MarketMinute.com Market Updates

Drop In Jobless Claims Lifts Markets To Higher Close

2010-09-02T20:39:56Z

A drop in initial applications for unemployment benefits lifted the markets to a higher close with Dow gaining 50 points to 10,320. Nasdaq climbed 23 points to 2200.

On the upside

Morgan Stanley upgraded Melco Crown Entertainment (Nasdaq: MPEL) on news that overall gaming revenue in Macau soared 40% in August.

Harry Winston Diamond (NYSE: HWD) reversed year ago losses to post profit for the second quarter as revenue surged prompting an upgrade.

White Deer Energy will invest $60 million in PostRock Energy (Nasdaq: PSTR) in exchange for 12% cumulative redeemable preferred stock.

In the broad market, advancing issues outpaced decliners by a margin Stifel Nicolaus initiated coverage of Alphatec Holdings (NYSE: ATEC) with a Buy rating.

On the downside

China Green Agriculture (NYSE: CGA) reported higher fourth quarter earnings but forecast disappointing first quarter results.

Movado Group (NYSE: MOV) widened second quarter losses more 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 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 7 points to 632.

Markets Flat As Factory Orders Rise Less Than Expected

2010-09-02T17:22:34Z

The markets traded near the flatline with Dow adding a point to 10,270 as factory orders rose less than expected in July. Nasdaq gained 10 points to 2187.

On the upside

Sycamore Networks (Nasdaq: SCMR) swung to a fourth quarter profit as revenue rose.

Compellent (NYSE: CML) created a cloud computing environment for Heineken Netherlands to increase performance and improve storage efficiency for IT applications.

Saks (NYSE: SKS) reported a 1% increase in same store sales.

On the downside

FuelCell Energy (Nasdaq: FCEL) narrowed third quarter losses but revenue dropped.

Methode Electronics (NYSE: MEI) reversed year ago losses to post a profit for the first quarter but the company remained cautious about performance in the next few quarters.

One of Mariner Energy's (NYSE: ME) oil platforms in the Gulf of Mexico exploded.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE and by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a point to 626.

Increase In Pending Home Sales Lifts Markets To Higher Open

2010-09-02T13:50:33Z

An increase in pending home sales lifted the markets to a higher open with the Dow edging up 3 points to 10,272. Nasdaq gained 11 points to 2188.

On the upside

Private equity firm 3G Capital will acquire Burger King (NYSE: BKC) in a deal valued at approximately $4 billion, including the assumption of debt.

Orexigen Therapeutics (Nasdaq: OREX) will receive $50 million upfront in a development and sales agreement with Takeda Pharmaceuticals for the obesity treatment Contrave.

Pier 1 Imports (Nasdaq: PIR) reported that second quarter same store sales climbed 11.2%.

On the downside

Aspen Technology (Nasdaq: AZPN) disappointed by swinging to a fourth quarter loss as revenue plunged.

Abercrombie & Fitch (NYSE: ANF) reported higher same store sales growth of 6% in August but sales at its children's stores dropped 9%.

Although second quarter earnings rose Collective Brands (NYSE: PSS), the results fell short of expectations.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 627.

Markets Surge To Sharply Higher Close As Manufacturing Activity Expands

2010-09-01T20:53:39Z

Investors embraced an unexpected gain in the Institute for Supply Management's manufacturing index to send the markets soaring to a sharply higher close with the Dow surging 254 points to 10,269. Nasdaq leaped 62 points to 2176.

On the upside

Local.com (Nasdaq: LOCM) entered an agreement with Yahoo Publisher Network to distribute paid search results.

Four Exelixis (Nasdaq: EXEL) officers purchased over $1 million worth of common shares in August.

Second quarter earnings for Jos. A. Bank Clothiers (Nasdaq: JOSB) climbed to beat expectations as revenue rose.

Apple (Nasdaq: AAPL) unveiled new iPod features and introduced a lower priced, redesigned Apple TV.

The Securities and Exchange Commission's investigation into KB Home (NYSE: KBH) for possible accounting violations ended with no enforcement action.

JMP Securities analyst Alex Gauna downgraded Research in Motion (Nasdaq: RIMM) and lowered second quarter as well as fiscal 2012 earnings estimates citing competition from Android smartphones and Apple's (Nasdaq: AAPL) iPhones but the stock price climbed.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 1 on the NYSE and by nearly 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks jumped 22 points to 624.

