March 2008 Archives

Ansys Inc. (Nasdaq: ANSS) will purchase Ansoft Corp. (Nasdaq: ANST) in a cash and stock deal valued at approximately $832 million.  Shares of Ansys tumbled $3.40 to close at $34.52 while Ansoft stock leaped $7.10 to close at $30.52.

Shares of Merck & Co. Inc. (NYSE: MRK) plummeted $6.56 to close at $37.95 and Schering-Plough Corp. (NYSE: SGP) plunged $5.06 to close at $14.41 on reports that the companies' joint anti-cholestrol drug may be ineffective.

Oil drilling contractor Noble Corp. (NYSE: NE) signed contracts worth up to $4 billion over 29 years with Brazilian state oil company Petrobras covering 5 deepwater rigs.  The stock price climbed $1.62 to close at $49.67.

KB Home (NYSE: KBH) posted a first quarter loss of $3.47 per share compared with earnings of 34 cents per share in the year ago period as the homebuilder took a large write-down to account for falling home prices.  The stock price fell $1.25 to close at $24.54.

J.C. Penney Company Inc. (NYSE: JCP) warned that profits may suffer as consumers reduce spending sending shares of the department store tumbling $3.04 to close at $37.48.

Shares of Tessera Technologies Inc. (Nasdaq: TSRA) leaped $5.44 to close at $21.93 after the International Trade Commissions overruled a court's decision to stay a wireless patent case against rivals.

Maguire Properties Inc. (NYSE: MPG) said that it is no longer exploring the sale of the company prompting a downgrade.  Shares of the real estate investment trust plunged $2.74 to close at $14.33.

Apollo Group Inc. (Nasdaq: APOL) reported a second quarter loss of 19 cents per share compared with earnings of 35 cents per share a year earlier earnings as expenses rose.  An analyst lowered his price target on the for-profit educator sending the stock price plummeting $15.13 to close at $41.21.

BioMimetic Therapeutics Inc. (Nasdaq: BMTI) disputed the study cited by the Food and Drug Administration which reported a higher cancer risk in patients applying the chronic diabetic foot ulcer treatment Regranex.  The stock price climbed $1.95 to close at $8.45.

Huron Consulting Group Inc. (Nasdaq: HURN) blamed a disappointing financial consulting business for slashing its first quarter outlook.  The stock price plummeted $17.86 to close at $40.63.

Speculation that National City Corp. (NYSE: NCC) may sell itself lifted shares of the bank 20 cents to close at $11.65.

Fourth quarter earnings for Solarfun Power Holdings Co. Ltd. (Nasdaq: SOLF) rose as demand climbed and margins improved.  The stock price soared $1.90 to close at $13.36.

Homebuilder Lennar Corp. (NYSE: LEN) swung to a first quarter loss of 56 cents per share compared with earnings of 43 cents per share last year amid the weak housing market.  However, the results were better than expected sending the stock price up 31 cents to close at $17.90.

Shares of Clear Channel Communications Inc. (NYSE: CCU) climbed $2.68 to close at $29.60 after a Texas judge ordered hesitant banks to fulfill their obligations to complete the proposed $19.5 billion buyout of the nation's biggest radio station operator by private equity firms.

Recessionary fears boosted gold prices to lift shares of Kinross Gold Corp. (NYSE: KGC) $1.80 to close at $22.97.

South Korean company DC Chemical Co. Ltd. will supply Suntech Power Holdings Co. Ltd. (NYSE: STP) with polysilicon in an eight year agreement.  The stock price surged $3.80 to close at $38.25.

Agriculture chemicals company Monsato Co. (NYSE: MON) boosted its full-year outlook sending its stock price soaring $10.28 to close at $114.54.

The Centers for Medicare and Medicaid Services announced lower reimbursements for diabetic supplies sending shares of Medco Health Solutions Inc. (NYSE: MHS) tumbling $2.46 to close at $42.36.

Shares of Synplicity Inc. (Nasdaq: SYNP) surged $2.53 to close at $7.85 after announcing that Synopsys Inc. (Nasdaq: SNPS) will purchase the software company for approximately $227 million.  Shares of Synopsys gained 78 cents to close at $22.56.

