July 2009 Archives
Moody's Investors Service placed Las Vegas Sands Corp.'s (NYSE: LVS) ratings on review for a possible downgrade. Shares of the casino operator dropped $1.80 to close at $9.35.
Level 3 Communications Inc. (Nasdaq: LVLT) widened second quarter losses to 8 cents per share from 3 cents per share last year and cut its 2009 guidance. The stock price lost 19 cents to close at $1.23.
Merriman downgraded Ariad Pharmaceuticals Inc. (Nasdaq: ARIA) after the company widened second quarter losses. The stock price tumbled 52 cents to $1.81.
Synaptics Inc. (Nasdaq: SYNA) reported higher fourth quarter earnings of 36 cents per share compared with 7 cents per share in the year ago period as sales rose but the company forecast first quarter revenue that fell short of estimates prompting downgrades. The stock price plummeted $10.24 to $25.61.
The Food and Drug Administration approved the design of Anadys Pharmaceuticals Inc.'s (Nasdaq: ANDS) hepatitis C medication ANA598 drug trial sending the stock price soaring $1.11 to $2.91.
Omnicare Inc. (NYSE: OCR) reported lower second quarter earnings of 24 cents per share compared with 28 cents per share a year earlier and trimmed its full year outlook. The stock price plunged $3.76 to close at $23.47.
Hartford Financial Services Group Inc. (NYSE: HIG) swung to a second quarter loss of 6 cents per share compared with earnings of $1.73 per share due to investment losses and a drop in premiums but the results were not as bad as analysts expected. Shares of the insurer climbed $2.03 to close at $16.99.
Shares of American Superconductor Corp. (Nasdaq: AMSC) soared $5.85 to close at $32.13 after the company posted profits that surpassed estimates and raised its guidance for 2009.
Level 3 Communications Inc. (Nasdaq: LVLT) widened second quarter losses to 8 cents per share from 3 cents per share a year earlier as sales dropped to fall short of estimates. The stock price fell 22 cents to $1.40.
Akamai Technologies Inc. (Nasdaq: AKAM) blamed pricing pressure for second quarter earnings that fell short of expectations. The company also forecast third quarter revenue below estimates prompting downgrades to send the stock price plummeting $4.25 to $16.15.
Symantec Corp. (Nasdaq: SYMC) reported a decline in revenues and earnings that disappointed investors by falling to 9 cents per share from 20 cents per share last year. The stock price tumbled $2.06 to $15.18.
BorgWarner Inc. (NYSE: BWA) blamed restructuring charges for posting a loss of 31 cents per share for the second quarter compared with a loss of 74 in the year ago period. Shares of the auto parts maker plummeted $3.09 to close at $32.48.
New York Community Bancorp Inc. (NYSE: NYB) reversed year ago losses to post a profit of 16 cents per share but the savings and loan announced that it will issue common shares. The stock price tumbled $1.63 to $10.20.
Conseco Inc. (NYSE: CNO) announced that it expects to report a second quarter profit as investment losses shrink sending the stock price soaring 81 cents to $2.71.
Sprint Nextel Corp. (NYSE: S) posted a wider than expected loss of 13 cents per share compared with a loss of 12 cents per share in the year ago period as revenues and its subscriber base continued to shrink. Shares of the nation's third largest wireless provider fell 53 cents to $4.06.
Textron Inc. (NYSE: TXT) posted a second quarter loss of 22 cents per share compared with income of $1.01 per share last year that was narrower than expected and said that the jet market is expected to improve. The stock price soared $1.96 to close at $13.11.
Second quarter earnings for Interpublic Group of Companies Inc. (NYSE: IPG) plummeted to 4 cents per share from 17 cents per share a year earlier due to the global recession. The stock price tumbled 78 cents to close at $5.41.
Ariad Pharmaceuticals Inc. (Nasdaq: ARIA) reported positive mid-stage test results for its breast cancer drug ridaforolimus sending the stock price soaring 46 cents to $2.91.
Office Depot Inc. (NYSE: ODP) widened second quarter losses by a larger than expected 31 cents per share from a loss of a penny per share in the year ago period as sales plunged amidst the slumping economy. Shares of the office supplies retailer tumbled 98 cents to $4.37.
