December 2007 Archives

Temple-Inland Inc. (NYSE: TIN) completed the spin-off of its financial services group Guaranty Financial Group Inc. (NYSE: GFG) and its real estate unit Forestar Real Estate Group Inc. (NYSE: FOR).  Shares of Temple-Inland leaped $3.24 to close at $20.85 while Guaranty Financial stock climbed $1.50 to close at $16.00.  The stock price of Forestar Real Estate gained 99 cents to close at $23.59.

Generic versions of key products rattled investors of drug developer Salix Pharmaceuticals Ltd. (Nasdaq: SLXP) sending the stock price tumbling $1.13 to close at $7.88.

Shares of Centerline Holding Co. (NYSE: CHC) continued to lose ground by falling 8 cents to close at $7.62 after the company dumped its bond portfolio to reinvent itself as an investment manager.

Cogent Inc. (Nasdaq: COGT) received negative coverage in the latest issue of Barron's which cited the biometrics product maker's reliance on government contracts.  The stock price dropped 48 cents to close at $11.15.

Hong Kong-based jewelry manufacturer and retailer LJ International Inc. (Nasdaq: JADE) posted higher revenues and earnings late last week sending the stock price soaring $2.25 to close at $5.72.

Transmeridian Exploration Inc. (NYSE: TMY) received a $3 per share tender offer from its CEO to take the oil and natural gas company private.  The stock price leaped 57 cents to close at $1.97.

Christopher & Banks Corp. (NYSE: CBK) blamed a weak retail environment for lowering its fourth quarter outlook and warned that December same store sales will drop.  Shares of the women's clothing retailer tumbled $1.76 to close at $11.16.

Centerline Holding Co. (NYSE: CHC) cut its dividend while selling off its bond portfolio to the original investors sending the stock price plummeting $2.57 to close at $7.70.

Shares of Theravance Inc. (Nasdaq: THRX) tumbled $1.97 to close at $19.33 and hit a new 2-year low after the FDA announced a new review of the company's skin infection drug candidate.

Shares of MBIA Inc. (NYSE: MBI) plunged $3.53 to close at $18.74 and Ambac Financial Group Inc. (NYSE: ABK) tumbled $4.02 to close at $25.12 on worries that the bond insurers may be getting new competition from Warren Buffett.

China-based online gaming and Internet portal company CDC Corp. (Nasdaq: CHINA) announced that it has bought back nearly 3 million shares of stock this year lifting the stock price 84 cents to close at $4.95.

Cal Maine Foods Inc. (Nasdaq: CALM) posted sharply higher second quarter profits of $1.69 per share compared with 27 cents per share in the year ago period as egg prices set new record highs.  Shares of the egg producer soared $1.47 to close at $27.32.

The Office of Federal Housing Enterprise Oversight reported that Freddie Mac (NYSE: FRE) was adequately capitalized as if September 30 sending the stock price up $1.28 to close at $33.70.

United Community Banks (Nasdaq: UCBI) which operates community banks in Georgia, North Carolina and Tennessee, lowered its guidance due to higher than expected loan losses sending the stock price tumbling $2.47 to close at $15.26.

Fiber-optics company Avanex Corp. (Nasdaq: AVNX) expects lower revenues due to the loss of a distribution partner.  The stock price skidded 40 cents to close at 97 cents.

Analysts raised concerns that Citigroup Inc. (NYSE: C) may cut its dividend and write off as much as $18.7 billion in the fourth quarter.  The stock price slipped 89 cents to close at $29.56.

Data storage provider EMC (NYSE: EMC) offered $85 million to buy Document Sciences Corp. (Nasdaq: DOCX).  Shares of EMC eased 46 cents to close at $18.50 while Document Sciences stock leaped $6.26 to close at $14.49.

China's commitment to renewable energy lifted shares of solar-cell maker China Sunergy Co. Ltd. (Nasdaq: CSUN) $2.53 to close at $17.88.

American Technology Research analyst John Hardy issued a client note with an upbeat view of the alternative energy sector sending shares of China Sunergy Co. Ltd. (Nasdaq: CSUN) soaring $4.31 to close at $15.35.

