this Archive

This page is an archive of entries from January 2010 listed from newest to oldest.

December 2009 is the previous archive.

February 2010 is the next archive.

Find recent content on the main index or look in the archives to find all content.

Powered by Movable Type 5.12