March 2009 Archives

ProLogis (NYSE: PLD) subsidiary PLD International Finance announced a cash tender offer to holders of up to EUR175,000,000 Notes.  The stock price surged $1.24 to close at $6.50.

Fifth Third Bancorp (Nasdaq: FITB) made an initial $42.6 million in dividend payments to the Treasury Department sending the stock price soaring 44 cents to close at $2.92.

Shares of General Motors Corp. (NYSE: GM) continued falling by dropping another 31 cents to $2.39 over bankruptcy fears.

Lennar Corp. (NYSE: LEN) blamed the extended housing slump and economic turmoil for widening first quarter losses to 98 cents per share from 56 cents per share in the year ago period.  Shares of the homebuilder tumbled $1.39 to $7.32.

Treasury Secretary Tim Geithner said that some banks will need additional government assistance sending shares of Bank of America (NYSE: BAC) plummeting $1.31 to close at $6.03, Citigroup (NYSE: C) tumbling 31 cents to close at $2.31 and Wells Fargo (NYSE: WFC) falling $2.22 to close at $13.37.

IDC technology researchers expect external disk storage system sales to drop this year.  Shares of EMC (Nasdaq: EMC) slipped 36 cents to close at $11.21, Hewlett-Packard (NYSE: HPQ) dropped $1.21 to close at $32.12 and Dell (Nasdaq: DELL) lost 46 cents to close at $9.49.

Manitowoc Co. Inc. (NYSE: MTW) blamed sluggish demand for forecasting first quarter results that fall far short of estimates, withdrawing its guidance for 2009 and warning that it may be in violation of its debt covenants.  The stock price plummeted $1.54 to close at $3.07.

Arena Pharmaceuticals Inc. (Nasdaq: ARNA) reported late-stage study results for its obesity drug treatment.  However, the weight-loss difference of only 3.6% missed the FDA's draft standard of at least 5%.  The stock price plunged $1.20 to $3.30.

An analyst downgrade Lincoln National Corp. (NYSE: LNC) sending shares of the company that sells insurance and offers wealth management services plummeting $3.93 to $6.44.

Collins Stewart downgraded ON Semiconductor (Nasdaq: ONNN) sending the stock price tumbling 36 cents to close at $4.05.

Shares of CB Richard Ellis Group Inc. (NYSE: CBG) tumbled 76 cents to close at $4.25 over fears that more retail tenants will default on leases.

Accenture Ltd. (NYSE: ACN) reported slightly higher second quarter profits of 63 cents per share compared with 62 cents per share, but the consulting firm lowered its outlook for the year.  Analysts promptly downgraded the stock sending the stock price plummeting $4.13 to $27.78.

As part of his investigation into American International Group's (NYSE: AIG) bonuses, New York Attorney General Andrew Cuomo will subpoena the insurance giant for information related to its complex credit default swaps which the company claimed required certain key employees to unwind.  The stock price fell 10 cents to close at $1.10.

The Chinese government expressed support for solar energy lifting shares of Solarfun Power Holdings Co. Ltd. (NYSE: SOLF) $1.49 to close at $5.06, LDK Solar Co. Ltd. (NYSE: LDK) $1.87 to close at $7.76 and ReneSola Ltd. (NYSE: SOL) $1.07 to close at $3.70.

The American Trucking Association reported a 1.7% increase in freight shipments last month to lift shares of YRC Worldwide Inc. (Nasdaq: YRCW) 83 cents to close at $4.22.

Shares of solar stocks JA Solar Holdings Co. Ltd. (Nasdaq: JASO) surged 84 cents to $3.50, Yingli Green Energy Holding Co. Ltd. (NYSE: YGE) leaped $1.61 to $5.76 and Suntech Power Holdings Co. Ltd. (NYSE: STP) jumped $3.75 to $11.60 after the Chinese government expressed support for solar energy.

Shares of Red Hat Inc. (NYSE: RHT) surged $2.69 to $17.69 after the open source software provider posted fourth quarter profits of 8 cents per share compared with 10 cents per share a year earlier that topped estimates.

Best Buy Co. Inc. (Nasdaq: BBY) posted lower fourth quarter profits of $1.35 per share compared with $1.71 per share in the year ago period, but revenues rose 10% which beat expectations for the world's largest consumer electronics retail chain.  The stock price surged $3.90 to $37.36.