Manufacturing Activity Expands, Markets Soar

2010-09-01T17:15:04Z

Manufacturing activity expanded more than expected in August to boost the markets during the midday with the Dow surging 238 points to 10,253. Nasdaq jumped 58 points to 2172.

On the upside

Human resources technology company Kenexa (Nasdaq: KNXA) offered $80 million in cash to acquire Salary.com (Nasdaq: SLRY).

Needham analyst Scott Zeller upgraded Blue Coat Systems (NYSE: BCSI) to a Buy rating citing the appointment of Mike Borman to the position of chief executive.

G-III Apparel Group (Nasdaq: GIII) reveresed year ago losses to post an unexpected profit for the second quarter and the company lifted its full year guidance.

Fiber optic network operator 360networks augmented its network with Sonus Networks' (Nasdaq: SONS) Sonus NBS-9000 Network Border Switch to increase capacity and functionality.

On the downside

Shares of beauty products retailer Ulta Salon (Nasdaq: ULTA) dropped ahead of its earnings release tomorrow.

LTX-Credence (Nasdaq: LTXC) reversed year ago losses to post a better than expected profit for the fourth quarter but the company forecast current quarter earnings on the low end of expectations.

In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 17 points to 619.

Surprise Gain In Manufacturing Activity Lifts Markets To Sharply Higher Open

2010-09-01T13:42:07Z

A surprising gain in manufacturing activity lifted the markets to a sharply higher open with the Dow leaping 228 points to 10,242. Nasdaq soared 54 points to 2168.

On the upside

The Wall Street Journal reported that Burger King (NYSE: BKC) entered discussions with private equity firms for a possible sale of the fast food chain.

H. J. Heinz (NYSE: HNZ) reported higher first quarter earnings that topped analyst estimates as sales in Asia surged.

Sunrise Senior Living (NYSE: SRZ) will receive $50 million from HCP in a settlement and restructuring agreement.

On the downside

J.P. Morgan analyst Charles Grom downgraded Saks (Nasdaq: SKS) saying that luxury spending is poised to weaken.

Charming Shoppes (Nasdaq: CHRS) disappointed by swinging to a second quarter loss as sales dropped.

Accuray (Nasdaq: ARAY) reported higher fourth quarter earnings and revenue but the stock price fell.

In the broad market, advancing issues outpaced decliners by a margin of nearly 8 to 1 on the NYSE and by more than 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 15 points to 617.

Flat Close As Fed Minutes Reveal Economy Weaker Than Expected

2010-08-31T20:28:10Z

The markets retreated to close flat after the release of Federal Reserve meeting minutes revealed that officials admitted that the economy was weaker than they had expected. The Dow added 4 points to 10,044 while Nasdaq slipped 5 points to 2114.

On the upside

HSBC analyst Yolanda Wang expects Spreadtrum (Nasdaq: SPRD) to pick up Infineon (NYSE: IFX) 2G clients after Intel (Nasdaq: INTC) acquires Infineon's wireless unit.

Rex Energy (Nasdaq: REXX) announced a joint venture agreement to sell part of its interest in the Marcellus Shale to Sumitomo while maintaining operations at the site.

Ousted former Hewlett-Packard chief executive Mark Hurd will leave the boad of directors of News Corp. (NYSE: NWSA) at the end of his term.

On the downside

Origin Agritech (Nasdaq: SEED) reported higher fourth quarter earnings but revenue dropped.

Motley Fool Global Gains recommended China Green Agriculture (NYSE: CGA) and said that company growth is sustainable but the stock price fell.

Bernstein Research analyst Pierre Ferragu lowered his price target for Research In Motion (NYSE: RIMM) and cut his earnings estimate for fiscal 2011 and 2012.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 602.

Consumer Confidence Rises More Than Expected, Markets Advance

2010-08-31T17:06:19Z

The markets traded higher during the midday with the Dow gaining 34 points to 10,044 as consumer confidence climbed more than expected last month. Nasdaq edged up a point to 2122.

On the upside

Billionaire investor Carl Icahn increased his offer to purchase Lions Gate Entertainment (NYSE: LGF) by $1 per share to $7.50 per share.

Motley Fool CAPS investment community upgraded Hecla Mining (NYSE: HL) to a four star stock.

Ferro (NYSE: FOE) purchased all of its 6.50% convertible notes that expired August 30 at midnight.