Gannett Co. Inc. (NYSE: GCI) will launch the e-Edition of USA Today which will contain exclusive as well as interactive content in addition to content from its paper edition. Shares of the news and information company climbed 72 cents to close at $6.52.
While Cott Corp. (NYSE: COT) swung to a second quarter profit of 48 cents per share compared with a loss of 3 cents per share in the year ago period, revenue fell and the private label soft drink maker warned that profit growth may be pressured by strong competition amidst the global recession. The stock price plummeted $2.08 to close at $5.65.
The Pittsburgh Post-Gazette reported that Mylan Inc. (Nasdaq: MYL) staff violated government quality control measures at its Morgantown, West Virginia manufacturing plant. Shares of the generic drug maker plunged $1.64 to $12.21.
Shares of Novavax Inc. (Nasdaq: NVAX) soared 71 cents to $4.21 on expectations that swine vaccines will be approved before safety data and efficacy results are reviewed.
Shares of Acadia Pharmaceuticals Inc. (Nasdaq: ACAD) rallied for a second day by soaring $1.24 to $4.65 after the company announced positive late-stage trial results for its Parkinson's disease treatment.
Con-way Inc. (NYSE: CNW) reported second quarter earnings that beat expectations prompting an upgrade. The stock price surged $5.29 to close at $41.26.
LDK Solar Co. Ltd. (NYSE: LDK) lifted its revenue and shipment outlooks for the second quarter sending the stock price up $1.51 to close at $11.81.
Second quarter earnings for MEMC Electronic Materials Inc. (NYSE: WFR) plummeted to 3 cents per share from 76 cents per share in the year ago period as sales plunged due to the sluggish economy. The stock price tumbled $2.09 to $18.77.
Riverbed Technology Inc. (Nasdaq: RVBD) narrowed second quarter losses but the results still fell short of estimates sending the stock price plummeted $5.05 to $20.42.
US Airways Group Inc. (NYSE: LCC) swung to a profit for the second quarter of 42 cents per share compared with a loss of $6.17 per share last year. Shares of the airliner climbed 40 cents to $2.70.
Although second quarter earnings rose for Safeway Inc. (NYSE: SWY) to 57 cents per share from 53 cents per share last year, the grocery chain lowered its full year forecast as sales slipped. The stock price dropped $1.59 to close at $18.35.
While SanDisk Corp. (NYSE: SNDK) swung to a second quarter profit of 23 cents per share compared with a loss of 33 cents per share last year, the memory chip maker forecast third quarter revenue that fell short of expectations. An analyst downgraded the company sending the stock price plunging $2.03 to $16.96.
Cell Therapeutics Inc. (Nasdaq: CTIC) plans to offer approximately 29.3 million common shares sending the stock price tumbling 20 cents to $1.43.
Medarex Inc. (Nasdaq: MEDX) will be acquired by Bristol-Myers Squibb Co. (NYSE: BMY) in an all cash $2.1 billion deal. Shares of Medarex leaped $7.46 to $15.86 while Bristol-Myers stock edged up 61 cents to $20.90.
Although second quarter earnings for St. Jude Medical Inc. (Nasdaq: STJ) rose to 63 cents per share from 55 cents per share a year earlier, revenue dropped to fall short of estimates as sales of implantable cardioverter defibrillators slipped. Shares of the medical device maker tumbled $3.52 to close at $36.08.
Allegheny Technologies Inc. (NYSE: ATI) swung to a second quarter loss of 14 cents per share compared with income of $1.66 per share in the year ago period as revenue dropped to fall below expectations. The stock price plummeted $6.29 to close at $28.50.
Shares of Advanced Micro Devices Inc. (NYSE: AMD) lost ground after the chip maker posted a narrower loss of 49 cents per share compared with $1.97 per share last year that missed expectations. The stock price fell 53 cents to $3.55.
Lockheed Martin Corp. (NYSE: LMT) blamed significant pension expenses for sharply lower second quarter earnings of $1.88 per share compared with $2.15 per share last year. The stock price plummeted $6.98 to close at $75.13.
The Chinese government launched its Golden Sun program to provide subsidies for solar projects. Shares of Yingli Green Energy Holding Co. Ltd. (NYSE: YGE) soared $1.58 to close at $12.98, Trina Solar (NYSE: TSL) climbed $2.55 to close at $28.95 and Suntech Power Holdings Co. Ltd. (NYSE: STP) gained $1.61 to close at $17.80.
