November 2008 Archives

Callon Petroleum Co. (NYSE: CPE) cited cost overruns and lower commodity prices for suspending its Entrada Field development project.  Analysts promptly downgraded the stock sending the stock price plummeting $4.78 to close at $2.45.

Mechel OAO (NYSE: MTL) applied for government assistance citing receivables from steel makers of 3.2 billion roubles.  The stock price surged $1.23 to close at $6.27.

Oil shipper Frontline Ltd. (NYSE: FRO) posted higher revenues, but its profit results missed expectations.   Meanwhile, the company reported the need of additional funds to complete a full financing of its new vessel building commitment.  The stock price plunged $3.47 to close at $29.54.

Chesapeake Energy Corp. (NYSE: CHK) registered to issue and sell up to $1.8 billion of stock sending the stock price plummeting $3.06 to close at $17.18.

The Treasury Department infused American International Group Inc. (NYSE: AIG) with $40 billion in exchange for preferred stock and warrants to purchase common shares.  Shares of the beleagured insurer gained 18 cents to close at $1.95.

In a pretrial ruling, a judged determined that several chipmakers violated patents held by Rambus Inc. (Nasdaq: RMBS) sending shares of the company soaring $2.15 to close at $9.10.

Cisco Systems Inc. (Nasdaq: CSCO) announced plans to cut more than $1 billion in expenses by shuttering most of its offices in the United States and Canada for five days.  The stock price fell 98 cents to close at $15.42.

Nuance Communications (Nasdaq: NUAN) reported sharply higher fourth quarter earnings of 29 cents per share compared with 18 cents per share last year that surpassed analyst estimates as revenue surged.  Shares of the speech recognition technology provider climbed $1.10 to $8.60.

Jewelry retailer Zale Corp. (NYSE: ZLC) posted a wider loss of $1.43 per share compared with 58 cents per share a year earlier and withdrew its full-year earnings guidance due to the uncertainty of the overall economy.  The stock price plummeted $3.67 to $5.44.

Due to falling commodity prices, BHP Billiton plc (NYSE: BBL), the world's biggest mining company, scrapped a hostile $68 billion takeover bid for rival Rio Tinto plc (NYSE: RTP).  Shares of BHP rose $1.81 to $32.11 while Rio Tinto stock plummeted $47.15 to $98.84.

Microsoft Corp. (Nasdaq: MSFT) advertising unit Massive expanded its relationship with game publisher THQ Inc. (Nasdaq: THQI) to be the exclusive in-game ads provider for PC games and Xbox games.  Shares of Microsoft climbed $1.01 to close at $20.69 while THQ stock soared 48 cents to close at $4.10.

The United Kingdom Home Office announced that it will purchase 10,000 of TASER International Inc.'s (Nasdaq: TASR) Electronic Control Devices after a pilot program ended successfully.  TASER also announced that the Los Angeles Police Department ordered 1,275 devices along with related accessories.  The stock price surged 99 cents to close at $3.68.

Renewed concerns about the health of the financial services industry weighed down shares of JPMorgan Chase & Co. (NYSE: JPM) 66 cents to close at $22.72 and Wells Fargo & Co. (NYSE: WFC) 77 cents to close at $21.76.

Higher gold prices lifted shares of Newmont Mining Corp. (NYSE: NEM) $5.79 to close at $28.79, Barrick Gold Corp. (NYSE: ABX) $6.45 to close at $27.05 and Gold Fields Ltd. (NYSE: GFI) $1.97 to close at $7.30.

Design software maker Autodesk Inc. (Nasdaq: ADSK) projected lower fourth quarter earnings versus year-ago levels sending the stock price plummeting $3.87 to $12.95.

Citigroup Inc. (NYSE: C) announced plans to sell pieces of itself or in a whole.  The stock dropped 87 cents to $3.85.

Helix Energy Solutions (NYSE: HLX) issued a press release stating that the company is unaware of the reason for the recent drop in its stock price and affirmed the company's commitment to generating stockholder value.  Shares of the energy company plummeted $3.33 to close at $4.00.

Ambac Financial Group Inc. (NYSE: ABK) reduced its liabilities by paying $1 billion to cancel four contracts that covered collateralized debt valued at $3.5 billion.  Shares of the bond insurer surged 50 cents to close at $1.26.