On the downside

Winn-Dixie (Nasdaq: WINN) reported higher fourth quarter earnings due to a longer quarter but same store sales fell and the grocery store chain forecast full year results that fell short of expectations.

Isle of Capri Casinos (Nasdaq: ISLE) disappointed by swinging to an unexpected loss for the first quarter as revenue slipped while expenses rose.

The Canadian government selected Textron (NYSE: TXT) to submit a bid to supply Tactical Armored Patrol Vehicles to the Canadian military but the stock price fell.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 604.

Surprise Gain In Consumer Confidence Lifts Markets To Higher Open

2010-08-31T13:31:33Z

A strong gain in consumer confidence lifted that markets to a higher open with the Dow rising 26 points to 10,036. Nasdaq added 3 points to 2123.

On the upside

An article in the Daily Mail said that a consortium of private equity firms from the United States and the United Kingdom was prepared to offer $1.7 billion for Saks (NYSE: SKS).

Rising gold prices lifted shares of Goldcorp (NYSE: GG).

Energy Conversion Devices (Nasdaq: ENER) reported a narrower than expected loss for the fourth quarter as revenue surged.

On the downside

Mediacom Communications Corp. (Nasdaq: MCCC) founder, chairman and chief executive Rocco B. Commiso withdrew his offer to purchase the company.

Monsanto (NYSE: MON) announced that it will eliminate an additional 700 positions and warned that full year earnings will be at the low end of its previous guidance.

L-1 Identity Solutions (NYSE: ID) amended its credit agreement to extend the time period during which modified financial covenants will apply.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by nearly 4 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 601.

Markets Tumble As Personal Incomes Rise Less Than Expected

2010-08-30T20:35:23Z

Personal incomes inched up by a smaller than expected 0.2% last month to send the markets tumbling to a lower close with the Dow plunging 140 points to 10,009. Nasdaq plummeted 33 points to 2119.

On the upside

Ceragon Networks (Nasdaq: CRNT) announced that a leading Indian operator ordered its advanced FibeAir(R) platform.

The European Commmission's Seventh Framework Program selected Pluristem Therapeutics' (Nasdaq: PSTI) PLX cell therapy, which uses stem cells from human placenta rather than controversial embryonic stem cells, to discover a treatment for diastolic heart failure.

Genzyme (Nasdaq: GENZ) rejected Sanofi-Aventis' $18.5 billion acquisition offer as too low.

On the downside

Fortress Investment Group (NYSE: FIG) chief executive Daniel Mudd, chief financial officer Daniel Bass, general counsel David Brooks and chief accounting officer Jonathan Brown all sold company stock last week.

Ku6 Media (Nasdaq: KUTV) disappointed by widening second quarter losses.

Standard & Poor's analyst Clyde Montevirgen downgraded Nvidia (Nasdaq: NVDA) saying that demand for consumer PCs has continued to weaken.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 15 points to 601.

Personal Income Rises Less Than Expected, Markets Lower

2010-08-30T17:04:43Z

A disappointingly small gain in July personal income weighed the markets down during the midday with the Dow falling 58 points to 10,091. Nasdaq dropped 13 points to 2139.

On the upside

Healthcare technology solutions company ADAM (Nasdaq: ADAM) will be acquired by insurance industry e-commerce solutions provider Ebix (Nasdaq: EBIX) for approximately $66 million in stock.

Phoenix Technologies (Nasdaq: PTEC) received an unsolicited $150 billion bid to purchase the company.

BMO Capital Markets upgraded Noble Energy (NYSE: NBL) to an Outperfrom rating.

On the downside

Intel (Nasdaq: INTC) will pay approximately $1.4 billion to acquire Infineon's wireless chip business.

Credit Suisse cut its earnings estimates on Advanced Micro Devices (NYSE: AMD) and Micron Technology (NYSE: MU).

Susquehanna Financial Group cited a downturn in the semiconductor sector for downgrading Texas Instruments (NYSE: TXN).

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 610.

Lower Open As Personal Income Disappoints

2010-08-30T13:47:25Z

Consumer spending posted a strong 0.4% increase in July but personal income rose by a less than expected 0.2%. The markets opened lower with the Dow losing 50 points to 10,100 while Nasdaq fell 11 points to 2142.

On the upside

3M (NYSE: MMM) will pay approximately $943 million to acquire automated fingerprint identification systems company Cogent (Nasdaq: COGT).

Hewlett-Packard (NYSE: HPQ) announced a plan to buy back up to $10 billion worth of common shares.

