June 2008 Archives

A rumor that Lehman Brothers Holdings Inc. (NYSE: LEH) will be sold to Barclays at a discount sent shares of the investment bank tumbling $2.44 to close at $19.81.

Hydrogenics Corp. (Nasdaq: HYGS) provided Shell Hydrogen with an integrated hydrogen fueling station lifting shares of the hydrogen and fuel cell products company 33 cents to close at $1.80.

American Eagle Outfitters Inc. (NYSE: AEO) announced that its president and chief merchandising officer Susan McGalla will leave the company January 31, 2009 prompting a downgrade.  The stock price dropped $2.27 to close at $13.53.

Online party supplies retailer Celebrate Express Inc. (Nasdaq: BDAY) agreed to be acquired by Liberty Media Interactive (Nasdaq: LINTA) in an all cash deal valued at approximately $31.1 million.  Shares of Celebrate Express leaped $1.52 to close at $3.82 while Liberty Media stock eased 40 cents to close at $14.95.

Retailer Pier 1 Imports Inc. (NYSE: PIR) withdrew its offer to buy rival Cost Plus Inc. (Nasdaq: CPWM) for $88 million.  Shares of Pier 1 rose 24 cents to close at $4.27 while Cost Plus stock eased 7 cents to close at $2.95.

Speculation that record crude oil prices will trigger interest in nuclear energy lifted shares of Uranium Resources (Nasdaq: URRE) 61 cents to close at $3.91.

Photography company Eastman Kodak Co. (NYSE: EK) received a $581 million tax refund and announced a buyback of up to $1 billion in its stock.  The stock price climbed $1.69 to close at $14.03.

Barrier Therapeutics Inc. (Nasdaq: BTRX) will be acquired for approximately $148 million in cash by privately held Stiefel Laboratories sending the stock price surging $2.27 to close at $4.03.

Agriculture giant Bunge Ltd. (NYSE: BG) announced a deal to buy Corn Products International Inc. (NYSE: CPO) in a stock deal worth about $4.4 billion.  Shares of Bunge plunged $11.47 to close at $110.70 while Corn Products stock leaped $7.85 to close at $50.75.

Shares of Huntington Bancshares (Nasdaq: HBAN) surged $1.53 to close at $6.67 even though the bank warned that its provision for credit losses will most likely be higher in the second quarter than in the first quarter.

Fifth Third Bancorp (Nasdaq: FITB) bucked the selloff among banks following an analyst upgrade.  The stock price gained 36 cents to close at $10.11.

In response to record fuel expenses, UAL Corp. (Nasdaq: UAUA) and Continental Airlines (NYSE: CAL) announced an initiative for global cooperation.  Shares of United Airlines parent UAL leaped $1.56 to close at $8.11 while Continental stock climbed $2.15 to close at $15.59.

Goldman Sachs analyst Mark Wienkes cut his price target for XM Satellite Radio Holdings Inc. (Nasdaq: XMSR) and Sirius Satellite Radio Inc. (Nasdaq: SIRI) saying that MP3 players and other technologies threaten both companies.  Shares of XM Satellite tumbled $1.77 to close at $8.61 while Sirius stock dropped 30 cents to close at $2.13.

Solar panel producer Evergreen Solar Inc. (Nasdaq: ESLR) announced two deals worth a total of $600 million through 2012.  The stock price surged $2.06 to close at $12.30.

In a deal valued at approximately $1.6 billion, investment firm The Blackstone Group (NYSE: BX) will take Apria Healthcare Group (NYSE: AHG) private.  Shares of Apria leaped $4.18 to close at $20.00 while Blackstone stock edged up 38 cents to close at $18.40.

Carmax (NYSE: KMX) reported sharply lower first quarter earnings of 13 cents per share compared with 30 cents per share last year prompting the used car retailer to suspend its full year earnings and sales guidance.  The stock price tumbled $2.00 to close at $16.34.

Lindsay Corp. (NYSE: LNN) posted higher third quarter revenues and profits of $1.15 per share compared with 62 cents per share a year earlier, but the results were well short of Wall Street expectations.  Shares of the irrigation products maker plunged $20.73 to close at $103.70.

Analysts upgraded the railroad sector to lift shares of Union Pacific Corp. (NYSE: UNP) $3.35 to close at $75.82.

Goldman Sachs cut its price target for Washinton Mutual (NYSE: WM) and SunTrust Banks (NYSE: STI) saying that the nation's banks will probably have to raise $65 billion due to the continuing credit crisis.  Shares of Washington Mutual lost 53 cents to close at $6.22 while SunTrust stock tumbled $3.94 to close at $40.61.

Goldman Sachs cut its 2008 as well as its 2009 full year earnings outlook for Zions Bancorp (Nasdaq: ZION) and slashed its price target for the company sending the stock price plunging $3.79 to close at $33.37.

