August 2008 Archives

QBE Insurance Group will pay approximately $56 million to acquire the Asian operations of mortgage insurer PMI Group Inc. (NYSE: PMI).  The stock price rose 45 cents to close at $3.59.

Dell Inc. (Nasdaq: DELL) posted lower profits of 31 cents per share compared with 33 cents per share last year that missed expectations despite higher revenue.  Analysts promptly downgraded the computer maker sending the stock price tumbling $3.48 to close at $21.73.

Puerto Rican bank Popular Inc. (Nasdaq: BPOP) sold its U.S. mortgages and servicing assets to affiliates of Goldman Sachs Group Inc. (NYSE: GS) for $700 million to take a $450 million loss.  Shares of Popular climbed 92 cents to close at $8.15 while Goldman Sachs stock gained $2.14 to close at $163.97.

Petsmart Inc. (Nasdaq: PETM) reported second quarter results that slipped to 30 cents per share from 35 cents per share a year earlier but the results surpassed expectations and the company reaffirmed its outlook for the year.  The stock price leaped $2.58 to close at $27.00.

Although Zale Corp. (NYSE: ZLC) swung to a fourth quarter loss of 15 cents per share compared with earnings of 3 cents per share a year earlier, revenue rose to surpass estimates.  The specialty retailer of fine jewelry forecast fiscal 2009 results above expectations sending the stock price soaring $4.77 to close at $27.92.

Bond insurer MBIA Inc. (NYSE: MBI) will receive $741 million in premiums as part of an agreement to take over $184 billion in municipal bonds that are now guaranteed by privately held Financial Guaranty Insurance Corporation.  The stock price leaped $4.17 to close at $16.15.

Fannie Mae (NYSE: FNM) announced a shake up of its management team.  Shares of the beleaguered mortgage company soared $1.47 to close at $7.95.

Upscale jeweler Tiffany & Company (NYSE: TIF) surprised investors with profits that doubled to 63 cents per share from 29 cents per share in the year ago period and lifted its forecast sending the stock price soaring $4.24 to close at $43.85.

Clothing retailer Talbots Inc. (NYSE: TLB) posted a second quarter loss that nearly doubled to 47 cents per share from 25 cents per share last year as revenue fell while restructuring charges soared.  Company management pointed out that it was on track to cut costs and to close underperforming stores.  The stock price surged $2.82 to close at $12.82.

Although second quarter earnings for Solarfun Power Holdings Co. Ltd. (Nasdaq: SOLF) surged to top estimates, the Chinese solar cell maker warned that the average price of its photovoltaic modules will drop next year.  The stock price plunged $2.61 to close at $16.33.

After twenty more patient deaths in a late stage clinical trial of its prostate cancer treatement GVAX, biotechnology company Cell Genesys (Nasdaq: CEGE) halted the study sending the stock price plummeting $2.01 to close at 79 cents.

Corinthian Colleges Inc. (Nasdaq: COCO) narrowed fourth quarter losses to a penny per share from 10 cents per share in the year ago period as revenue and enrollment rose but revenue fell short of expectations.  Shares of the for-profit educator plunged $3.12 to close at $13.09.

Second quarter earnings tumbled for Chico's FAS Inc. (NYSE: CHS) to 4 cents per share from 22 cents per share a year earlier due to the soft economy but the results topped analyst expectations.  Shares of the women's clothing retailer rose 11 cents to close at $5.09.

Darden Restaurants Inc. (NYSE: DRI) blamed the economy for lower same-store sales at its Red Lobster, Olive Garden and LongHorn Steakhouse locations.  The stock price plummeted $4.01 to close at $28.25.

Close-out retailer Big Lots Inc. (NYSE: BIG) posted better than expected second quarter results of 32 cents per share compared with 22 cents per share in the year ago period and raised its outlook for the year.  However, the company warned that same store sales for the third and fourth quarters will rise less than during the first half of the year sending the stock price tumbling $2.34 to close at $30.72.

Shares of Fannie Mae (NYSE: FNM) climbed 43 cents to close at $5.62 and Freddie Mac (NYSE: FRE) soared 68 cents to close at $3.97 rallying for a second consecutive day on hopes that the mortgage companies can ride out the troubled housing market by tapping debt rather than a government bailout.

The CEO of Quest Resource Corp. (Nasdaq: QRCP) Jerry Cash resigned after the Oklahoma Department of Securities launched an investigation into questionable fund transfers from the company to an entity controlled by Cash.  Shares of the natural gas company plunged $2.05 to close at $4.88.

Freddie Mac (NYSE: FRE) sold $2 billion in three month and six month bills, allaying investor fears of a government takeover.  The stock price climbed 48 cents to close at $3.29.

An appeals court ruled in favor of Star Scientific (Nasdaq: STSI) in the company's patent infringement lawsuit against RJ Reynolds Tobacco.  Shares of the tobacco curing technology company leaped $1.09 to close at $2.76.

Shares of Pacific Sunwear of California (Nasdaq: PSUN) plunged $1.98 to close at $5.80 after the teen retailer posted second quarter earnings of 4 cents per share compared with losses of 15 cents per share in the year ago period and offered a breakeven outlook for the rest of the year. 