The Justice Department granted antitrust approval to United Airlines parent UAL's (Nasdaq: UAUA) acquisition of Continental Airlines (NYSE: CAL) after Continental gave 18 of its roundtrip slots at Newark Liberty to Southwest.

On the downside

DG Fast Channel (Nasdaq: DGIT) forecast third quarter as well as full year results below analyst expectations.

A Superior Court denied Skilled Healthcare Group's (NYSE: SKH) motion for a mistrial in a lawsuit that alleged Skilled Healthcare violated safety codes with inadequate staffing.

Jefferies & Co. downgraded Lululemon Athletica (Nasdaq: LULU) to an Underperform rating.

In the broad market, declining issues outpaced advancers by a margin of 5 to 3 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 613.

Fed Will Jumpstart Economy, Markets Soar

2010-08-27T20:23:46Z

Federal Reserve chairman Ben Bernanke reassured investors that the Fed will take necessary actions to jumpstart the stalled economic recovery. The markets closed sharply higher with the Dow leaping 164 points to 10,150 while Nasdaq surged 34 points to 2153.

On the upside

Dollar Financial (Nasdaq: DLLR) narrowed fourth quarter losses more than expected as revenue climbed.

WPCS International (Nasdaq: WPCS) affirmed that it received a buyout offer from Riley Group.

Healthspring (NYSE: HS) will purchase Bravo Health, a Medicare plans operator, for approximately $545 million.

On the downside

International Rectifier (NYSE: IRF) reported fourth quarter earnings that slipped as expenses rose.

Net 1 UEPS Technologies (Nasdaq: UEPS) disappointed by swinging to a loss for the fourth quarter.

Shares of SanDisk (Nasdaq: SNDK) tumbled after Bank of America/Merrill Lynch analyst Simon Dong-ye Woo said that prices for TLC NAND memory chips have dropped 20% this quarter.

In the broad market, advancing issues outpaced decliners by a margin of nearly 9 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks jumped 17 points to 616.

Markets Soar As Economy Expands

2010-08-27T17:09:58Z

Investors greeted news that the economy expanded, although at a slower pace, by boosting the markets higher during the midday with the Dow surging 125 points to 10,111. Nasdaq climbed 24 points to 2142.

On the upside

Two analyst upgraded SunPower (Nasdaq: SPWRA) citing strong revenue growth.

The bidding war between Hewlett-Packard (NYSE: HPQ) and Dell (Nasdaq: DELL) for 3Par (NYSE: PAR)lifted shares of rival data storage firm Compellent Technologies (NYSE: CML).

Micros Systems (Nasdaq: MCRS) reported higher fourth quarter earnings that beat analyst expectations as revenue climbed.

On the downside

Shares of A-Power Energy (Nasdaq: APWR) continued falling after reporting second quarter earnings that fell far short of analyst expectations yesterday.

Frontline (NYSE: FRO) warned that third quarter results will drop sequentially and said that an increasing supply of oil tankers will negatively impact earnings.

Shares of Guess (NYSE: GES) continued falling after lowering its full year guidance Wednesday after market close.

In the broad market, advancing issues outpaced decliners 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 climbed 8 points to 607.

Higher Open Even As Economic Growth Slows

2010-08-27T13:52:17Z

The nation's economic growth slowed in the second quarter to a pace of 1.6% but the markets opened higher with the Dow rising 21 points to 10,007 as investors welcomed even a modest expansion of the troubled economy. Nasdaq added 3 points to 2122.

On the upside

Hewlett-Packard (NYSE: HPQ) increased its offer for 3Par (NYSE: PAR) to $1.88 billion after Dell (Nasdaq: DELL) raised its offer to match HP's previous bid of $1.69 billion.

Second quarter earnings for Netezza (NYSE: NZ) surged four-fold to surpass analyst expectations as revenue climbed and the data storage company lifted its full year revenue growth.

Aruba Networks (Nasdaq: ARUN) swung to a better than expected profit for the fourth quarter as the company increased customers.

On the downside

The Food and Drug Administration denied accelerated approval for Immunogen's (Nasdaq: IMGN) breast cancer treatment T-DM1.

Although J. Crew (NYSE: JCG) reported sharply higher second quarter earnings that beat expecations, the specialty retailer lowered its full year guidance.

Second quarter earnings for Tiffany & Co. (NYSE: TIF) rose but revenue fell short of estimates.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 2 on the NYSE and by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 597.