February 2008 Archives

Fremont General Corp. (NYSE: FMT) is considering strategic alternatives including the possible sale of the company because it may have to record additional write-downs.  The stock price plummeted $1.36 to close at $1.00.

Analysts downgraded MF Global Ltd. (NYSE: MF) after the company disclosed a loss of $142 million through unauthorized trades.  Shares of the broker plunged $3.64 to close at $17.55.

Sonus Networks Inc. (Nasdaq: SONS) released preliminary fourth quarter revenue that missed expectations and forecast disappointing results for 2008.  Shares of the voice infrastructure solutions provider lost 54 cents to close at $3.32.

3Com Corp. (Nasdaq: COMS) is in negotiations with prospective buyers Bain Capital Partners and Huawei Technologies for ways to limit Huawei's participation in business related to the federal government.  The stock price climbed 38 cents to close at $3.29.

Insurer American International Group Inc. (NYSE: AIG) unexpectedly announced a $5.29 billion loss and took a massive charge against credit derivatives.  Analysts promptly downgraded the stock sending the price tumbling $3.29 to close at $46.86.

Business software maker Novell Inc. (Nasdaq: NOVL) boosted its outlook for 2008.  The stock price rose 91 cents to close at $7.45.

Sprint Nextel Corp. (NYSE: S) reported a nearly $30 billion loss that beat lowered expectations.  More vexing for investors was the loss of nearly 700,000 subscribers in the fourth quarter.  The stock price dropped 86 cents to close at $8.09.

Shares of Thornburg Mortgage Inc. (NYSE: TMA) tumbled $1.78 to close at $9.76 after the lender to homeowners with minor credit problems reported that the company has been receiving margin calls.

While R. H. Donnelley Corp. (NYSE: RHD) narrowed fourth quarter losses to 17 cents per share from 72 cents per share a year earlier, the results missed estimates and the print and online directories distributor forecast disappointing 2008 results.  The stock price plunged $8.46 to close at $9.34.

PharmaNet Development Group Inc. (Nasdaq: PDGI) swung to a fourth quarter profit of 21 cents per share compared with a loss of 65 cents per share in the year ago period as revenue rose but the drug development services company's 2008 outlook fell short of estimates.  The stock price plummeted $12.73 to close at $28.62.

Falling natural gas inventories along with cold weather in the Northeast boosted shares of EOG Resources Inc. (NYSE: EOG) $19.05 to close at $124.73.

Ctrip.com International Ltd. (Nasdaq: CTRP) posted profits that doubled.  Analysts raised their opinion on the China-based online travel agent ahead of the summer Olympics in China sending the stock price soaring $7.69 to close at $62.34.

Nortel Networks Corp. (NYSE: NT) widened fourth quarter losses to $1.70 per share from 19 cents per share in the year ago period due to restructuring charges and announced that 2,100 jobs will be eliminated in an effort to trim costs.  Shares of the telecommunications equipment maker fell $1.52 to close at $9.93.

Although CV Therapeutics Inc. (Nasdaq: CVTX) narrowed fourth quarter losses to 57 cents per share from $1.18 per share a year earlier, the results fell short of estimates.  Shares of the cardiovascular drug developer tumbled $1.57 to close at $6.22.

Acquisition costs weighed down fourth quarter earnings for URS Corp. (NYSE: URS) to 39 cents per share from 51 cents per share in the year ago period.  The stock price plunged $8.88 to close at $40.60.

Carter's Inc. (NYSE: CRI) blamed markdowns at the wholesale level for fourth quarter earnings of 48 cents per share compared with 45 cents per share that fell short of estimates and warned that first quarter results will disappoint.  An analyst downgraded the children's clothing retailer sending the stock price plummeting $5.33 to close at $16.88.

As part of a plan to improve profits and reduce expenses, Zale Corp. (NYSE: ZLC) will close nearly 105 stores and eliminate more than 200 positions.  Shares of the fine jewelry retailer rose $1.88 to close at  $19.81.

Shares of Autodesk Inc. (Nasdaq: ADSK) plummeted $6.11 to close at $32.99 after the design software maker posted flat fourth quarter results of 40 cents per share while lowering its outlook.

Strong sales lifted fourth quarter earnings for China Techfaith Wireless Communication Technology Ltd. (Nasdaq: CNTF) to 7 cents per share from a loss of 15 cents per share last year to surpass expectations.  Shares of the handset designer climbed 98 cents to close at $6.21.