Mentor Graphics Corp. (Nasdaq: MENT) rejected a buyout offer valued at approximately $1.45 billion from rival Cadence Design Systems (Nasdaq: CDNS).  Shares of Mentor Graphics leaped $2.65 to close at $14.98 while Cadence Design stock lost 75 cents to close at $10.84.

Wyeth (NYSE: WYE) and Elan Corp. (NYSE: ELN) reported mixed results for its mid-stage drug tests to treat Alzheimer's disease and planned to proceed with late-stage studies.  Shares of Wyeth climbed $2.08 to close at $45.16 while Elan stock surged $2.89 to close at $30.00.

Cowen & Co. analyst Rob Stone said that shares of Suntech Power Holdings Co. Ltd. (NYSE: STP) are undervalued and reiterated his Outperform rating for the solar electric products maker sending the stock price soaring $3.62 to close at $41.10.

A Goldman Sachs Group analyst said that Wachovia Corp. (NYSE: WB) should cut its dividend so that it can maintain capital.  The stock price dropped $1.12 to close at $18.19.

While Maxygen (Nasdaq: MAXY) said that it has four patents related to its Maxy-G34 drug candidate, the biopharmaceutical warned that Amgen (Nasdaq: AMGN) may file suit for infringing on one of its patents.  Shares of Maxygen plunged $1.36 to close at $3.49 while Amgen stock added 75 cents to close at $43.97.

Massey Energy (NYSE: MEE) will move from the S&P SmallCap 600 to the S&P 500, replacing OfficeMax (NYSE: OMX) which will move to the S&P SmallCap 600.  Shares of Massey leaped $5.77 to close at $81.84 while OfficeMax stock eased 2 cents to close at $18.10.

An analyst warned that Fifth Third Bancorp (Nasdaq: FITB) may cut its dividend by up to 50% and raise capital to shore up its balance sheet.  The stock price tumbled $1.52 to close at $13.17.

National CineMedia Inc. (Nasdaq: NCMI) blamed weak demand for forecasting second quarter revenue that fell short of expectations sending the stock price plummeting $4.46 to close at $14.00.

Belgian brewer InBev offered $46 billion in cash to buy Anheuser-Busch Cos. Inc. (NYSE: BUD) to create the world's largest beer company.  The stock price soared $3.05 to close at $61.40.

Nortel Networks Corp. (NYSE: NT) partnered with Alvarion Ltd. (Nasdaq: ALVR) to provide long-range wireless access.  Shares of Nortel surged $1.09 to close at $9.20 while Alvarion stock climbed 51 cents to close at $8.02.

Canadian fertilizer maker Agrium Inc. (NYSE: AGU) raised its second quarter outlook due to strong demand for its products.  The stock price leaped $7.97 to close at $100.13.

Credit card issuer CompuCredit Corp. (NYSE: CCRT) was charged by federal regulators for deceptive marketing practices sending the stock price plummeting $2.49 to close at $6.30.

Shares of American Superconductor Corp. (Nasdaq: AMSC) leaped $7.03 to close at $43.11 after the wire manufacturer announced a $450 million contract from China-based Sinovel Wind Corp.

BE Aerospace (Nasdaq: BEAV) will pay $1.05 billion in cash and stock to acquire Honeywell International's (NYSE: HON) Consumables Solutions business.  Shares of BE Aerospace surged $2.98 to close at $29.96 while Honeywell stock edged up 78 cent close at $54.79.

Shares of Hilb Rogal & Hobbs Co. (NYSE: HRH) leaped $12.93 to close at $43.82 on news that UK-based Willis Group Holdings Ltd. (NYSE: WSH) offered $2.1 billion to buy the insurer.  Willis Group stock dropped $2.16 to close at $33.72.

Although fourth quarter earnings slipped for National Semiconductor Corp. (NYSE: NSM), the results surpassed estimates and the company forecast first quarter revenue ahead of expectations.  The stock price gained $1.08 to close at $23.74.

Inspire Pharmaceuticals Inc. (Nasdaq: ISPH) posted positive late stage trial results for its drug candidate treating cystic fibrosis sending shares of the biopharmaceutical soaring $1.34 to close at $5.19.

Shares of Lehman Brothers Holdings Inc. (NYSE: LEH) plunged $3.22 to close at $30.61 following reports of a possible $4 billion raise.

Avant Immunotherapeutics Inc.'s (Nasdaq: AVAN) cancer vaccine more than doubled the survival time of brain cancer patients.  Shares of the biopharmaceutical surged $3.97 to close at $17.98.

The board of Wachovia Corp. (NYSE: WB) voted to replace its chief executive Ken Thompson, the latest casualty in the banking industry.  Meanwhile, Washington Mutual Inc. (NYSE: WM) split the CEO and chairman roles as part of a new corporate governance plan.  Shares of Wachovia fell 40 cents to close at $23.40 while Washington Mutual stock eased 2 cents to close at $9.00.

Acorda Therapeutics Inc. (Nasdaq: ACOR) reported successful late-stage results for its multiple sclerorsis drug candidate sending the stock price soaring $6.74 to close at $28.30.