An American International Group Inc. (NYSE: AIG) executive vice president in the Financial Products unit quit his job and wrote a letter to the New York Times expressing his displeasure with the manner in which chief executive Edward Liddy handled the executive bonuses.  Shares of the insurer dropped 19 cents to close at $1.20.

DryShips Inc. (Nasdaq: DRYS) blamed a goodwill impairment charge along with contract termination fees for swinging to a loss for the fourth quarter of $18.42 per share compared with income of $5.35 per share in the year ago period.  Shares of the drybulk carrier tumbled 77 cents to close at $4.75.

An unexpected gain in new home sales last month lifted shares of Beazer Homes USA Inc.(NYSE: BZH) and Hovnanian Enterprises Inc. (NYSE: HOV).  Shares of Beazer Homes climbed 21 cents to $1.26 while Hovnanian stock gained 30 cents to $1.82.

Although Jabil Circuit Inc. (NYSE: JBL) widened second quarter losses to 20 cents per share from 12 cents per share in the year ago period, the results topped analyst estimates sending the stock price soaring $1.35 to $5.16.

Analysts upgraded CB Richard Ellis Group Inc. (NYSE: CBG) after the real estate services firm changed its credit agreements.  The stock price leaped $1.76 to $4.76.

Real estate investment trust ProLogis (Nasdaq: PLD) will pay down debt with over $1.3 billion it has received from the sale of assets.  The stock price dropped $1.00 to close at $5.90.

Seagate Technology (Nasdaq: STX) introduced its BlackArmor portfolio of storage solutions designed for small businesses lifting the stock price 59 cents to close at $5.75.

Rumors swirled that GlaxoSmithKline may be interested in acquiring Allergan Inc. (NYSE: AGN).  Shares of the company surged $5.78 to close at $48.95.

International Paper Co. (NYSE: IP) received $71.6 million from the Internal Revenue Service for an alternative fuel mixture the company used at fifteen of its mills sending the stock price up $1.05 to $9.22.

Shares of Phillips-Van Heusen Corp. (NYSE: PVH) soared $1.99 to $20.22 after an analyst upgraded the company the shoe and clothing maker.

Shares of real estate investment trusts Developers Diversified Realty Corp. (NYSE: DDR) surged 71 cents to close at $2.72 and Colonial Properties Trust (NYSE: CLP) soared $1.28 to close at $5.24 after existing homes sales surprised analysts by climbing 5.1% in Februray. 

The 2008 compensation package for NetApp Inc. (Nasdaq: NTAP) chief executive Daniel J. Warmenhoven dropped 29% from the previous year.  The stock price rose $1.17 to close at $16.01.
 

The banking sector rallied as details of the plan to remove bad assets from the books of troubled banks were revealed.  Shares of Citigroup Inc. (NYSE: C) gained 44 cents to $3.06, Bank of America Corp. (NYSE: BAC) climbed $1.10 to $7.29 and Wells Fargo & Co. (NYSE: WFC) gained $1.89 to $15.88.

Fears that steel exports and iron ore imports by China will plunge this year weighed down shares of DryShips (Nasdaq: DRYS) 83 cents to close at $4.49.

Shares of Frontier Financial Corp. (Nasdaq: FTBK) plunged 58 cents to close at 98 cents and Sterling Financial Corp. (Nasdaq: STSA) tumbled 51 cents to close at $1.64 as investors locked in profits from the recent banking sector rally.

Xerox Corp. (NYSE: XRX) surprised investors and analysts by dramatically lowering the company's outlook due to a slowdown in technology spending.  The stock price tumbled 89 cents to $4.45.

E-Trade Financial Corp. (Nasdaq: ETFC) showed signs of stability as delinquencies in its portfolio of consumer loans declined.  The stock price edged up 2 cents to $1.19.

Citigroup Inc. (NYSE: C) announced that it may execute a reverse stock split sending the stock price tumbling 48 cents to close at $2.60.

The House passed a bill to tax 90% of the bonuses that American International Group Inc. (NYSE: AIG) and other financial firms receiving government assistance paid to employees making over $250,000 a year.  Shares of the insurer rose 24 cents to close at $1.62.