Galderma Laboratories will pay approximately $420 million to acquire CollaGenex Pharmaceuticals Inc. (Nasdaq: CGPI).  The stock price surged $3.53 to close at $16.33.

Electronics retailer RadioShack Corp. (NYSE: RSH) posted higher fourth quarter profits of 77 cents per share compared with 62 cents per share in the year ago period citing cost-cutting measures.  The stock price jumped $3.39 to close at $19.13.

Private equity firm Hellman & Friedman will take Getty Images Inc. (NYSE: GYI) private for approximately $2.1 billion.  The stock price leaped $7.22 to close at $31.67.

GTx Inc. (Nasdaq: GTXI) reported positive late stage trial results for its prostate cancer treatment toremifene citrate sending shares of the biopharmaceutical soaring $4.70 to close at $17.59.

CNBC reported that a plan to bailout struggling bond insurer Ambac Financial Group Inc. (NYSE: ABK) by several banks will be announced either Monday or Tuesday of next week.  The stock price soared $1.48 to close at $10.71.

Life Time Fitness Inc. (NYSE: LTM) warned that 2008 results will fall short of expectations sending the stock price plummeting $7.10 to close at $33.50.

Piper Jaffray analyst Mark D. Churchill downgraded United Natural Foods Inc. (Nasdaq: UNFI) after the company reported lower second quarter earnings of 21 cents per share compared with 25 cents per share in the year ago period and slashed its outlook for the year.  Shares of the natural and organic foods company plunged $5.78 to close at $18.07.

Syntax-Brillian Corp. (Nasdaq: BRLC) amended the terms of its credit pact sending shares of the high definition television maker plummeting 61 cents to close at 90 cents.

Intuit Inc. (Nasdaq: INTU) posted lower earnings of 34 cents per share compared with 40 cents per share a year earlier as costs rose.  The maker of TurboTax lowered its third quarter estimates as well as its 2008 results sending the stock price tumbling $2.74 to close at $27.05. 

Shares of Cbeyond Inc. (Nasdaq: CBEY) plummeted $4.74 to close at $18.76 after the Internet-based phone and data services company lowered its 2008 outlook.

Boston Private Financial Holdings Inc. (Nasdaq: BPFH) affiliate First Private Bank & Trust plans to raise its loan loss provision by as much as $19 million prompting a downgrade.  The stock price plunged $5.33 to close at $14.72.

Vasco Data Security International Inc. (Nasdaq: VDSI) reported disappointing fourth quarter earnings of 9 cents per share compared with 13 cents per share last year that fell far short of expectations due to the delay of three large contracts.  The stock price plummeted $6.88 to close at $11.39.

Furniture Brands International Inc. (NYSE: FBN) received a buyout offer from Sun Capital Securities sending the stock price soaring $2.44 to close at $12.78.

While Novatel Wireless Inc. (Nasdaq: NVTL) posted higher fourth quarter profits of 34 cents per share compared with 9 cents per share in the year ago period, investors were disappointed by its outlook for the current quarter.  The stock price plunged $3.17 to close at $10.69.

Itron Inc. (Nasdaq: ITRI) raised its full-year outlook sending shares of the meter reading equipment maker for utilities surging $13.01 to close at $88.50.

London-based Reed Elsevier plc (NYSE: RUK) which operates LexisNexis offered to buy ChoicePoint Inc. (NYSE: CPS) for $4.1 billion including the assumption of $600 million in debt.  Shares of ChoicePoint leaped $14.61 to close at $48.27 while Reed Elsevier stock soared $2.86 to close at $48.67.

Fourth quarter earnings for Suntech Power Holdings Co. Ltd. (NYSE: STP) rose to 29 cents per share from 20 cents per share a year earlier but the increase was not enough to meet expectations sending the stock price plummeting $5.65 to close at $40.24.

While Crocs Inc. (Nasdaq: CROX) reported sharply higher fourth quarter earnings of 45 cents per share compared with 26 cents per share last year, the colorful plastic shoemaker forecast 2008 results that fell short of expectations.  The stock price plunged $4.64 to close at $27.44.

NutriSystem Inc. (Nasdaq: NTRI) forecast first quarter as well as full year revenue well below analyst estimates prompting a downgrade.  Shares of the weight management company plummeted $7.31 to close at $16.58.

