December 2008 Archives
The Food and Drug Administration approved Labopharm Inc.'s (Nasdaq: DDSS) once a day extended release pain medication RYZOLT sending shares of the pharmaceutical soaring 47 cents to close at $1.82.
Shares of VeriFone Holdings Inc. (NYSE: PAY) tumbled 69 cents to close at $4.90 after the maker of checkout-line payment terminals and software delayed its annual report filing to make goodwill accounting adjustments due to a decline in business.
American International Group Inc. (NYSE: AIG) asked the Federal Reserve to ease its payment terms on $60 billion in loans while what was once the world's largest insurance company continued to liquidate assets. The stock price eased 4 cents to $1.52.
Wells Fargo & Co. (NYSE: WFC) announced the elimination of 53 positions due to the company's upcoming merger with Wachovia (NYSE: WB). Shares of Wells Fargo gained 97 cents to close at $28.80 while Wachovia stock rose 27 cents to close at $5.73.
Flextronics International Ltd. (Nasdaq: FLEX) announced that it accepted approximately $259,999,000 in aggregate principal amount for its cash tender offer. The stock price climbed 24 cents to close at $2.51.
Apex Silver Mines Ltd. (NYSE: SIL) received a noncompliance notice that may delist the stock due to substantial losses. The stock price plummeted 63 cents to 66 cents.
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Jones Apparel Group Inc. (NYSE: JNY) consolidated and reduced its $1.25 billion lines of credit into a single $600 million line of credit with more flexibility sending the stock price soaring $1.73 to close at $5.62.
Amazon.com Inc. (Nasdaq: AMZN) reported that the 2008 holiday shopping season was the best for the online retailer with over 6.3 million items ordered on its peak day. The stock price added 34 cents to close at $51.78.
Standard & Poor's cited the difficult retail environment for downgrading the credit ratings on Liz Claiborne Inc. (NYSE: LIZ). The stock price plunged 70 cents to close at $2.28.
The Food and Drug Administration approved Epix Pharmaceuticals Inc.'s (Nasdaq: EPIX) magnetic resonance angiography blood vessel imaging agent Vasovist sending the stock price soaring 46 cents to close at $1.66.
Private equity firm Elevation Partners will invest $100 million in Palm Inc. (Nasdaq: PALM) in exchange for Series C preferred stock that is convertible to common stock as well as warrants to purchase 7 million shares of common stock. The stock price rose 48 cents to $2.97.
Shares of General Motors Corp. (NYSE: GM) fell 78 cents to $3.71 on expectations that shareholders will hold little to no equity in the automaker. Analysts focused on the company's inability to pay back loans.
Eagle Bulk Shipping Inc. (Nasdaq: EGLE) will suspend its dividend and slash capital spending by approximately $363 million or 33% sending the stock price plunging $2.34 to $6.59.
Shares of General Motors Corp. (NYSE: GM) climbed 39 cents to $4.05 and Ford Motor Co. (NYSE: F) added 4 cents to $2.88 even as a number of factories began shutting down in order to cut expenses and reduce inventory. The federal government announced a $17.4 billion bailout of the auto industry.
Shares of video game developer and publisher Take-Two Interactive Software Inc. (Nasdaq: TTWO) plummeted $3.16 to close at $8.91 after reporting higher revenues and a wider fourth quarter loss of 20 cents per share compared with a loss of 10 cents per share last year.
Jefferies & Co. analyst Adam Benjamin downgraded Atheros Communications Inc. (Nasdaq: ATHR) after the semiconductor maker lowered its fourth quarter outlook. The stock price plunged $2.81 to close at $13.19.
Conexant Systems Inc. (Nasdaq: CNXT) warned of a first quarter loss due to disappointing demand and slashed its revenue guidance for the first quarter. The semiconductor company also announced the departure of chief financial officer Karen Roscher sending the stock price plunging 53 cents to close at 81 cents.
Lululemon Athletica Inc. (Nasdaq: LULU) reported higher third quarter earnings of 13 cents per share compared with 11 cents per share that topped expecations but warned that fourth quarter as well as full year results will fall short of estimates prompting a downgrade. Shares of the sportswear maker skidded $3.38 to close at $7.08.
Urban Outfitters Inc. (Nasdaq: URBN) reported flat November same store sales and warned that sales will most likely fall prompting analyst to cut their price targets for the lifestyle specialty retailer. The stock price plummeted $3.88 to close at $14.98.
Amylin Pharmaceuticals Inc. (Nasdaq: AMLN) will seek FDA approval for the once a week diabetes drug exenatide LAR the company developed with Eli Lilly & Co. (NYSE: LLY) and Alkermes (Nasdaq: ALKS). Shares of Amylin surged $1.50 to close at $10.05 while Eli Lilly stock rose 61 cents to close at $35.62. Alkermes stock soared $1.24 to close at $9.94.