Analysts upgraded Human Genome Sciences Inc. (Nasdaq: HGSI) after the company reported surprisingly upbeat late stage drug trial results for its lupus treatment. The stock price climbed $1.33 to close at $13.84.
Regions Financial Corp. (NYSE: RF) blamed hefty loan loss provisions for swinging to a wider than expected second quarter loss of 28 cents per share compared with income of 30 cents per share a year earlier.
Printer and copier maker Lexmark International Inc. (NYSE: LXK) reported sharply lower profits of 22 cents per share compared with 89 cents per share in the year ago period. The company revised its third quarter outlook due to sluggish consumer demand sending the stock price plummeting $3.86 to $14.91.
Fox-Pitt Kelton analyst Andrew Marquardt cut his rating on Bank of America (NYSE: BAC) sending shares of the bank down 65 cents to close at $12.24.
Harman International Industries Inc. (NYSE: HAR) denied rumors that it received a buyout offer sending the stock price plunging $4.32 to close at $20.86.
Deutsche Bank analyst Brian Modoff expects Apple's (Nasdaq: AAPL) iPhone and Research in Motion's (NYSE: RIMM) Blackberry to grow from 3% of the global cellphone market to 5% while global operating profits will increase from 35% to 58% of profits. Shares of Apple rose $1.16 to close at $152.91 while Research in Motion stock climbed $2.54 to close at $74.97.
Shares of Human Genome Sciences Inc. (Nasdaq: HGSI) leaped $6.96 to $10.28 after the drug maker reported positive results for its lupus drug treatment. The company has partnered with GlaxoSmithKline plc (NYSE: GSK) to develop and market the product. Shares of GlaxoSmithKline climbed $1.18 to $37.54.
Rochdale Securities analyst Richard Bove slashed his full year earnings outlook for 2009 through 2011 for Citigroup Inc. (NYSE: C) sending the stock price down 19 cents to $2.83.
Bloomberg News reported that Las Vegas Sands Corp. (NYSE: LVS) will launch an initial public offering in Hong Kong next month for its Macau casinos. Shares of the casino operator soared $1.48 to $10.07.
BioCryst Pharmaceuticals Inc. (Nasdaq: BCRX) reported promising results from its experimental flu treatment peramivir sending the stock price soaring $1.73 to close at $5.95.
UnitedHealth Group Inc (NYSE: UNH) entered negotiations to acquire Health Net's (NYSE: HNT) operations in the Northeast. Shares of UnitedHealth eased 16 cents to close at $25.09 while Health Net stock rose $1.09 to close at $13.47.
General Electric Co. (NYSE: GE) posted lower profits due to eroding performance at its finance and industrial goods units sending the stock price down 75 cents to $11.65.
Bank of America Corp. (NYSE: BAC) reported a sizable quarterly profit, but warned of continued weakness in its credit portfolio. The stock price eased 29 cents to $12.88.
Marshall & Ilsley Corp. (NYSE: MI) posted a smaller loss than expected as the financial services company wrote down problem credit issues. But the stock price fell 68 cents to $4.60.
Although MGIC Investment Corp. (NYSE: MTG) widened second quarter losses to $2.74 cents per share from 81 cents per share in the year ago period, revenue rose to top estimates. Shares of the mortgage insurer soared 76 cents to close at $4.70.
Analysts expect Human Genome Sciences Inc. (Nasdaq: HGSI) to report disappointing results from its lupus drug trial on Monday but speculators sent the stock price soaring 60 cents to close at $3.35.
The Estrado de S. Paulo newspaper reported that Brazilian iron ore miner Vale (NYSE: VALE) may be interested in acquiring Mosaic Co. (NYSE: MOS). Shares of Mosaic surged $4.86 to $49.41 while Vale stock eased 40 cents to $17.67.
Nokia Corp. (NYSE: NOK) posted a sharp drop in earnings due to falling sales and tough competition from Apple Inc. (Nasdaq: AAPL) and Research in Motion Ltd. (Nasdaq: RIMM). Shares of Nokia tumbled $2.28 to $13.40. Apple stock edged up 20 cents to $147.08 while Research in Motion stock rose $1.14 to $71.29.