L-1 Identity Solutions Inc (NYSE: ID) offered $250 million in cash and stock to acquire the ID systems business from Digimarc Corp (Nasdaq: DMRC).  Shares of Digimarc soared $2.67 to close at $11.13 while L-1 Identity Solutions stock edged up 49 cents to close at $13.15.

Shares of InterDigital Inc. (Nasdaq: IDCC) surged $2.85 close at $22.31 on reports that it was in settlement talks with Nokia (NYSE: NOK) over several disputed patents.  Nokia stock rose $1.00 to close at $30.30.

JPMorgan Chase & Co. (NYSE: JPM) boosted its bid for Bear Stearns Cos. (NYSE: BSC) to $10 a share in order to ward off any potential competitive bid and to allay criticism from Bear Stearns employees that own nearly one-third of the company.  Shares of Bear Stearns leaped $5.29 to close at $11.25 while JPMorgan stock added 58 cents to close at $46.55.

In order to repay debt, CIT Group Inc. (NYSE: CIT) borrowed $7.3 billion through credit lines and is looking for new sources of funding.  The stock price plunged $2.01 to close at $9.63.

Shares of Public Service Enterprise Group Inc. (NYSE: PEG) tumbled $3.40 to close at $41.17 despite offering a very robust outlook.  Analysts were expecting higher earnings.  The utility distributes electric energy and natural gas in the Northeast and Mid-Atlantic U.S.

Retail bookstore chain Barnes & Noble Inc. (NYSE: BKS) reported lower fourth quarter profits of $1.79 per share compared with $1.83 per share last year, but went ahead with an increase in its quarterly cash dividend.  Meanwhile, rival Borders Group Inc. (NYSE: BGP) announced that it was putting itself up for sale.  Shares of Barnes & Noble climbed $2.27 to close at $30.27 while Borders stock plummeted $2.03 to close at $5.07.

Second quarter earnings for Winnebago Industries Inc. (Nasdaq: WGO) plunged to 9 cents per share compared with 24 cents per share in the year ago period as sales dropped.  The recreational vehicle maker also announced the elimination of 300 jobs sending the stock price tumbling $1.62 to close at $18.24.

After Epix Pharmaceuticals Inc.'s (Nasdaq: EPIX) depression treatment PRX-00023 failed a midstage clinical trial, the biopharmaceutical halted development of the drug.  The stock price plummeted $1.65 to close at $1.43.

Capital Corp. of the West (Nasdaq: CCOW) formed a Regulatory Oversight Committee and has retained the services of Keefe, Bruyette & Woods to strengthen its capital position and explore strategic alternatives to improve shareholder value.  The stock price leaped $2.72 to close at $6.48.

National City Corp. (NYSE: NCC) will record a $450 million cash gain from selling part of its stake in Visa (NYSE: V), which surged $12.68 to close at $56.68 in its market debut today.  Shares of National City gained 76 cents to close at $9.48.

Thornburg Mortgage Inc. (NYSE: TMA) must raise nearly $1 billion in seven business days to avoid bankruptcy sending the stock price plummeting nearly 50% by dropping $1.48 to close at $1.50.

Although no new agreement has been submitted to the Committee on Foreign Investment in the United States, 3Com Corp. (Nasdaq: COMS) will hold its shareholder meeting as planned to vote on the proposed $2.2 billion deal by Bain Capital Partners and Huawei Technologies to take 3Com private.  The stock price tumbled 64 cents to close at $2.22.

MF Global Ltd. (NYSE: MF) issued a press release asserting that the company has approximately $1.4 billion in unused committed liquidity facilities and that rumors of its insolvency are false.  Shares of the futures broker climbed $1.19 to close at $9.36.

The government planned to inject $200 billion into homebuyers by relaxing capital requirements at Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE).  Shares of Fannie Mae gained $2.49 to close at $30.71 while Freddie Mac stock climbed $3.88 to close at $29.90.