Emcore Corp. (Nasdaq: EMKR) reported a wider than expected fourth quarter loss of $19.4 million compared with losses of $17.5 million last year despite higher revenue as gross margin tumbled.
Shares of American Italian Pasta Co. (Nasdaq: AIPC) surged $4.70 to $21.25 after the nation's largest pasta maker posted higher fourth quarter revenues and profits that tripled to 36 cents per share from 10 cents per share in the year ago period.
Focus Media Holding Ltd. (NYSE: FMCN) will close its wireless advertising business which will result in a $20 million impairment charge and will also take a $200 million noncash restructuring charge in the fourth quarter for its in-store advertising network. The stock price surged $1.30 to close at $8.54.
Callon Petroleum Co. (NYSE: CPE) announced that production has resumed at most of its Gulf of Mexico facilities after hurricane damage shut down processing sending the stock price soaring 50 cents to close at $2.01.
Fitch lowered its ratings for Host Hotels & Resorts Inc. (NYSE: HST) last week due to sharply lower travel and hotel stays as the economy continues to flounder. The stock price plunged $1.37 to close at $7.15.
Morgan Keegan analyst Chris Pikul downgraded Berry Petroleum Co. (NYSE: BRY) citing falling crude oil prices as well as the company's high debt levels. The stock price plunged $2.09 to close at $6.69.
Shares of mortgage insurer Genworth Financial Inc. (NYSE: GNW) surged 22 cents to close at $1.58 over a possible plan by the Treasury Department to lower interest rates to 4.5%.
Prudential Financial Inc. (NYSE: PRU) will sell its stake in Wachovia Securities to Wells Fargo & Co. (NYSE: WFC) and has applied to participate in the government's capital purchase program. Shares of Prudential leaped $7.35 to close at $28.52 while Wells Fargo stock climbed $2.39 to close at $29.94.
Orexigen Therapeutics Inc. (Nasdaq: OREX) halted mid-stage clinical trials of two experimental weight loss drugs in order to have enough resources to continue late-stage studies. The stock price plummeted $2.41 to $2.99.
Shares of Hartford Financial Services Group Inc. (NYSE: HIG) nearly doubled by surging $6.80 to $14.01 after the insurer raised its current quarter and full-year outlook.
Synopsys Inc. (Nasdaq: SNPS) reported higher revenues and earnings of 32 cents per share compared with 27 cents per share last year despite a weak global economy and reaffirmed its outlook for 2009. Shares of the company that provides software used in semiconductor design and manufacturing soared $1.98 to $17.07.
Marvell Technology Group Ltd. (Nasdaq: MRVL) reversed year ago losses to post a better than expected profit of 11 cents per share compared with a loss of a penny per share last year as revenue rose. Shares of the chip maker leaped $1.04 to close at $6.13.
Palm Inc. (Nasdaq: PALM) warned of sharply lower second quarter revenue and announced job cuts as well as the consolidation of offices in order to trim expenses sending the stock price tumbling 35 cents to $1.67.
Infineon Technologies AG (NYSE: IFX) posted a wider fourth quarter loss and projected losses for 2009. Shares of the semiconductor maker plummeted 75 cents to $1.28.
Shares of BlackBerry maker Research in Motion Ltd. (Nasdaq: RIMM) added 65 cents to $37.97 in early trading even as the company lowered its outlook below analysts' estimates.
Cowen and Co. analyst Laura Champine upgraded Williams-Sonoma Inc. (NYSE: WSM) citing the company's valuation. The stock price has tumbled approximately 66% since September. Shares of the specialty home products retailer surged $1.69 to $7.81.
Biotech company XenoPort Inc. (Nasdaq: XNPT) reported disappointing results for its midstage trial of its reflux disease drug treatment. The stock price plummeted $9.02 to $19.90.
General Electric Co. (NYSE: GE) will unveil reorganization plans for its financial unit GE Capital on Tuesday. Analysts expect the company to lower its 2009 earnings outlook as well. The stock price fell $1.67 to close at $15.50.
Sandler O'Neill analyst Richard Repetto expects a 20% drop in daily average revenue trades from online traders E-Trade (Nasdaq: ETFC) and Charles Schwab Corp. (Nasdaq: SCHW) in November. Shares of E-Trade dropped 26 cents to close at $1.09 while Charles Schwab stock plunged $2.78 to close at $15.55.
One of Citigroup Inc.'s (NYSE: C) funds agreed to take over a Spanish highway operator in a deal valued at $10 billion which includes $6.3 billion in debt. Shares of Citigroup tumbled $1.33 to $6.96.