Shares of Costco Wholesale Corp. (Nasdaq: COST) slipped 17 cents to close at $70.59 along with the rest of the retail sector despite positive comments by its CFO about its holiday sales results and inventory situation.

Target Corp. (NYSE: TGT) warned that it may post a decline in December sales versus year-ago levels.  Shares of the discount retailer dropped $1.31 cents to close at $51.16.

Shares of Orion Energy Systems Inc. (Nasdaq: OESX) extended gains by climbing $1.14 to close at $20.48 after a successful IPO on Tuesday.

Ultralife Batteries Inc. (Nasdaq: ULBI) received a $40 million order from an unspecificed defense contractor sending shares of the battery maker soaring $2.77 to close at $19.52.

Royal Philips Electronics (NYSE: PHG) offered approximately $5.1 billion to acquire medical device maker Respironics Inc. (Nasdaq: RESP).  Shares of Respironics jumped $12.21 to close at $65.32 while Philips stock slipped $1.03 to close at $43.12.

Jabil Circuit Inc. (NYSE: JBL) forecast second quarter earnings below analyst estimates.  Shares of the electronics manufacturing services solutions company plunged $3.99 to close at $14.43.

McCormick & Schmick's Seafood Restaurants Inc. (Nasdaq: MSSR) blamed weak traffic for lowering both its fourth qaurter as well as its full year outlook sending the stock price falling 74 cents to close at $12.49.

Shares of Genitope Corp. (Nasdaq: GTOP) continued to fall by tumbling $1.77 to close at an all time low of 82 cents after a failed drug trial for its cancer vaccine MyVax.

The Capital Partners unit of Goldman Sachs Group Inc. (NYSE: GS) will invest up to $260.5 million in student load services provider First Marblehead Corp. (NYSE: FMD).  Shares of First Marblehead leaped $7.46 to close at $18.70 while Goldman Sachs stock soared $6.93 to close at $209.60.

Genitope Corp. (Nasdaq: GTOP) reported that its lymphoma vaccine MyVax failed to prevent the spread of cancer in a phase III trial sending the stock price plummeting $1.65 to close at $2.59.

Array BioPharma Inc. (Nasdaq: ARRY) reported that its cancer treatment ARRY-886 failed three separate clinical trials sending the stock price plunging $3.06 to close at $7.96.

Analysts downgraded Altus Pharmaceuticals Inc. (Nasdaq: ALTU) after the company terminated its partnership with Genentech Inc. (NYSE: DNA) to develop and market its human growth hormone ALTU-238.  Shares of Altus plummeted $4.38 to close at $5.50 while Genentech stock edged up 63 cents to close at $67.96.

Pier 1 Imports Inc. (NYSE: PIR) narrowed third quarter losses to 11 cents per share from 83 cents per share in the year ago period as expenses dropped.  An analyst upgraded the home furnishings retailer sending the stock price soaring $1.35 to close at $5.30.

Investors worried about rising credit protection costs at MBIA Inc. (NYSE: MBI) which has significant exposure to more than $30 billion of collateralized debt obligations.  The stock price plunged $7.07 to close at $19.95.

Rite Aid Corp. (NYSE: RAD) continued to struggle as its quarterly losses widened to 12 cents per share compared with a penny per share a year earlier.  The pharmacy retail store operator lowered its 2008 forecast for a second time sending the stock price plummeting $1.30 to close at $2.80.

CarMax Inc. (NYSE: KMX) blamed higher financing costs for third quarter earnings that dropped to 14 cents per share from 21 cents per share in the year ago period and lowered its 2008 earnings outlook.  Shares of the used car retailer tumbled $1.52 to close at $20.09.

Darden Restaurants Inc. (NYSE: DRI) reported lower second quarter earnings of 30 cents per share compared with 41 cents per share in the year ago period and forecast 2008 results below estimates prompting a downgrade.  Shares of the casual dining chain operator plummeted $7.74 to close at $28.60.

ADC Telecommunications Inc. (Nasdaq: ADCT) will offer $400 million in convertible subordinated notes.  The stock price dropped $2.29 to close at $15.43.

Dougherty & Company downgraded Force Protection Inc. (Nasdaq: FRPT) after the company received a smaller than expected contract from the Defense Department.  The stock price plummeted 98 cents to close at $4.93.