Yingli Green Energy Holding Co. Ltd. (NYSE: YGE) announced plans to build a 10-megawatt solar power plant near Beijing, China lifting shares $2.47 to close at $17.86.

China Sunergy Co. Ltd. (Nasdaq: CSUN) reversed year ago losses to report a second quarter profit of 8 cents per share compared with losses of 14 cents per share last year as revenue surged.  The stock price climbed $1.79 to close at $11.72.

Shares of Lehman Brothers Holdings Inc. (NYSE: LEH) climbed 69 cents to close at $14.41 on hopes that a suitor may emerge to buy the beleaguered investment bank.

Drugmaker King Pharmaceuticals Inc. (NYSE: KG) offered to buy Alpharma Inc. (NYSE: ALO) for $1.4 billion in order to expand its line of pain treatments.  Shares of Alpharma jumped $10.47 to close at $34.51 while King Pharmaceuticals stock edged up 95 cents to close at $12.19.

Piper Jaffray analyst Mark Murphy downgraded Salesforce.com (NYSE: CRM) after the company forecast third quarter revenue below estimates.  Shares of the customer relationship management services company plummeted $12.05 to close at $53.25.

RBC Capital Markets analyst Stephen D. Walker issued an investor note saying that production will increase for Kinross Gold Corp. (NYSE: KGC) in 2009 lifting the stock price $1.48 to close at $17.22.

While Synopsys Inc. (Nasdaq: SNPS) reported third quarter earnings that more than doubled to 39 cents per share from 17 cents per share a year earlier, the electronic design automation software company forecast disappointing fourth quarter results prompting a downgrade.  The stock price tumbled $2.82 to close at $21.32.

Despite higher revenue, JDS Uniphase Corp. (Nasdaq: JDSU) widened fourth quarter losses to 13 cents per share from 8 cents per share in the year ago period due to acquisition related charges.  The stock price plunged $1.48 to close at $10.42.

Although second quarter earnings for Dick's Sporting Goods Inc. (NYSE: DKS) slipped to 35 cents per share from 41 cents per share last year as same store sales fell, the results topped analyst expectations.  The stock price surged $2.63 to close at $20.92.

Apparel retail chain operator Limited Brands Inc. (NYSE: LTD) surprised analysts with second quarter profits of 30 cents per share compared with 67 cents per share, which beat expectations.   The company controlled expenses and offered a breakeven outlook for the rest of the year lifting the stock price $2.31 to close at $20.28.

Citigroup analyst Jim Suva affirmed his Buy rating for Research In Motion Ltd. (Nasdaq: RIMM) and approved of the company's new BlackBerry Bold.  The stock price surged $4.33 to close at $130.28.

Shares of Hewlett-Packard Co. (NYSE: HPQ) climbed $2.47 to close at $46.16 after the computer and printer maker posted higher third quarter earnings of 80 cents per share compared with 66 cents per share last year that beat expectations.

Novatel Wireless Inc. (Nasdaq: NVTL) warned that second quarter results will fall short of estimates and forecast disappointing third quarter results prompting downgrades.  The stock price plunged $2.11 to close at $6.29.

China-based Suntech Power Holdings Co. Ltd. (NYSE: STP) raised its revenue forecast for the rest of the year due to increased shipments of solar cell modules.  The stock price leaped $4.62 to close at $41.75.

Shares of Apple Inc. (Nasdaq: AAPL) dropped $3.58 to close at $175.74 as a series of service problems and technical difficulties plagued the company's 3G iPhone.

Second quarter earnings for Flower Foods Inc. (NYSE: FLO) rose to 26 cents per share from 24 cents per share a year earlier due to improved prices and greater volume but the results fell short of estimates sending the stock price plummeting $4.01 to close at $27.96.

Crude oil prices surged $2.99 to settle at $116 per barrel sending shares of airline stocks AMR Corp. (NYSE: AMR) plunging $1.33 to close at $10.86, Continental Airlines Inc. (NYSE: CAL) plummeting $2.12 to close at $15.76, and Northwest Airlines Corp. (NYSE: NWA) tumbling $1.14 to close at $10.07.

Wachovia Corp. (NYSE: WB) announced that it added an additional $500 million to its legal reserves which increased its losses to nearly $9.1 billion for the second quarter.  Shares of the bank tumbled $2.21 to close at $16.00.

Although second quarter revenue rose for Constellation Energy Group Inc. (NYSE: CEG), the company swung to a loss of 39 cents per share compared with income of 17 cents per share in the year ago period as natural gas prices soared.  The stock price plummeted $11.79 to close at $61.25.

Altus Pharmaceuticals Inc. (Nasdaq: ALTU) reported disappointing preliminary results from a late stage clinical trial of its treatment for cystic fibrosis patients with pancreatic insufficiency, Trizytek.  An analyst downgraded the biopharmaceutical sending the stock price skidding $2.44 to close at $2.50.

Mitsubishi UFJ Financial Group offered $3 billion to buy the remaining 35% stake in California's UnionBanCal Corp. (NYSE: UB) sending the stock price soaring $7.32 to close at $65.50.