Pfizer Inc. (NYSE: PFE) will pay approximately $195 million in cash to acquire biopharmaceutical Encysive Pharmaceuticals Inc. (Nasdaq: ENCY).  Shares of Encysive leaped $1.19 to close at $2.27 while Pfizer stock edged up 10 cents to close at $22.47.

Shares of Sharper Image Corp. (Nasdaq: SHRP) plummeted $1.03 to close at 41 cents after the high-tech gadget retailer filed for bankruptcy protection.

Hewlett-Packard Co. (NYSE: HPQ) posted higher earnings of 80 cents per share compared with 55 cents per share in the year ago period that beat estimates.  Analysts promptly upgraded the stock sending the stock price soaring $3.49 to close at $47.44.

AbitibiBowater Inc. (NYSE: ABH) delayed its fourth quarter and full year earnings release from tomorrow, February 20, until next Thursday, February 28, sending the stock price tumbling $2.43 to close at $17.02.

A surge in sales lifted fourth quarter earnings for Holly (Nasdaq: HOC) to 90 cents per share compared with 84 cents per share last year to beat expectations by a wide margin.  The stock price leaped $5.81 to close at $53.31.

An analyst upgraded Mentor Graphics Corp. (Nasdaq: MENT) after the company reported preliminary 2008 results that surpassed expectations.  Shares of the electronic design automation systems provider soared $1.49 to close at $9.23.

Shares of Penwest Pharmaceuticals Co. (Nasdaq: PPCO) dropped 52 cents to close at $3.19 on worries of another generic rival for its Opana pain reliever drug.

Five people were injured at a refinery owned by Alon USA Energy Inc. (NYSE: ALJ) after an explosion on Monday where a skeleton crew of just 40 people were working due to the Presidents' Day holiday.  The stock price tumbled 98 cents to close at $17.26.

Shares of Onyx Pharmaceuticals Inc. (Nasdaq: ONXX) plummeted $11.89 to close at $33.09 after it reported disappointing results for its lung cancer drug treatment and suspended late stage trials.

Shares of Chipotle Mexican Grill Inc. (NYSE: CMG) plunged $8.40 to $100.25 after the restaurant chain's fourth quarter profits and sales missed expectations.

The Campbell Soup Co. (NYSE: CPB) posted slightly lower profits of 71 cents per share compared with 72 cents per share last year as higher expenses offset increased sales.  Shares of the soup company rose $1.96 to $33.47.

Priceline.com (Nasdaq: PCLN) reported fourth quarter earnings that more than doubled to 68 cents per share from 33 cents per share a year earlier as online travel bookings surged.  The stock price leaped $17.49 to $119.72.

Liz Claiborne Inc. (NYSE: LIZ) warned that fourth quarter earnings will fall short of estimates due to weak sales.  The stock price plunged $4.12 to close at $18.31.

Netgear Inc. (Nasdaq: NTGR) blamed higher costs for fourth quarter earnings that slipped to 35 cents per share from 38 cents per share a year earlier to fall short of estimates and forecast first quarter results below expectations.  Shares of the computer networking products company plummeted $5.28 to close at $21.59.

Deutsche Securities downgraded Allscripts Healthcare Solutions Inc. (Nasdaq: MDRX) after the clinical software provider reported fourth quarter revenue below estimates.  The stock price plunged $4.12 to close at $11.27.

Strong demand lifted fourth quarter earnings for Amkor Technology Inc. (Nasdaq: AMKR) to 46 cents per share compared with 30 cents per share in the year ago period to beat expectations by a wide margin.  Shares of the semiconductor test services company rose $1.27 to close at $10.67.

Graphics chipmaker Nvidia Corp. (Nasdaq: NVDA) reported higher fourth quarter earnings of 42 cents per share compared with 27 cents per share last year, but analysts worried that higher expenses may cut into margins.  The stock price plunged $4.41 to close at $22.61.

Goodyear Tire & Rubber Co. (NYSE: GT) posted a profit of 23 cents per share versus year-ago losses of $2.02 per share citing strong U.S. and international sales.  The stock price rose $1.87 to close at $27.19.

Shares of Nortel Networks Corp. (NYSE: NT) climbed $1.29 to close at $11.60 after CEO Mike Zafirovski said that the company will benefit when wireless phone carriers upgrade their networks.

MGIC Investment Corp. (NYSE: MTG) blamed increasd mortgage delinquencies for swinging to a fourth quarter loss of $1.5 billion.  Shares of the mortgage insurer dropped $1.57 to close at $12.61.