Sallie Mae (NYSE: SLM) lowered its 2008 profit forecast which would lower its chances of getting a $900 million breakup fee from a failed acquisition of the student loan originator.  The stock price plunged $5.98 to close at $23.99.

Chemtura Corp. (NYSE: CEM), which makes chemical products for crop protection and pool maintenance, planned to review strategic options for the firm sending the stock price up 71 cents to close at $7.83.

Housewares retailer Tuesday Morning Corp. (Nasdaq: TUES) lowered its 2008 outlook on expectations of slower same-store sales growth in the low single digits.  The stock price plunged $1.75 to close at $4.78.

Emcore Corp. (Nasdaq: EMKR) will pay $85 million to acquire Intel Corp.'s (Nasdaq: INTC) telecom assets from the optical platform division.  Shares of Emcore soared $2.26 to close at $13.90 while Intel stock edged up 19 cents to close at $25.91.

J. P. Morgan downgraded Starent Networks Corp. (Nasdaq: STAR) sending the stock price plummeting $5.13 to close at $17.75.

Canaccord Adams upgraded Quicksilver Resources Inc. (NYSE: KWK) after natural gas and oil company unveiled a $885 million spending plan for 2008.  The stock price leaped $8.24 to close at $57.66.

Royal Philips Electronics NV (NYSE: PHG) will acquire Visicu Inc. (Nasdaq: EICU) for $430 million in cash.  Shares of Visicu leaped $2.91 to close at $11.77 while Royal Philips stock edged up 88 cents to close at $43.20.

Epix Pharmaceuticals Inc.'s (Nasdaq: EPIX) Alzheimer's treatment PRX-03140 improved patient memory in a midstage short term drug trial sending the stock price soaring $1.05 to close at $4.02.

ACI Worldwide Inc. (Nasdaq: ACIW) reported lower revenue and forecast fourth quarter results well below estimates.  The stock price plummeted $3.88 to close at $19.63.

Ambac Financial Group Inc. (NYSE: ABK) is continuing its investigation into solutions to expand its capital position sending shares of the bond insurer soaring $3.85 to close at $26.66.

Citi Investment Research analyst Mark Mahaney downgraded Priceline.com Inc. (Nasdaq: PCLN) citing valuation concerns sending shares of the online travel company plummeting $7.86 to close at $109.31.

Trading in Dendreon Corp. (Nasdaq: DNDN) remained volatile as investors mulled over the possibility of a congressional probe into the hastily withdrawn approval of a promising cancer drug which had received strong market support from cancer patients.  The stock price dropped 80 cents to close at $6.53.

Houston-based oil drilling equipment maker, Grant Prideco Inc. (NYSE: GRP), received a $7.37 billion bid from National Oilwell Varco Inc. (NYSE: NOV).  Shares of Grant Prideco jumped $6.45 to close at $53.91 while National Oilwell stock plummeted $6.68 to close at $70.69.

Trane Inc. (NYSE: TT) received a $10.1 billion offer from Ingersoll-Rand Co. (NYSE: IR) to combine their air conditioner business.  Shares of Trane leaped $8.04 to close at $45.24 while Ingersoll-Rand stock plunged $5.58 to close at $43.60.

Passage of the Senate's energy bill lifted shares of JA Solar Holdings Co. Ltd. (Nasdaq: JASO) despite the elimination of mandate requiring utilities to produce 15% of electricity from renewable sources by 2020.  The stock price leaped $6.83 to close at $69.85.

Outdoor apparel and equipment maker QuickSilver Inc. (NYSE: ZQK) lowered its revenue and earnings guidance for 2008.  Analysts issued conflicting opinions about the company's prospects sending the stock price tumbling $1.26 to close at $8.91.

BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) raised the expected price of a newly-approved drug to treat a genetic disorder for people unable to metabolize certain proteins.  The stock price leaped $6.68 to close at $36.44.

Black & Decker Corp. (NYSE: BDK) blamed the nation's construction slowdown and a one-time charge for slashing its fourth quarter guidance.  Shares of the power tool maker plunged $6.82 to close at $73.31.