Adobe Systems Inc. (Nasdaq: ADBE) posted higher revenues and earnings of 38 cents per share compared with 24 cents per share last year to top estimates.  A strong outlook for 2008 boosted shares of the maker of Photoshop and Acrobat software $2.87 to close at $34.75.

Xerium Technologies Inc. (NYSE: XRM) delayed filing its annual report sending shares of the company plummeting $3.28 to close at $1.15.

Shares of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) surged as the two government sponsored enterprised neared a deal with the government to raise more capital.  Fannie Mae stock soared $6.01 to close at $28.22 while Freddie Mac shares leaped $5.40 to close at $26.02.

After its shares plummeted yesterday, FCStone Group (Nasdaq: FCSX) issued a statement affirming the soundness of the company and declaring that the risk management firm has no direct exposure to subprime mortgage backed securities.  The stock price leaped $9.56 to close at $31.00.

FactSet Research Systems Inc. (NYSE: FDS) reported higher second quarter profits of 59 cents per share compared with 52 cents per share in the year ago period due to an increase in subscriptions.  Shares of the financial data provider leaped $7.90 to close at $52.43.

Goldman Sachs Group Inc. (NYSE: GS) posted solid earnings of $3.23 per share compared with $6.67 per share a year earlier due to strong asset management revenues.  Shares of the world's largest investment bank soared $24.57 to close at $175.59.

Investment bank Lehman Brothers Holdings Inc. (NYSE: LEH) posted lower earnings of 81 cents per share compared with $1.15 per share last year, but the results handily beat expectations.  Investors had worried about its exposure to mortgage-related investments that took down Bear Stearns (NYSE: BSC).  Shares of Lehman Bros. leaped $14.74 to close at $46.49 while Bear Stearns stock recovered $1.13 to close at $5.94.

Tempur-Pedic International Inc. (NYSE: TPX) blamed the economic downturn for withdrawing its earnings guidance for the year and warning that first quarter results will disappoint.  Shares of the mattress maker plunged $6.36 to close at $10.50.

Moody's Investors Service downgraded its ratings outlook for Lehman Brothers Holdings Inc. (NYSE: LEH) while Southeast Asian bank DBS Group advised its traders not to conduct business with Lehman Bros.  Shares of the investment banker skidded $7.51 to close at $31.75.

BladeLogic Inc. (Nasdaq: BLOG), which went public less than a year ago, agreed to be acquired by BMC Software Inc.(NYSE: BMC) for approximately $800 million.  Shares of BladeLogic soared $3.78 to close at $27.39 while BMC stock dropped $1.99 to close at $31.79.

Washington Mutual Inc. (NYSE: WM) was downgraded by analysts following a downgrade by Moody's Investors Services.  Shares of the bank dropped $1.35 to close at $9.24.

Shares of The Bear Stearns Companies Inc. (NYSE: BSC) plummeted $25.19 to close at $4.81 after JPMorgan Chase & Co. (NYSE: JPM) offered a handful of shares to buy out the beleaguered investment bank.  JPMorgan stock climbed $3.77 to close at $40.31.

Cardiome Pharma Corp. (Nasdaq: CRME) reported positive clinical results for its oral drug treatment to regulate heart rhythm lifting shares of the company $1.91 to close at $8.15.

While Ultrapetrol (Bahamas) Ltd. (Nasdaq: ULTR) reversed losses to report a profit for the fourth quarter of 19 cents per share compared with a loss of 11 cents per share last year, the company's 2007 full year profit fell to 14 cents per share from 59 cents per share a year ago.  Shares of the industrial transportation company plunged $3.51 to close at $8.48.

National City Corp.'s (NYSE: NCC) credit rating was downgraded by Moody's Investors Services because the bank may suffer significant losses in its home equity, residential development and land loan portfolios.  The stock price dropped $1.86 to close at $13.15.

Moody's Investors Service downgraded Washington Mutual Inc.'s (NYSE: WM) credit rating saying that the company will need more than $12 billion to cover mortgage losses in 2008.  Shares of the bank tumbled $1.56 to close at $10.57.

