October 2007 Archives

Shares of Garmin (Nasdaq: GRMN) plummeted $13.08 to close at $107.40 on worries that a bidding war with Tomtom to buy Tele Atlas may result in paying more than $3.3 billion for the digital map maker.

Newmont Mining Corp. (NYSE: NEM) reported third quarter earnings that doubled to 88 cents per share from 44 cents per share a year earlier due to one time gains.  Shares of the world's largest producer of gold soared $4.46 to close at $50.90.

Strong sales growth lifted second quarter earnings to 83 cents per share from 75 cents per share a year earlier for McKesson (NYSE: MCK).  The results beat expectations prompting an analyst upgrade.  Shares of the drug distributor leaped $7.55 to close at $66.10.

First Consulting Group Inc. (Nasdaq: FCGI) agreed to be acquired by Computer Sciences Corp. (NYSE: CSC) for approximately $352.3 million.  Shares of First Consulting climbed $2.71 to close at $12.69 while Computer Sciences stock rose $1.04 to close at $58.39.

SiRF Technology Holdings Inc. (Nasdaq: SIRF) posted third quarter results that beat targets while analysts upgraded the wireless chip maker.  The stock price jumped $6.51 to close at $29.81.

MasterCard Inc. (NYSE: MA) announced sharply higher revenues and earnings that soared to $2.31 per share from $1.42 per share in the year ago period as the credit card processor made strides overseas in emerging markets.  The stock price leaped $32.76 to close at $189.91.

 

Shares of WellCare Health Plans Inc. (NYSE: WCG) plunged another $6.58 to close at $22.04 after New York State regulators initiated a review of the company's Medicaid contracts.  The managed care services provider is already under investigation by the SEC, FBI, Department of Health and Human Services, and Florida's Medicaid Fraud Control unit.

While American Medical Systems Holdings Inc. (Nasdaq: AMMD) swung to a third quarter profit of 9 cents per share compared with losses of 84 cents per share last year, the results missed expectations.  Shares of the medical device maker plummeted $4.95 to close at $12.03.

Sepracor Inc. (Nasdaq: SEPR) posted lower profits of 37 cents per share compared with 56 cents per share last year that beat estimates while announcing plans to submit three new applications to the FDA during the fourth quarter.  Shares of the prescription drug maker soared $3.71 to close at $26.73.

While a tax benefit lifted third quarter earnings for Qwest Communications International Inc. (NYSE: Q) to $1.08 per share from 9 cents per share in the year ago period, revenue fell.  The stock price dropped $1.12 to close at $7.06.

Smith & Wesson Holding Corp. (Nasdaq: SWHC) released preliminary second quarter results that missed estimates and slashed its full year guidance sending shares of the gun manufacturer plummeting $7.97 to close at $12.12.

On Semiconductor Corp. (Nasdaq: ONNN) reported lower third quarter earnings of 20 cents per share compared with 23 cents per share a year earlier that fell short of expectations and forecast disappointing fourth quarter results.  Shares of the power and data management semiconductor maker tumbled $1.97 to close at $10.22.

Soaring oil prices lifted shares of solar cell maker China Sunergy Co. Ltd. (Nasdaq: CSUN) $2.38 to close at $11.51.

Shares of photovoltaic cell maker Suntech Power Holdings Co. Ltd. (NYSE: STP) surged $7.02 to close at $62.18 as crude oil prices soared to new highs.

Third quarter earnings for CTC Media Inc. (Nasdaq: CTCM) more than doubled to 11 cents per share compared with 5 cents per share last year as advertising revenue climbed.  Shares of the Moscow based television station operator jumped $4.14 to close at $25.72.

Countrywide Financial Corp. (NYSE: CFC) pulled back from Friday's record rally by slipping 47 cents to close at $16.83 as an analyst downgraded the stock due to persistent doubts about the housing market's imminent recovery.

Office Depot Inc. (NYSE: ODP) delayed the release of its third quarter earnings while its audit committee reviews vendor program funds.  Shares of the office supplies retailer plunged $2.86 to close at $17.43.

Winn-Dixie Stores Inc. (Nasdaq: WINN) narrowed first quarter losses to a penny per share from 17 cents per share a year earlier as margins improved and costs declined.  The results beat expectations by 22 cents sending shares of the grocery store operator climbing $3.55 to close at $22.17.

Waste Management Inc. (NYSE: WMI) blamed a labor dispute as well as higher crude oil prices for a drop in third quarter earnings to 54 cents per share compared with 55 cents per share a year earlier.  The garbage hauler also lowered its full year outlook sending the stock price tumbling $3.02 to close at $36.01.