Evergreen Solar Inc. (Nasdaq: ESLR) signed a 10-year supply agreement for polysilicon with Silicium de Provence S. A. S. while UBS initiated coverage of the solar cell maker with a Buy rating.  The stock price climbed $1.50 to close at $16.61.

The chief executive of Force Protection Inc. (Nasdaq: FRPT) responded to rumors and speculation to reassure investors that the company's client list was diverse and not dominated by a single customer.  Shares of the armored vehicle maker leaped $1.59 to close at $6.85.

Several members of Congress questioned the FDA's review of Dendreon Corp.'s (Nasdaq: DNDN) prostate cancer treatment Provenge saying that two panel advisors had financial ties to Dendreon rivals.  An investigation into the panel's rejection Provenge was requested sending shares of the biotechnology firm soaring $1.34 to close at $6.98.

Biogen Idec Inc. (NYSE: BIIB) ended its search for a buyer after a two month process that failed to produce any offers sending the stock price plummeting $17.97 to close at $57.91.

American Dental Partners Inc. (Nasdaq: ADPI) may have to pay compensatory damages of $88.3 million after a jury found the company liable for breaching a service agreement.  Shares of the provider of business services to dental offfices lost more than half their value by plunging $9.72 to close at $4.62.

The Food and Drug Administration requested more data from Neurocrine Biosciences Inc. (Nasdaq: NBIX) for its insomnia treatment indiplon.  It was the second time that the FDA declined to approve the drug.  Shares of Neurocrine plummeted $5.00 to close at $5.25.

An article on the New York Times website said that Lufthansa was negotiating with JetBlue Airways Corp. (Nasdaq: JBLU) to purchase a stake in the company.  Shares of the airliner climbed 90 cents to close at $7.15.

Rigel Pharmaceuticals Inc. (Nasdaq: RIGL) reported positive midstage trial results for its rheumatoid arthritis treatment R788.  The stock price more than doubled by jumping $17.95 to close at $25.95.

Stanford Research initiated coverage on Force Protection Inc. (Nasdaq: FRPT) with a Sell rating sending the stock price plummeting $1.83 to close at $4.99.

Maguire Properties Inc. (NYSE: MPG) is exploring strategic options including the possibility of selling the company.  Shares of the real estate investment trust soared $2.94 to close at $28.20.

Wachovia Corp. (NYSE: WB) warned that its troubled loan portfolio may trigger write-downs of about $1 billion in the fourth quarter and impact results well into next year prompting a downgrade from Merrill Lynch.  The stock price dropped $1.42 to close at $40.53.

Sallie Mae (NYSE: SLM) offered an update to the dispute between the student loan provider and a private equity firm offering to buy the company.  The student lender also cut its fourth quarter forecast as well as its 2008 guidance sending the stock price plunging $3.45 to close at $28.49.

AT&T Inc. (NYSE: T) announced plans to offer RFID and GPS solutions to track vehicles and equipment in the K-12 education segment sending the stock price climbing $2.25 to close at $41.71.

Nextest Systems Corp. (Nasdaq: NEXT) received a $379 million offer from Teradayne Inc. (NYSE: TER) to buy the maker of flash memory testing equipment.  Shares of Nextest leaped $7.55 to close at $19.54 while Teradyne stock edged up a penny to close at $10.99.

Analysts downgraded Panacos Pharmaceuticals Inc. (Nasdaq: PANC) after the company released disappointing trial results for its HIV treatment bevirimat.  Shares of the biotechnology company plunged $1.29 to close at 80 cents.

AT&T Inc. (NYSE: T) will increase its dividend to 40 cents per share from 35.5 cents per share, repurchase up to 400 million shares of common stock and will expand its U-verse television service to be available to 30 million customers by 2010.  The stock price climbed $1.56 to close at $39.46.

Medarex Inc. (Nasdaq: MEDX) said a cancer drug missed its main goal in one of three studies sending shares of the biopharmaceutical plummeting $2.79 to close at $10.56.

Washington Mutual Inc. (NYSE: WM) slashed its dividend while closing offices and letting go more than 3000 workers.  The nation's largest savings and loan may also get diluted through a $2.5 billion convertible preferred stock offering sending the stock price tumbling $2.46 to close at $17.42.