Alcoa Inc. (NYSE: AA), the nation's largest aluminum producer, raised $1.3 billion through a stock and convertible note offering.  The stock price climbed 92 cents to close at $6.40.

Moody's Investors Service downgraded Prudential Financial Inc.'s (NYSE: PRU) senior debt rating two notches citing the insurer's capitalization and lowered profitability.  The stock price plunged $4.42 to $20.50.

Shares of Tenneco Inc. (NYSE: TEN) jumped 71 cents to $2.78 and American Axle & Manufacturing Holdings Inc. (NYSE: AXL) surged 63 cents to $2.18 on news that the government will provide up to $5 billion in financial assistance to auto parts suppliers.

DryShips Inc. (Nasdaq: DRYS) secured a three-year contract valued at approximately $630 million to provide exploratory drilling for Petroleo Brasileiro (NYSE: PBR) in the Black Sea.  Shares of DryShips leaped $1.05 to $5.22 while Petrobas stock climbed $1.69 to $32.70.

Third quarter earnings for General Mills Inc. (NYSE: GIS) tumbled to 85 cents per share from $1.23 per share in the year ago period as expenses rose.  The stock price plummeted $6.03 to close at $47.63.

The Federal Reserve will purchase up to $300 billion in long term government bonds.  Shares of banking stocks Citigroup Inc. (NYSE: C) leaped 57 to close at $3.08, Bank of America Corp. (NYSE: BAC) jumped $1.40 to close at $7.67, Wells Fargo & Co. (NYSE: WFC) surged $2.56 to close at $17.22 and Regions Financial Corp. (NYSE: RF) soared 86 cents to close at $4.95.

Medicis Pharmaceutical Corp. (NYSE: MRX) may face competition for its acne drug after the FDA rejected a petition to block generic copies made by Teva Pharmaceuticals Industries Ltd. (Nasdaq: TEVA).  Shares of Medicis tumbled $1.42 while Teva stock eased 49 cents to $45.17.

Darden Restaurants Inc. (NYSE: DRI) posted lower revenues and earnings, but the results beat expectations.   Analysts promptly upgraded the stock sending the stock price soaring $5.09 to $34.99.

Shares of Sun Microsystems Inc. (Nasdaq: JAVA) soared $4.01 to $8.98 on a Wall Street Journal report that it was talks with International Business Machines (NYSE: IBM) to be acquired for at least $6.5 billion in cash.  IBM stock fell $2.12 to $90.79.

Time Warner Cable Inc. (NYSE: TWC) will replace AOL chairman and chief executive Randy Falco with well-regarded Google executive Tim Armstrong.  The stock price rocketed $17.04 to $25.37.

Citigroup Inc. (NYSE: C) announced that it may not need additional government bailout funds lifting the stock price 12 cents to $1.79.  Shares of Bank of America Corp. (NYSE: BAC)joined the rally in the banking sector by adding 7 cents to $5.93. 

Gilead Sciences Inc. (Nasdaq: GILD) will pay approximately $1.4 billion to acquire CV Therapeutics (Nasdaq: CVTX).  Shares of Gilead slipped 74 cents to $43.30 while CV Therapeutics stock leaped $4.55 to $20.55.

Genentech Inc. (NYSE: DNA) accepted a $95 a share offer from Swiss pharmaceutical giant Roche in a $46.8 billion deal.  The stock price climbed $1.86 to $94.03.

Shares of pharmacy benefits manager McKesson Corp. (NYSE: MCK) plummeted $7.15 to close at $34.77 over fears that major client Rite Aid may default on its loans.

Microsoft Corp. (Nasdaq: MSFT) will create a central market place similar to Apple Inc.'s (Nasdaq: AAPL) iPhone App Store to sell applications for cell phones and vowed to maintain open communications with developers.  Shares of Microsoft rose 63 cents to close at $17.11 while Apple stock soared $4.05 to close at $92.68.

Apple Inc. (Nasdaq: AAPL) introduced a new, smaller iPod Shuffle with four times the memory plus a VoiceOver feature that announces song titles and artists sending the stock price soaring $4.32 to $92.95.

Ford Motor Co. (NYSE: F) announced that its agreement with the United Auto Workers union will yield annual savings of $500 million.  The stock price gained 14 cents to $1.99.