Shares of Ford Motor Co. (NYSE: F) rose 13 cents to close at $1.39 and General Motor Corp. (NYSE: GM) added 9 cents to close at $2.88 after Congress avoided a likely defeat of a $25 billion auto industry bailout package by requiring the Big Three to develop a viable business plan.

A Food and Drug Administration panel voted against Targanta Therapeutics Corp.'s (Nasdaq: TARG) injectable antibiotic oritavancin sending shares of the biopharmaceutical plummeting $6.43 to $1.33.

China-based Suntech Power Holdings Co. Ltd. (NYSE: STP) posted higher third quarter profits of 33 cents per American Depository Share compared with 32 cents per ADS in the year ago period, but lowered its revenue forecast due to unfavorable currency rates and weak credit markets.  Shares of the solar module maker plunged $2.37 to $6.56.

Concerns that Hartford Financial Services Group Inc. (NYSE: HIG) may be exposed to significant losses from mortgage investments weighed down shares of the insurer $2.76 to close at $6.88.

Standard & Poor's Ratings Services downgraded Ambac Financial Group Inc.'s (NYSE: ABK) bond insurance unit and debt ratings sending the stock price tumbling 38 cents to close at 76 cents.

Lincoln National Corp. (NYSE: LNC) will not raise common equity and has requested permission to acquire individual savings and loans in order to qualify for the $700 billion capital infusion program.  The stock price plummeted $4.85 to close at $7.31.

Citi Investment Research analyst Joshua Shanker downgraded reinsurer Ace Ltd. (NYSE: ACE) citing potential losses from variable annuities.  The stock price plummeted $9.55 to $40.86.

The Food and Drug Administration approved Teva Pharmaceutical Industries Ltd.'s (Nasdaq: TEVA) generic version of AstraZeneca's (Nasdaq: AZN) asthma drug Pulmicort.  Shares of Teva rose 93 cents to $43.12 while AstraZeneca stock plummeted $3.92 to $38.05.

Shares of Citigroup Inc. (NYSE: C) fell 81 cents to $7.55 after an analyst warned of wider losses.  The banking giant also announced plans to buy $17.4 billion of assets held by structured investment vehicles that it advised.

DivX Inc. (Nasdaq: DIVX) lowered its outlook after Yahoo (Nasdaq: YHOO) pulled out of a two year advertising deal.  The video technology company sued Yahoo for breach of contract.  DivX stock plummeted $1.22 to close at $4.31 while Yahoo stock climbed 92 cents to close at $11.55.

Shares of Research in Motion Ltd. (Nasdaq: RIMM) surged $5.01 to close at $47.25 ahead of the release of its first touch screen BlackBerry Storm on Friday.

Charles Schwab Corp. (Nasdaq: SCHW) merged its institutional branch with its corporate and retirement services unit but there will be no cost savings or headcount changes.  Shares of the brokerage fell $1.06 to close at $15.55.

Sun Microsystems Inc. (Nasdaq: JAVA) will eliminate 5,000 to 6,000 jobs.  The stock price lost 51 cents to close at $3.61.

China's state television network reported that search engine Baidu.com Inc. (Nasdaq: BIDU) may have sold ads to unlicensed health clinics sending shares of the Chinese search engine plummeting $44.80 to close at $134.09.

In an effort to cut expenses, Micron Technology Inc. (NYSE: MU) requested that all its employees take up to twelve days off during the holidays.  Shares of the semiconductor dropped 35 cents to close at $2.75.

A report indicating disappointing sales of music genre video games sent shares of "Guitar Hero" publisher Activision Blizzard Inc. (Nasdaq: ATVI) tumbling $1.96 to close at $10.61. 

Hartford Financial Services Group Inc. (NYSE: HIG) will pay $10 million to acquire Federal Trust.  The financial services firm also applied to become a savings and loan holding company in order to be eligible to participate in the government's Capital Purchase Program.  The stock price surged $2.19 to close at $12.65.

The Food and Drug Administration accepted additional data provided by AMAG Pharmaceuticals Inc. (Nasdaq: AMAG) for the company's anemia treatment ferumoxytol.  The stock price leaped $14.94 to $33.31.