Lehman Brothers Holdings Inc. (NYSE: LEH) must pay more to insure its debt as credit concerns continue to plague the financial markets.  The stock price plunged $6.73 to close at $39.26.

The Bear Stearns Cos. Inc. (NYSE: BSC) received a lifeline after getting a short-term funding commitment from JPMorgan Chase & Co. (NYSE: JPM) and the Federal Reserve Bank of New York.  Shares of Bear Stearns plummeted $26.15 to close at $30.85 while JPMorgan stock fell $1.57 to close at $36.54.

An analyst raised his opinion of Zumiez Inc. (Nasdaq: ZUMZ) after the athletic clothing and accessories retailer posted higher fourth quarter earnings of 42 cents per share compared with 39 cents per share a year earlier.  The stock price climbed $1.14 to close at $15.24.

J. P. Morgan analyst Jaime Baker downgraded seven airliners including AMR (NYSE: AMR), Northwest (NYSE: NWA) and Delta (NYSE: DAL) citing significant losses in a recession.  Shares of AMR tumbled $1.36 to close at $9.31 while Northwest stock plunged $2.08 to close at $10.15.  Delta stock dropped $1.91 to close at $10.20.

Third Wave Technologies Inc. (Nasdaq: TWTI) reported positive results for its human papillomavirus test sending shares of the medical test maker soaring $2.22 to close at $9.32.

Health insurance provider Humana Inc. (NYSE: HUM) became the latest casualty in the industry to lower its earnings outlook due to higher prescription costs.  The stock price plummeted $6.50 to close at $40.88.

Immucor Inc.'s (Nasdaq: BLUD) $117 million cash acquisition of BioArray will result in a 20 cents per share charge beginning in 2009 and could continue for a few more years.  The stock price plummeted $8.78 to $18.77.

DivX Inc. (Nasdaq: DIVX) blamed one time charges for sharply lower fourth quarter earnings and forecast first quarter as well as full year results below estimates.  The stock price plunged $3.27 to $6.92.

Progenics Pharmaceuticals Inc. (Nasdaq: PGNX) and Wyeth (NYSE: WYE) reported that their constipation treatment methylnaltrexone failed a late stage drug trial.  Shares of Progenics plummeted $8.73 to $4.82 while Wyeth stock lost 39 cents to $41.26.

Despite higher revenue, fourth quarter earnings for Superior Well Services Inc. (Nasdaq: SWSI) tumbled to 30 cents per share from 49 cents per share a year earlier to fall far short of estimates due to pricing pressures and shutdowns that were longer than expected.  Shares of the oilfield services firm plunged $5.61 to close at $19.32.

Although one time costs weighed down fourth quarter earnings for Global Sources Ltd. (Nasdaq: GSOL) to 17 cents per share from 33 cents per share last year, the results surpassed estimates sending the stock price soaring $3.66 to close at $14.36.

Shares of soda maker Jones Soda Co. (Nasdaq: JSDA) sagged $1.48 to close at $2.86 after the company posted a sharp drop in revenues and a wider than expected loss citing higher slotting fees to place its products on shelves.

Health insurance provider WellPoint Inc. (NYSE: WLP) lowered its 2008 profit outlook.  Its stock promptly plummeted $18.52 to $47.40 on heavy volume.  Shares of rivals Aetna Inc. (NYSE: AET) plunged $5.73 to $40.78, Humana Inc. (NYSE: HUM) skidded $17.90 to $44.80 and UnitedHealth Group Inc. (NYSE: UNH) tumbled $5.37 to $39.70.

Texas Instruments Inc. (NYSE: TXN) lowered its first quarter outlook following order cuts from a key customer.  Analysts promptly downgraded the stock sending the stock price tumbling $1.17 to $28.48.

The financial services sector rallied on hopes that government intervention may stabilize the mortgage industry.  Shares of Citigroup Inc. (NYSE: C) gained $1.18 to $20.87 and Bank of America Corp. (NYSE: BAC) rose 99 cents to $36.30.