American Express Co. (NYSE: AXP) reported lower credit card defaults in June and said that business will improve in the second half of the year. The stock price soared $2.76 to close at $27.22.
Shares of JPMorgan Chase & Co. (NYSE: JPM) rose $1.56 to close at $36.26 ahead of its earnings release tomorrow.
Citigroup initiated coverage of Cisco Systems Inc. (Nasdaq: CSCO) and Juniper Networks (Nasdaq: JNPR) with Buy ratings. Shares of Cisco climbed $1.08 to close at $19.81 while Juniper Networks stock gained $1.77 to close at $25.19.
Bank of America upgraded Alcatel-Lucent (NYSE: ALU) lifting the stock price up 30 cents to $2.46.
Gannett Co. Inc. (NYSE: GCI) posted lower revenues, but managed to eke out a profit. Investors were surprised by the results in an industry that had been buffeted by reduced newspaper readership. The stock price soared 94 cents to $4.43.
Shares of Take-Two Interactive Software Inc. (Nasdaq: TTWO) fell 88 cents to close at $8.10 after the video game maker lowered its outlook due to slowing consumer demand and the delayed release of BioShock 2 until next year.
Dell Inc. (Nasdaq: DELL) warned that while business is expected to improve next year, margins will continue to be pressured. The stock price fell 99 cents to $12.03.
The Pentagon decided not to renew its military health care contracts with Humana Inc. (NYSE: HUM) and Health Net (NYSE: HNT). The contracts would go to Aetna Inc. (NYSE: AET) and UnitedHealth Group (NYSE: UNH) instead. Shares of Humana tumbled $2.34 to $28.25 while Health Net stock dropped $1.96 to $12.17. Aetna stock eased 16 cents to $26.17 while UnitedHealth shares slipped 27 cents to $24.74.
Noven Pharmaceuticals Inc. (Nasdaq: NOVN) received a $428 million cash offer from Japan-based Hisamitsu Pharmaceutical. The stock price surged $2.97 to $16.45.
Fidelity increased its stake in Starbucks Corp. (Nasdaq: SBUX) from 4.1% to over 10%. The stock price rose 60 cents to close at $14.05.
Analysts expect solid earnings from banks. Shares of Fifth Third Bancorp (Nasdaq: FITB) climbed 62 cents to $7.16 and J.P. Morgan (NYSE: JPM) soared $2.37 to close at $34.71.
Shares of CardioNet Inc. (Nasdaq: BEAT) plunged $3.00 to $5.83 after the company revealed that Medicare will lower reimbursement rates for its heart monitor devices.
Shares of CIT Group Inc. (NYSE: CIT) fell 13 cents to $1.40 on word that it may file for bankruptcy if the commercial lender is unable to shore up its balance sheet.
Shares of Goldman Sachs Group Inc. (NYSE: GS) rose $7.87 to $149.74 ahead of Tuesday's earnings report.
Shares of 3Com Corp. (Nasdaq: COMS) continued to fall by dropping 45 cents to close at $3.85 after forecasting disappointing first quarter results.
YRC Worldwide Inc. (Nasdaq: YRCW) and the Teamsters Union announced a tentative agreement but analysts say more is needed for the transportation services company to remain solvent sending the stock priced down 18 cents to close at $1.31.
Goldman Sachs analyst David C. Bailey upgraded Seagate Technology (Nasdaq: STX) to a Buy rating saying that IT spending will increase next year. The stock price rose 47 cents to close at $10.00.
Reports that a Russian company agreed to provide Indian clients with potash at nearly one third less than the going rate sent shares of Potash Corp. of Saskatchewan Inc. (NYSE: POT) tumbling $7.86 to $85.65.
American International Group Inc. (NYSE: AIG) is scheduled to pay $2.4 million in bonuses delayed from 2008 and is seeking government approval of the payments in order to avoid outcry from the public. Shares of the insurer surged $2.01 to $11.49.
Investors worried that the federal government may not guarantee CIT Group's (NYSE: CIT) bond offering. The stock price plunged 44 cents to $1.42.
Kennametal Inc. (NYSE: KMT) will raise funds to pay down debt through the offering of 6.5 million shares of common stock. The stock price dropped $1.40 to close at $15.75.