Although Anadigics Inc. (Nasdaq: ANAD) beat estimates for the fourth quarter with earnings of 5 cents per share compared with 4 cents per share a year earlier, the chipmaker forecast first quarter results below expectations.  The stock price tumbled $1.50 to close at $8.86.

Shares of Blue Nile Inc. (Nasdaq: NILE) plunged $9.18 to close at $44.67 after the online jewelry retailer posted higher fourth quarter profits of 45 cents per share compared with 35 cents per share in the year ago period while issuing a disappointing outlook.

Wynn Resorts Ltd. (Nasdaq: WYNN) posted a profit for the fourth quarter of 57 cents per share versus a year-ago loss of 55 cents per share, but the company warned of a slowing U.S economy impacting the casino industry.  Shares of the casino operator plummeted $8.93 to close at $110.91.

Shares of First Solar Inc. (Nasdaq: FSLR) surged $52.902 to close at $228.46 after the solar panel maker reported fourth quarter profits of 77 cents per share up from 12 cents per share last year to beat expectations by a wide margin.   Analysts promptly upgraded the stock.

Dycom Industries Inc. (NYSE: DY) cut its forecast for the second quarter as customers reduced spending sending shares of the contracting services provider plummeting $8.01 to close at $15.30.

Zoltek Companies Inc. (Nasdaq: ZOLT) swung to a first quarter profit of 8 cents per share compared with a loss of 22 cents per share last year as sales rose, but the results fell short of expectations.  The stock price plunged $6.69 to close at $25.94.

NxStage Medical Inc. (Nasdaq: NXTM) blamed higher costs for wider than expected fourth quarter losses of 47 cents per share compared with losses of 37 cents per share a year earlier.  Shares of the medical device maker plummeted $4.26 to close at $8.49.

Although Nuance Communications Inc. (Nasdaq: NUAN) widened first quarter losses to 8 cents per share compared with a penny per share in the year ago period, revenue beat expectations and the speech recognition software company forecast second quarter revenue ahead of estimates.  The stock price surged $1.94 to close at $18.19.

Valeant Pharmaceuticals International (NYSE: VRX) reported that a late stage clinical trial of its epilepsy treatment retigabine reduced the frequency of seizures sending the stock price soaring $1.62 to close at $13.25.

GMH Communities Trust (NYSE: GCT) will sell its military housing division for $350 million in cash to a subsidiary of Balfour Beatty PLC.  American Campus Communities will purchase GMH's other businesses for approximately $437 million in cash and stock.  The stock price leaped $3.08 to close at $8.67.

Fourth quarter earnings for PNM Resources Inc. (NYSE: PNM) plunged to 23 cents per share from 48 cents per share in the year ago period to miss expectations due to the low availability at three of its power plants in New Mexico.  Shares of the energy company plunged $4.73 to close at $14.32.

Casual restaurant operator Darden Restaurants (NYSE: DRI) expects same store sales to rise in the third quarter and reaffirmed its outlook for fiscal 2008.  The stock price climbed $2.15 to close at $29.01.

Bayer AG affiliate Medrad Inc. will pay approximately $344 million in cash to purchase Possis Medical Inc.(Nasdaq: POSS).  Shares of the medical device maker leaped $5.01 to close at $19.36.

Shares of Centene Corp. (NYSE: CNC) fell $2.25 to close at $19.17 after analysts downgraded the managed-care programs provider.  The company had posted higher profits that beat expectations on Friday.

Brown & Brown Inc. (NYSE: BRO) posted lower profits of 23 cents per share compared with 27 cents per share last year that missed estimates due to a decline in policy renewals and lower premium rates.  Shares of the insurer and broker tumbled $3.57 to close at $19.00.

American International Group Inc. (NYSE: AIG) found material weaknesses in its financial reporting and was likely to take charges against collateralized debt obligations.  The stock price plunged $5.94 to close at $44.74.

Security software maker McAfee Inc. (NYSE: MFE) posted a fourth quarter profits that beat estimates and forecast first quarter results ahead of estimates sending the stock price soaring $2.92 to close at $34.65.

The Food and Drug Administration is reviewing Allergan Inc.'s (NYSE: AGN) Botox after some cases of death and serious reactions occured in patients.  The stock price dropped $4.01 to close at $63.30.