FuelCell Energy Inc. (Nasdaq: FCEL) posted sharply higher revenues and a smaller loss of 25 cents per share compared with 47 cents per share a year earlier.  Analysts promptly upgraded the stock citing a better than expected product backlog.  The stock price climbed $1.65 to close at $11.85.

Shares of Genesis Microchip Inc. (Nasdaq: GNSS) surged $3.09 to close at $8.49 after Swiss semiconductor maker STMicroelectronics NV offered $336 million to buy the company.

Overstock.com Inc. (Nasdaq: OSTK) warned that fourth quarter margins will be lower than expected due to discounting and sales promotions sending the stock price plummeting $5.10 to close at $18.74.

High flying LDK Solar Co. Ltd. (NYSE: LDK) entered into a 10-year contract to deliver solar wafers to Q-Cells AG who will prepay to finance the solar energy product maker.  The stock price leaped $13.06 to close at $58.81.

Celgene Corp. (Nasdaq: CELG) reported disappointing results from two late stage trials of its blood cancer treatment Revlimid sending shares of the biopharmaceutical plummeting $8.18 to close at $49.18.

Private equity firm Warburg Pincus will invest up to $1 billion in MBIA Inc. (NYSE: MBI).  Shares of the bond insurer climbed $3.95 to close at $33.95.

Japanese drug maker Eisai Co. will pay $3.9 billion in cash to purchase MGI Pharma Inc. (Nasdaq: MOGN).  Shares of the biotech firm surged $6.55 to close at $40.00.

Adams Respiratory Therapeutics Inc. (Nasdaq: ARXT) will be acquired by British company Reckitt Benckiser Group PLC for approximately $2.3 billion.  Shares of the maker of Mucinex leaped $15.62 to close at a record high $59.30.

Palm Inc. (Nasdaq: PALM) warned that unexpected warranty repairs and delays in shipping will adversely affect earnings for the current quarter.  The stock price tumbled 85 cents to close at $5.74.

Shares of Entropic Communications Inc. (Nasdaq: ENTR) surged $1.40 to close at $7.40 on its first trading day.

Shares of Smith & Wesson Holding (Nasdaq: SWHC) plummeted $2.84 to close at $7.08 after the gun maker lowered its 2008 profit outlook again.

Gemstar-TV Guide International Inc. (Nasdaq: GMST) received a $2.8 billion cash and stock offer from Macrovision Corp. (Nasdaq: MVSN).  Shares of Gemstar plunged 99 cents to close at $4.99 while Macrovision stock plummeted $5.55 to close at $20.44.

Analysts raised their opinion of Shaw Group Inc. (NYSE: SGR) citing strong growth through next year.  Shares of the engineering and construction company climbed $1.22 to close at $67.19.

Canada-based IMAX Corp. (Nasdaq: IMAX) signed a projection-screen deal with AMC Entertainment Inc. to install its trademark digital screens in 100 theaters.  The stock price surged $2.68 to close at a new 52-week high of $7.32.

Shares of homebuilder Hovnanian Enterprises Inc. (NYSE: HOV) climbed $1.35 to close at $9.01 after the federal government announced a plan to assist homeowners by freezing adjustable rate mortgages.

Moody's Investor Services cited Verifone Inc.'s (NYSE: PAY) intention to restate 2007 financial statements for warning the electronic payment solutions provider of a possible downgrade.  The stock price plunged $2.85 to close at $20.20.

An analyst downgraded Zumiez Inc. (Nasdaq: ZUMZ) after the sports apparel retailer reported disappointing November same store sales that fell short of expectations.  The stock price plunged $4.22 to close at $25.13.

After Delta Financial Corp. (Nasdaq: DFC) failed to sell $500 million in mortgages, the mortgage lender announced plans to file for bankruptcy.  The stock price plummeted $1.51 to close at 19 cents.

Global Cash Access Holdings Inc. (NYSE: GCA) will hold a conference call on Friday, December 7 to discuss its internal investigation sending the stock price soaring $1.82 to close at $4.88.

Fuwei Films Holdings Co. Ltd. (Nasdaq: FFHL) is now in compliance with The Nasdaq Marketplace Rule with the appointment of new directors to its board.  Shares of the plastic films maker leaped $2.75 to close at $6.75.