JetBlue Airways Corp. (Nasdaq: JBLU) announced intentions to form additional international partners prompting an analyst upgrade.  Shares of the airliner rose 41 cents to $3.86.

Shares of Fifth Third Bancorp (Nasdaq: FITB) soared 26 cents to close at $1.65 and Huntington Bancshares Inc. (Nasdaq: HBAN) surged 26 cents to close at $1.34 after Citigroup said it was profitable for the first two months of the year.

Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM) lifted its outlook for the first quarter sending the stock price up 61 cents to close at $8.35.

Global Finance ranked U. S. Bancorp (NYSE: USB) as the second safest bank in the U. S. and the 26th safest worldwide.  The stock price surged $1.37 to close at $10.19.

President Barack Obama lifted restrictions on federal funding of stem cell research to send shares of StemCells Inc. (Nasdaq: STEM) soaring 60 cents to close at $1.98 and Geron Corp. (Nasdaq: GERN) leaping 64 cents to close at $4.51.

Bank of America Corp. (NYSE: BAC) is withdrawing job offers made to some graduates of business schools lifting the stock price 61 cents to close at $3.75.

Schering-Plough Corp. (NYSE: SGP) received a $41 billion stock and cash offer from Merck & Co. (NYSE: MRK).  Shares of Schering-Plough leaped $2.56 to $20.19 while Merck stock tumbled $2.26 to $20.48.

Roche increased its hostile tender offer for Genentech Inc. (NYSE: DNA) to $93 per share after its initial bid of $86.50 failed to generate shareholder interest.  The stock price surged $9.22 to close at $90.86.

Shares of Apple Inc. (Nasdaq: AAPL) tumbled $3.54 to close at $85.30 after an analyst downgraded the computer and technology device company.

Wells Fargo & Co. (NYSE: WFC) slashed its dividend in order to save $5 billion a year.  The stock price rose 49 cents to close at $8.61.

AnnTaylor Stores Corp. (NYSE: ANN) reported a wider than expected loss for the fourth quarter of $6.66 per share compared with a loss of 11 cents per share last year and announced additional store closures.  Shares of the women's apparel retailer plummeted $1.66 to $3.88.

Communications service provider FairPoint Communications Inc. (NYSE: FRP) posted a fourth quarter loss of 85 cents per share and suspended its dividend.  The stock price slumped 77 cents to 83 cents.

TriNet Group will take Gevity HR Inc. (Nasdaq: GVHR) private in an all cash deal valued at approximately $98 million.  Shares of the human resources outsourcing provider leaped $1.73 to $3.76.

Same store sales for Family Dollar Stores Inc. (NYSE: FDO) surged 6.4% to top estimates prompting the discount retailer to lift its second quarter guidance.  The stock price soared $3.64 to $30.90.

The cost of protecting debt held by General Electric Capital Corp (NYSE: GE) against default rose to record 20%.  The stock of its parent company promptly tumbled 60 cents to a mulit-decade low of $6.39.

Moody's Investors Service and Fitch Ratings both downgraded American Capital Ltd.'s (Nasdaq: ACAS) credit ratings after the company widened fourth quarter losses sending the stock price tumbling 32 cents to 87 cents.

Falling oil prices weighed down shares of Exxon Mobil Corp. (NYSE: XOM) $2.99 to close at $64.91.

Bargain hunters lifted shares of Synta Pharmaceucticals Corp. (Nasdaq: SNTA) $1.19 to close at $2.55.  The stock price collapsed last week after the company suspended a late stage clinical trial of its cancer treatment elesclomol due to safety concerns

Robert W. Baird downgraded Woodward Governor Co. (Nasdaq: WGOV) after the company lowered its 2009 guidance sending the stock price plummeting $5.67 to close at $11.55.

Conseco Inc. (NYSE: CNO) widened fourth quarter losses to $2.20 per share from 38 cents per share in the year ago period and delayed the filing of its annual report.  Shares of the insurer plummeted 70 cents to close at 51 cents.

The U. S. Supreme Court refused to review lawsuits filed by military personnel and Vietnamese nationals against Dow Chemical Co. (NYSE: DOW) and other chemical companies over the use of Agent Orange in the Vietnam War.  The stock price slipped 22 cents to close at $6.94.