Shares of Crocs Inc. (Nasdaq: CROX) lost nearly half its value by plummeting 93 cents to 97 cents after the shoe maker posted sharply lower third quarter sales.

ProLogis (NYSE: PLD) cut its dividend as part of its plan to conserve capital and announced the departure of chief executive and chairman Jeffrey Schwartz.  Shares of the real estate investment trust plummeted $2.60 to $4.27.

Solar cell maker JA Solar Holdings Co. Ltd. (Nasdaq: JASO) blamed its third quarter loss of 36 cents per American Depositary Share compared with losses of 17 cents per ADS to losses related to the bankruptcy filing of Lehman Brothers.  The stock price tumbled 96 cents to $2.38.

StemCells Inc. (Nasdaq: STEM) will raise approximately $20 million through the sale of 13.8 million shares of common stock to institutional investors sending the stock price plummeting 90 cents to $1.19.

Shares of General Motors Corp. (NYSE: GM) rose 23 cents to $3.15 and Ford Motor Co. (NYSE: F) added 11 cents to $1.91 on hopes that Washington is supportive of a bailout of the auto industry.

AT&T Inc. (NYSE: T) will pay $944 million in cash to acquire rural telecom Centennial Communications (Nasdaq: CYCL).  Shares of AT&T rose 74 cents to $27.74 while Centennial stock leaped $3.96 to $7.80.

Circuit City Stores Inc. (NYSE: CC) filed for bankrupcty so that it can stay open for business through the holidays while sorting out its vendor payment issues.  The stock price plummeted 14 cents to 11 cents.

RBC Capital Markets downgraded Hecla Mining Co. (NYSE: HL) after the company announced that it acquired most of the assets of Independence Lead Mines.  Shares of precious metals company dropped 37 cents to close at $1.68.

Sprint Nextel Corp. (NYSE: S) swung to a third quarter loss of 11 cents per share compared with earnings of 2 cents per share a year earlier after losing 1.3 million wireless subscribers sending the stock price tumbling 31 cents to close at $3.37.

General Motors Corp. (NYSE: GM) reported a wider than expected loss for the third quarter of $4.45 per share compared with record losses of $68.85 per share last year and warned that the automaker may run out of cash next year.  The stock price tumbled 44 cents to close at $4.36.

Goldman Sachs analyst James Covello initiated coverage of SanDisk Corp. (Nasdaq: SNDK) with a Buy rating.  Shares of the flash memory card maker gained 18 cent to close at $10.14.

Medco Health Solutions Inc. (NYSE: MHS) reported higher third quarter earnings of 58 cents per share compared with 39 cents per share a year earlier to beat targets while reaffirming its full-year profit guidance.  The pharmacy benefits manager also announced a repurchase of up to $3 billion of stock.  The stock price soared $3.47 to close at $41.47.

Tenet Healthcare Corp. (NYSE: THC) reported lower than expected third quarter earnings of 22 cents per share compared with 12 cents per share a year earlier due to unpaid patient bills prompting the hospital operator to cut its full year outlook.  The stock price skidded $1.51 to close at $2.61.

Dean Foods Co. (NYSE: DF) posted higher third quarter profits of 25 cents per share compared with 5 cents per share last year, but missed targets due to rising commodity costs.  Shares of the milk and dairy products distributor plunged $3.91 to close at $18.25.

The credit crunch appeared to thaw with financial services firm CIT Group Inc. (NYSE: CIT) completing a $500 million financing facility with Wells Fargo & Co. (NYSE: WFC).  Shares of CIT Group surged $1.63 to close at $6.15 while Wells Fargo stock rose $1.31 to close at $35.11.

Archer Daniels Midland Co. (NYSE: ADM) posted profits that more than doubled to $1.63 per share from 68 cents per share in the year ago period to beat expectations.  Higher raw material costs helped to boost profit margins for the food processor and ethanol producer.  The stock price leaped $3.22 to close at $24.33.

Last week, StemCells Inc. (Nasdaq: STEM) announced that transplanting its proprietary human neural stem cells into patients with retinal degeneration can prevent the loss of vision.  Shares of the biotechnology company leaped 57 cents to close at $2.01.