An FDA panel of advisors voted against expanding the use of Genentech Inc.'s (NYSE: DNA) colon and lung cancer treatment Avastin to breast cancer patients.  The stock price plummeted $6.49 to close at $66.29.

Moody's Investors Service warned that MBIA Inc. (NYSE: MBI) is at risk of experiencing a capital shortfall due to mortgage related losses.  Shares of the bond insurer plummeted $5.21 to close at $27.42.

Blyth Inc. (NYSE: BTH) swung to a third quarter profit of 17 cents per share compared with losses of less than a penny per share in the year ago period to easily surpass expectations as expenses fell.  The home expressions company lifted its fiscal 2008 guidance sending the stock price soaring $4.10 to close at $22.45.

Shares of First Marblehead Corp. (NYSE: FMD) fell to a new 52-week low by tumbling $5.05 to close at $19.93 as the credit crunch affected its portfolio of education loans.

Shares of Comcast Corp. (Nasdaq: CMCSA) tumbled $2.55 to close at $18.18 after the cable operator lowered its revenue targets due to increased competition and a slowing economy. 

InterDigital Inc. (Nasdaq: IDCC) was awarded $134 million in royalties against Samsung Electronic Co.'s 2006 sales of 2G terminal units.  The stock price soared $3.13 to close at $20.13.

Shares of LDK Solar Co. Ltd. (NYSE: LDK) leaped $8.67 to close at $40.97 after Cowen & Co. analyst Rob Stone commented that Congress appeared to be considering renewable energy tax credits.

AutoZone Inc. (NYSE: AZO) posted first quarter profits of $2.02 per share compared with $1.73 per share in the year ago period to beat estimates. The nation's largest auto parts retail chain posted higher sales taking market share from its competitors sending the stock price soaring $20.935 to close at $128.80.

Jamba Inc. (Nasdaq: JMBA), which operates a chain of fruit smoothies stores, entered into a licensing deal with Nestle S. A. to develop bottled drinks.  Jamba stock climbed 31 cents to close at $3.70.

Although Phillips-Van Heusen Corp. (NYSE: PVH) reported higher third quarter earnings of $1.03 per share compared with 89 cents per share last year to surpass expectations, the apparel maker forecast fourth quarter as well as fiscal 2008 results below estimates.  The stock price plummeted $5.65 to close at $37.64.

Good Energies will increase its stake in Solarfun Power Holdings Co. Ltd. (Nasdaq: SOLF) from 6.3% to 34.7% with the purchase of 66.7 million ordinary shares and 281,011 American Depositary Shares.  The stock price leaped $5.65 to close at $26.25.

While CMGI Inc. (Nasdaq: CMGI) posted lower first quarter earnings of 18 cents per share compared with 21 cents per share a year earlier due to the discontinuation of two client programs, the results were nearly double analyst expectations.  Shares of the supply chain management solutions provider surged $3.00 to close at $13.33.

Shares of Big Lots Inc. (NYSE: BIG) continued to fall another $1.10 to close at $17.57 after issuing a warning last week that fourth quarter as well as full year results will fall short of expectations.

Treasury Secretary Henry Paulson expressed confidence that an agreement will be reached to temporarily freeze interest rates for homeowners with adjustable rate mortgages sending shares of Novastar Financial Inc. (NYSE: NFI) soaring $1.36 to close at $3.33.

Shares of E-Trade Financial Corp. (Nasdaq: ETFC) dropped 49 cents to close at $4.11 after analysts downgraded the troubled brokerage firm.

VeriFone Holdings Inc. (Nasdaq: PAY) blamed accounting errors for overstating its profit before taxes by almost $30 million sending shares of the payments processing equipment maker plummeting $22.00 to close at $26.03.

Canadian fertilizer maker Agrium Inc. (NYSE: AGU) offered $2.07 billion in cash to buy Colorado-based UAP Holding Corp. (Nasdaq: UAPH), a distributor of crop production supplies.  Shares of Agrium surged $3.14 to close at $60.98 while UAP stock leaped $8.37 to close at $38.28.

Shares of Activision Inc. (Nasdaq: ATVI) soared $2.82 to close at $24.97 on news that Vivendi SA bought a majority stake in the video game publisher.