A Barron's article suggested that the government may have to bailout Fannie Mae (NYSE: FNM) if the credit crisis continues to worsen.  The stock price tumbled $2.96 to close at $19.81.

Keryx Biopharmaceuticals Inc.'s (Nasdaq: KERX) diabetes medications Sulonex failed a Phase III clinical trial prompting a series of downgrades.  Shares of the biopharmaceutical plummeted $4.62 to close at 64 cents.

Analysts downgraded Thornburg Mortgage Inc. (NYSE: TMA) following last Friday's announcement that the lender would restate its financials due to impairment losses on assets.  The stock price plummeted $1.08 to close at 71 cents.

Countrywide Financial Corp. (NYSE: CFC) was the target of FBI probes into securities fraud, according to media reports.  Shares of the mortgage lender tumbled 71 cents to close at $4.36.

Shares of Spectrum Pharmaceuticals Inc. (Nasdaq: SPPI) surged 49 cents to close at $2.93 after the FDA approved its bone cancer drug treatment last Friday.

Nationwide Financial Services Inc. (NYSE: NFS) announced that it has received all-cash deal to be acquired by its parent company Nationwide Mutual Insurance Company.  The stock price leaped $9.79 to close at $47.72.

Ambac Financial Group Inc. (NYSE: ABK) sold 171 shares of common stock, 14 million private placement shares and 5 million equity units to raise $1.5 billion to protect its credit rating.  Shares of the troubled bond insurer soared $2.08 to close at $9.50.

New Mexico state regulators approved a rate increase that was a fraction of the $76.9 million requested by PNM Resources Inc. (NYSE: PNM) sending the stock price tumbling $2.08 to close at $9.33.

Fourth quarter earnings edged up to 56 cents per share from 54 cents per share a year earlier for Dynamic Materials Corp. (Nasdaq: BOOM) but the results fell shy of estimates while the company forecast disappointing first quarter profit.  The stock price plummeted $10.22 to close at $43.38.

AngioDynamics Inc. (Nasdaq: ANGO) warned that third quarter revenue will fall short of estimates despite increased sales.  Shares of the medical device maker plummeted $5.99 to close at $9.99.

Shares of DealerTrack Holdings (Nasdaq: TRAK) continued to slump by falling $1.44 to close at $17.45 after an analyst downgraded the technology provider for the automotive retail industry.

PeopleSupport Inc. (Nasdaq: PSPT) posted higher fourth quarter profits of 81 cents per share compared with 18 cents per share last year and announced a stock buyback, but its shares tumbled $3.20 to close at $8.20 after the business outsourcing company lowered its guidance for the first quarter.

Shares of mortgage REIT Annaly Capital Management Inc. (NYSE: NLY) plunged $3.47 to close at close at $15.81 on news that European mortgage-backed securities investment firm Carlyle Capital received a default notice for failing to meet margin calls.

Omrix Biopharmaceuticals Inc. (Nasdaq: OMRI) blamed higher costs for fourth quarter earnings that plunged to 19 cents per share from 41 cents per share in the year ago period falling far short of estimates.  Shares of the biopharmaceutical plummeted $10.96 to close at $14.09.

Shares of Tessera Technologies Inc. (Nasdaq: TSRA) rose $1.37 to close at $15.19 after the company clarified that recent actions by an International Trade Commission judge did not overturn its patents.

The American Cancer Society released new colorectal cancer screening guidelines that include Exact Sciences Corp.'s (Nasdaq: EXAS) stool sample testing technology.  The stock price surged 94 cents to close at $3.03.

American Eagle Outfitters (NYSE: AEO) reported disappointing February results with same-store apparel sales down 4% versus year-ago levels due to poor foot traffic and disappointing sales of women's clothes.  The stock price plunged $3.72 to close at $17.56.

Shares of Union Drilling Inc. (Nasdaq: UDRL) plummeted $5.69 to close at $15.32 after the provider of drilling services for natural-gas producers posted a drop in fourth quarter profits to 18 cents per share from 40 cents per share last year due to lower utilization.

UCBH Holdings Inc. (Nasdaq: UCBH) increased its loan-loss provisions for the fourth quarter as more loans are being written off sending the stock price down $1.58 to close at $9.15.