UTi Worldwide (Nasdaq: UTIW) cut its 2008 earnings guidance and announced a restructuring plan that includes job cuts sending shares of the supply chain services company tumbling $2.46 to close at $17.03.

An analyst downgraded Aruba Networks Inc. (Nasdaq: ARUN) after the computer network provider warned that it will fall far short of second quarter expectations.  The stock price plunged $2.84 to close at $4.92.

Alliance Data Systems Corp. (NYSE: ADS) dropped the lawsuit it filed against The Blackstone Group to force the private equity firm to complete its acquistion of Alliance Data.  The stock price climbed $3.56 to close at $55.02.

Strong sales growth boosted fourth quarter earnings for Cognizant Technology Solutions Corp. (Nasdaq: CTSH) to 32 cents per share compared with 23 cents per share last year to beat expectations.  The information technology services provider forecast 2008 results above estimates sending the stock price soaring $4.56 to close at $31.84.

Fourth quarter earnings for Prudential Financial Inc. (NYSE: PRU) fell to $1.75 per share from $1.88 per share a year earlier to miss estimates due to the troubled credit markets.  The company also cut its 2008 earnings outlook sending the stock price plummeting $6.01 to close at $71.39.

Infineon Technologies AG (NYSE: IFX) swung to a loss for the first quarter and cut its outlook for chips used in phones.  Shares of the German semiconductor maker dropped $1.14 to close at $8.38.

Fourth quarter revenue fell to miss expectations for Idearc Inc. (NYSE: IAR) while the publisher of yellow and white page directories warned that 2008 revenue will also disappoint.  The stock price tumbled $3.66 to close at $11.56.

Select Comfort Corp. (Nasdaq: SCSS) blamed the weak economy for reporting sharply lower fourth quarter earnings of 5 cents per share compared with 20 cents per share in the year ago period that missed expectations by a wide margin.  Shares of the maker of the Sleep Number bed plunged $2.21 to close at $4.94.

Shares of Corporate Executive Board Co. (Nasdaq: EXBD) plunged $11.68 to close at $40.14 after the management consulting firm posted lower earnings and cut its profit oulook due to smaller contracts.

Shares of Valence Technology Inc. (Nasdaq: VLNC) soared 54 cents to close at $2.03 after the company posted a smaller loss of 5 cents per share compared with 6 cents per shares last year on sharply higher revenues.  The company also signed a contract to supply up to $70 million in battery packs to The Tanfield Group.

Although NeuStar Inc. (NYSE: NSR) reported higher fourth quarter earnings of 37 cents per share compared with 24 cents per share last year that beat expectations, the company forecast 2008 earnings that fell short of estimates.  Shares of the clearinghouse services provider plunged $7.27 to close at $21.50.

IDM Pharma Inc. (Nasdaq: IDMI) received a warning letter from the Nasdaq Stock Market that the biopharmaceutical will be delisted if it's stock price does not close above $1 for ten consecutive days over the next 180 days.  The stock price plummeted $1.47 to close at $2.34.

Thermo Fisher Scientific Inc.'s (NYSE: TMO) acquisition of Fisher Scientific lifted fourth quarter earnings to 54 cents per share from 8 cents per share in the year ago period to beat estimates.  The upbeat results prompted the scientific instruments and laboratory supplies company to forecast 2008 results above expectations.  The stock price soared $3.81 to close at $54.05.

Increased sales along with a lower tax rate boosted third quarter earnings for Polo Ralph Lauren Corp. (NYSE: RL) to $1.08 per share compared with $1.03 per share last year to surpass expectations.  The apparel maker lifted its full year outlook sending the stock price surging $5.73 to close at $63.19.

Shares of Riverbed Technologies Inc. (Nasdaq: RVBD) tumbled $2.59 to close at $19.55 even though the software company reversed year ago losses to report a profit of 7 cents per share compared with a loss of 4 cents per share in the year ago period.  The results fell far short of the 19 cents per share earnings that analysts were expecting.

Shares of JDS Uniphase Corp. (Nasdaq: JDSU) surged $2.64 to close at $12.80 after the communications test and fiber-optic network equipment posted lower profits of 9 cents per share compared with 10 cents per share last year that surpassed expectations by a wide margin.

Principal Financial Group Inc. (NYSE: PFG) blamed difficult conditions in the financial markets for fourth quarter earnings that plummeted to 13 cents per share from $1.04 per share last year to fall far short of estimates.  Shares of the financial services firm plunged $6.71 to close at $53.10.