SandRidge Energy Inc. (NYSE: SD) swung to a loss for the second quarter of 17 cents per share compared with earnings of 21 cents per share last year and failed to provide more detailed information about its Pinon Field wells in west Texas.  Shares of the oil and gas company skidded $4.44 to close at $33.15.

The Food and Drug Administration requested more data from Cardiome Pharma Corp. (Nasdaq: CRME) for its abnormal heart rhythm drug Kynapid.  Shares of the Canadian drug maker plummeted $2.17 to close at $9.78.

Shares of Basin Water Inc. (Nasdaq: BWTR) plunged $1.26 to close at $2.36 after the water treatment company disclosed an accounting review.

VeriChip Corp. (Nasdaq: CHIP), which makes radio-frequency identification systems, announced a one-time dividend from the sale of its Xmark subsidiary sending the stock price soaring 48 cents to close at $2.10.

Fannie Mae (NYSE: FNM) disappointed with a second quarter loss of $2.54 per share compared with income of $1.86 per share.  The loss was three times the expected loss prompting the company cut its dividend and raise mortgage fees.  The stock price dropped 90 cents to close at $9.05.

NextWave Wireless Inc. (Nasdaq: WAVE) widened second quarter losses to 89 cents per share from 81 cents per share as expenses rose.  Shares of the wireless broadband products company plummeted $1.90 to close at 95 cents.

Although Cogent Communications Group Inc. (Nasdaq: CCOI) narrowed second quarter losses to 12 cents per share from 19 cents per share in the year ago period as revenue rose, the results fell short of estimates.  The Internet service provider slashed its full year outlook sending the stock price plummeting $2.72 to close at $8.50.

Anadigics Inc. (Nasdaq: ANAD) slashed its third quarter revenue guidance citing weak demand sending shares of the semiconductor solutions company skidding $2.24 to close at $3.69.

Concert promoter Live Nation Inc. (NYSE: LYV) reported lower second quarter earnings of 2 cents per share compared with 15 cents per share a year earlier but revenue rose to surpass expectations.  The stock price surged $3.53 to close at $16.15.

Internet infrastructure services provider VeriSign (Nasdaq: VRSN) blamed a $98 million restructuring charge for widening second quarter losses.  An analyst downgraded the company sending the stock price plummeting $4.31 to close at $29.57.

Shares of American International Group Inc. (NYSE: AIG) plunged $5.25 to close at $23.84 after the world's largest insurer posted its third straight quarterly loss and took another round of mortgage write-downs.

Teen apparel retailer Abercrombie & Fitch Co. (NYSE: ANF) reported a 7% drop in same-store sales for July dragged down by weak foot traffic at its Hollister Co. store and Ruehl stores.  The stock price plunged $5.93 to close at $49.80.

Wal-Mart Stores Inc. (NYSE: WMT) reported a 3% gain in same-store sales for July, but the results were lower than analysts' expectations.  The world's largest retailer also forecast a modest 1-2% increase for August sending the stock price tumbling $3.80 to close at $56.96.

 J.C. Penney Co. Inc. (NYSE: JCP) raised its second quarter earnings outlook as the retailer projected better demand for sale merchandise and a positive impact from its cost-cutting efforts.  The stock price climbed $1.93 to close at $33.53.

Freddie Mac (NYSE: FRE) posted a second quarter loss of $1.63 per share compared with earnings of 96 cents per share last year.  The loss was three times greater than expected by analysts as the mortgage lender warned that its losses may continue to mount due to falling home prices.  Freddie Mac stock plummeted $1.55 to close at $6.49 while shares of Fannie Mae (NYSE: FNM) also plunged $2.00 to close at $11.60.

Global Industries Ltd. (Nasdaq: GLBL) swung to a second quarter loss of 12 cents per diluted share compared with earnings of 35 cents per share in the year ago period and announced a plan to repurchase $100 million worth of common stock.  Shares of the offshore construction services firm plummeted $3.05 to close at $8.37.

Shares of Wachovia Corp. (NYSE: WB) tumbled $1.87 to close at $17.11 after an analyst discredited the stock's recent rally due to short covering and pointed out that the bank still faced sizable mortgage losses.

Sun Microsystems Inc. (Nasdaq: JAVA) blamed the weak economy as well as restructuring charges for sharply lower fourth quarter earnings of 11 cents per share compared with 36 cents per share last year and forecast disappointing first quarter results.  The stock price plunged $1.31 to close at $9.32.

TomoTherapy Inc. (Nasdaq: TOMO) disappointed with a second quarter loss of 14 cents per share compared with a loss of $3.15 per share a year earlier amidst challenging economic conditions and lowered its full year outlook.  Analyst downgraded the radiation therapy device maker sending the stock price plummeting $4.75 to close at $5.00.

Shares of Biogen Idec Inc. (Nasdaq: BIIB) plummeted $19.75 to close at $50.01 and Elan Corp. (NYSE: ELN) skidded $10.12 to close at $9.93 due to additional safety concerns about their multiple sclerosis therapy.