Clothing retailer Chico's FAS Inc. (NYSE: CHS) blamed weak sales for a fourth quarter loss of 12 cents per share versus year-ago profits of 10 cents per share last year.  The stock price tumbled $1.37 to close at $8.50.

Biotechnology research firm PDL BioPharma Inc. (Nasdaq: PDLI) abandoned efforts to sell itself and planned to cut half of its staff.  Analysts promptly downgraded the stock sending the stock price plummeting $5.13 to close at $10.71.

Shares of Packeteer Inc. (Nasdaq: PKTR) leaped $1.08 to close at $4.94 after the developer of bandwidth management systems received a $200 million cash offer from hedge fund Elliott Associates.

Big Lots Inc. (NYSE: BIG) posted fourth quarter earnings of $1.04 per share compared with 94 cents per share in the year ago period that beat estimates while meeting revenue goals.  Shares of the discount retailer soared $3.85 to close at $21.23.

Jackson Hewitt Tax Service Inc. (NYSE: JTX) disappointed with lower third quarter earnings of 61 cents per share compared with 83 cents per share in the year ago period as fewer people filed early tax returns.  The stock price plummeted $6.61 to close at $13.68.

Cell Therapeutics Inc. (Nasdaq: CTIC) will issue approximately $51.7 million worth of senior convertible notes.  The stock price skidded 55 cents to close at 74 cents.

The U. S. Patent and Trademark Office rejected some of Tessera Technologies Inc.'s (Nasdaq: TSRA) claims sending shares of the electronics miniaturization technologies company plummeting $8.99 to close at $14.07.

Analysts raised their opinion on Barr Pharmaceuticals Inc. (NYSE: BRL) on expectations that the drug company can defend its patent for an oral contraceptive drug treatment.  The stock price soared $3.80 to close at $49.47.

The Food and Drug Administration will review sites where Theravance Inc. (Nasdaq: THRX) is conducting late stage drug trials for its skin infection medication telavancin.  Shares of the biopharmaceutical plunged $3.97 to close at $12.25.

Although Obagi Medical Products Inc. (Nasdaq: OMPI) reported higher fourth quarter earnings of 20 cents per diluted share compared with 14 cents per diluted share last year, the results fell short of estimates and the skin care products maker forecast 2008 earnings below expectations.  The stock price plummeted $4.72 to close at $10.11.

Fremont General Corp. (NYSE: FMT) was downgraded by Moody's Investors Service and Standard & Poor's last week.  Standard & Poor's will also remove Fremont from the SmallCap 600 Index after markets close today.  Shares of the troubled bond insurer tumbled 30 cents to close at 70 cents.

Bond insurer Security Capital Assurance Ltd. (NYSE: SCA) warned that it will report a $1.5 billion charge for the fourth quarter sending the stock price tumbling more than 50% by plunging 80 cents to close at 72 cents.

Shares of Force Protection Inc. (Nasdaq: FRPT) fell 53 cents to close at $3.58 after the armored-vehicle maker announced a delay in its earnings report due to major accounting errors.

A New York court may call off the buyout of Genesco Inc. (NYSE: GCO), according to a Dow Jones report. Investment bank UBS AG (NYSE: UBS) and footwear retailer Finish Line Inc. (Nasdaq: FINL) will pay cash and stock to Genesco as a settlement.  Shares of Genesco plunged $6.18 to close at $24.77 while Finish Line stock rose $1.14 to close at $3.97.  UBS stock lost 5 cents to close at $31.84.

Thornburg Mortgage Inc. (NYSE: TMA) reported an increase in margin calls which may put the jumbo mortgage lender out of business.  The stock promptly lost more than half of its value by skidding $4.58 to close at $4.32.

Diebold Inc. (NYSE: DBD), which makes business security systems and voting machines, received a $2.63 billion bid from United Technologies Corp. (NYSE: UTX).  Shares of Diebold leaped $14.72 to close at $38.84 while United Technologies stock lost $1.11 to close at $69.40.