IDM Pharma Inc. (Nasdaq: IDMI) reported positive late stage trial results of its bone cancer treatment.  Shares of the biopharmaceutical more than doubled by leaping $2.67 to close at $3.81.

Diversified manufacturer Tyco International Inc. (NYSE: TYC) posted lower revenue and earnings of 73 cents per share compared with $1.57 per share last year.  The stock price eased 30 cents to close at $40.30.

Shares of microchip maker Sirf Technology Holdings Inc. (Nasdaq: SIRF) plummeted $8.91 to close at $7.36 after the company posted lower profits of a penny per share compared with 16 cents per share a year earlier and slashed its first quarter guidance.   Analysts promptly downgraded the stock.

Information technology services provider Computer Sciences Corp. (NYSE: CSC) reported higher third quarter earnings of $1.05 per share compared with 65 cents per share last year citing strong demand for its services in the U.S. and Europe.  The stock price soared $2.54 to close at $44.63.

Whirlpool Corp. (NYSE: WHR) posted higher fourth quarter profits of $2.38 per share compared with $1.37 per share in the year ago period to beat estimates.  Global demand for its products helped to offset weak domestic sales in the U.S.  Shares of the world's largest appliance maker leaped $8.41 to close at $90.00.

Charming Shoppes Inc. (Nasdaq: CHRS) issued a statement about the fatal shootings at its Tinley Park, Illinois Lane Bryant store and offered a reward.  The stock price tumbled $1.04 to close at $5.85.

Analysts reassessed the financial services sector and lowered their opinions of credit card services providers.  Shares of American Express Co. (NYSE: AXP) dropped $1.94 to close at $47.66 and Discover Financial Services(NYSE: DFS) tumbled $1.62 to close at $16.34.

Dollar Thrifty Automotive Group Inc. (NYSE: DTG) cited falling demand, weak sales and lower prices for slashing its 2007 outlook.  Shares of the car rental company plummeted $9.62 to close at $16.40.

Yingli Green Energy Holding Co. Ltd. (NYSE: YGE) announced a thinner solar power wafer that will be cheaper to make and expects to ship more products.  The stock price surged $2.82 to close at $23.90.

Billionaire investors Carl Icahn purchased 1.5 million shares of Greenbrier Cos. (NYSE: GBX), which is a 9.5% stake in the railroad freight car equipment maker, sending the stock price soaring $3.99 to close at $24.75.

Freescale Semiconductor will acquire Sigmatel Inc. (Nasdaq: SGTL) in a deal valued at approximately $108 million.  Shares of the chip maker leaped $1.15 to close at $2.94.

Digital River Inc. (Nasdaq: DRIV) reported higher fourth quarter earnings of 46 cents per share compared with 36 cents per share in the year ago period but the e-commerce software company provided first quarter guidance well below estimates sending the stock price plummeting $6.82 to close at $30.68.

Although Avid Technology Inc. (Nasdaq: AVID) reversed year ago losses to report earnings of 9 cents per share compared with losses of $1.28 per share a year earlier, the results were below estimates.  The digital media content products maker warned that 2008 would be a difficult year sending the stock price plummeting $5.04 to close at $20.88.

CSK Auto Corp. (NYSE: CAO) received a purchase offer of approximately $350 million in stock from rival O'Reilly Automotive Inc. (Nasdaq: ORLY).  Shares of CSK leaped $3.03 to close at $8.98 while O'Reilly stock gained $1.19 to close at $30.62.

Callaway Golf Co. (NYSE: ELY), a maker of high-end golf clubs, posted a wider fourth quarter loss of 25 cents per share compared with 15 cents per share a year earlier due to fewer new product launches and lower domestic sales.  The stock price dropped 80 cents to close at $17.19.

Google Inc. (Nasdaq: GOOG) posted higher revenues and earnings of $3.79 per share compared with $3.29 per share last year to narrowly miss expectations as expenses continued to increase.  The search engine company's bid on wireless spectrum added more uncertainty to its outlook sending the stock price plummeting $48.404 to close at $515.90.

Shares of Yahoo Inc. (Nasdaq: YHOO) surged $9.20 to close at $28.38 after Microsoft Corp. (Nasdaq: MSFT) made an unsolicited offer of $44.6 billion to buy the largest Internet portal whose shares had recently fallen to a four-year low.  Microsoft stock dropped $2.15 to close at $30.45.