MEMC Electronic Materials (NYSE: WFR) reported sharply higher third quarter earnings of 65 cents per share compared with 40 cents per share in the year ago period.  Shares of the silicon wafer maker leaped $11.78 to close at $71.08.

WellCare Health Plans Inc. (NYSE: WCG) continued to sell off after few details emerged from a raid of the company's headquarters by federal agents.  The stock price plummeted $11.31 to close at $31.36.

Shares of BEA Systems Inc. (Nasdaq: BEAS) fell $1.03 to close at $16.50 after the company flatly rejected the $17 a share bid by Oracle Corp. (Nasdaq: ORCL).  Oracle stock edged up 35 cents to close at $21.35.

Countrywide Financial Corp. (NYSE: CFC) posted a third quarter loss of $1.2 billion, its first quarterly loss in 25 years, but suggested that it will be profitable this quarter and through 2008.  Shares of the nation's largest mortgage lender soared $4.23 to close at $17.30.

Microsoft Corp. (Nasdaq: MSFT) shares traded at their highest levels in more than 5 years as the software giant reported better than expected revenues and earnings due to strong Vista operating system sales and a successful video game title launch.  Earnings soared to 45 cents per share from 35 cents per share in the year ago period sending the stock price soaring $3.04 to close at $35.03.

Although third quarter earnings for Vasco Data Secutiry International Inc. (Nasdaq: VDSI) rose to 15 cents per share from 9 cents per share last year, the results fell short of expectations sending the stock price plummeting $13.43 to close at $26.13.

Shares of Ulta Salon, Cosmetics & Fragrance Inc. (Nasdaq: ULTA) leaped $11.82 to close at $29.82 in its market debut.

Suntech Power Holdings Co. Ltd. (NYSE: STP) signed a seven year fixed price contract to purchase $1.5 billion worth of polysilicon at price low enough to produce solar power that is competitive with grid power.  The stock price leaped $7.73 to close at $54.67.

Despite strong third quarter earnings of 13 cents per share compared with losses of 16 cents per share a year earlier, analysts downgraded Align Technology Inc. (Nasdaq: ALGN) after the company forecast fourth quarter results below expectations.  The stock price plummeted $9.63 to close at $19.07.

Akamai Technologies Inc. (Nasdaq: AKAM) reported higher third quarter earnings of 13 cents per share compared with 8 cents per share in the year ago period and lifted its full year guidance.  Shares of the online content delivery company surged $4.16 to close at $37.13.

The Federal Bureau of Investigation, the Department of Health and Human Services and the Floriday Attorney General's Medicare fraud division raided the headquarters of WellCare Health Plans Inc. (NYSE: WCG) on Wednesday.  No details were released regarding the nature of the investigation.  Shares of the managed healthcare services provider plummeted $72.50 to close at $42.67.

Wall Street Journal reported increasing delinquencies of option adjustable rate mortgages originated by Countrywide Financial Corp. (NYSE: CFC) sending shares of the nation's largest mortgage lender tumbling $1.22 to close at $13.83.

Riverbed Technology Inc. (Nasdaq: RVBD) swung to a third quarter profit of 4 cents per diluted share compared with losses of 16 cents per share last year but analysts were disappointed that the results merely met expectations rather than beat estimates.  The stock price plummeted $13.35 to close at $34.61.

QLogic Corp. (Nasdaq: QLGC) reported lower second quarter earnings of 16 cents per diluted share compared with 19 cents per share last year but revenue surpassed expectations lifting shares of the storage networking solutions provider $1.49 to close at $14.97.

Merrill Lynch & Co. (NYSE: MER) revealed that it was overexposed to subprime mortgages and took a $7.9 billion charge which resulted in sharp third quarter losses of $2.82 per share compared with earnings of $3.50 per share last year.  Shares of the world's largest brokerage tumbled $3.90 to close at $63.22.

Although third quarter earnings for Paccar Inc. (Nasdaq: PCAR) fell to 81 cents per share compared with $1.07 per share in the year ago period due to soft demand, the results beat expectations by 4 cents.  Shares of the commercial trucks and parts maker soared $5.84 to close at $56.22.

Shares of Transmeta Corp. (Nasdaq: TMTA) leaped $9.75 to close at $13.93 after the chip designer settled a patent lawsuit with Intel Corp. (Nasdaq: INTC) which will pay $150 million and a perpetual annual payment of $20 million for use of Transmeta's portfolio of patents.  Shares of Intel eased 79 cents to close at $26.01.