Saks Inc. (NYSE: SKS) disappointed with a 4.4% drop in same store sales for June. Shares of the luxury retailer fell 46 cents to close at $4.29.
Rigel Pharmaceuticals Inc. (Nasdaq: RIGL) reported positive results for its rheumatoid arthritis drug candidate sending the stock price soaring $1.92 to close at $13.16.
Citigroup analyst Joshua Shanker issued a client note saying that American International Group Inc. (NYSE: AIG) stock may drop to zero due to additional credit default swap losses. Shares of the troubled insurer plunged $2.58 to $10.52.
Shares of Las Vegas Sands Corp. (NYSE: LVS) rose 70 cents to $7.35 after the Nevada Gaming Control Board reported a smaller than expected drop in gaming revenue for May. The casino operator also affirmed the opening of its Singapore resort in early 2010.
Regulators may be considering limits on commodities trading which would hinder growth prospects for IntercontinentalExchange Inc. (NYSE: ICE). The stock price plunged $12.83 to close at $85.20.
Family Dollar Stores Inc. (NYSE: FDO) posted third quarter profits that climbed to 62 cents per share from 46 cents per share last year to beat expectations. The stock price soared $2.52 to $30.27.
Private equity firm Symphony Technology Group offered $360 million in cash to buy MSC Software Corp. (Nasdaq: MSCS), a software testing company. MSC stock climbed 74 cents to $7.49.
Amgen Inc. (Nasdaq: AMGN) announced reaching a goal for a bone drug treatment for breast cancer patients sending the stock price soaring $8.22 to $60.45.
YRC Worldwide Inc. (Nasdaq: YRCW) will resume negotiations with the Teamsters tomorrow. Shares of the transportation services company plunged 36 cents to close at $1.24.
Cigna Corp. (NYSE: CI) announced that its customer service centers will be staffed 24 hours a day, seven days a week to handle inquiries about its medical, dental and pharmacy benefits beginning on July 24 lifting the stock price $1.77 to close at $25.24.
Discover Financial Services (NYSE: DFS) raised $500 million in an offering of new shares sending the stock price down $1.13 to close at $9.37.
Jazz Pharmaceuticals Inc. (Nasdaq: JAZZ) made interest payments to senior secured notes holders and raised $7 million through a private placement lifting the stock price 68 cents to $4.31.
Investors remained concerned about the future of American Axle & Manufacturing Holdings Inc. (NYSE: AXL) after its peers in the automotive parts industry filed for bankruptcy. The stock price plunged 52 cents to $2.32.
Hansen Medical Inc. (Nasdaq: HNSN), a medical robotics company, offered lowered guidance for the quarter. An analyst promptly downgraded the stock sending shares plummeting $1.60 to $3.13.
Falling drybulk shipping rates weighed down shares of DryShips Inc. (Nasdaq: DRYS) 42 cents to close at $5.02.
Shares of CIT Group Inc. (NYSE: CIT) fell 23 cents to close at $1.76 after Kainos Partners, which operates 56 Dunkin' Donuts franchises, filed for bankruptcy. Kainos owes CIT approximately $25 million.
KeyBanc analyst Steve Barger upgraded Oshkosh Corp. (NYSE: OSK) after the company landed a $1.06 billion Pentagon contract. The stock price climbed $1.55 to close at $21.48.
Bloomberg.com reported that Bank of America Corp.'s (NYSE: BAC) bad loans will increase 10% in the second quarter to approximately $7.6 billion. The stock price slipped 51 cents to $12.13.
In a protracted bidding war among data storage companies, EMC Corp. (NYSE: EMC) raised its offer for Data Domain Inc. (Nasdaq: DDUP) to $33.50 a share over that made by rival NetApp Inc. (Nasdaq: NTAP). Shares of EMC edged up 5 cents to $12.83 while Data Domain stock added 81 cents to $34.01. NetApp stock lost 43 cents to $18.53.
Shares of Spectrum Pharmaceuticals Inc. (Nasdaq: SPPI) tumbled $1.06 to $5.44 after the FDA asked for more data about the company's blood cancer drug candidate.
The FDA stopped sleep aid drug trials aimed at children. Shares of Sepracor Inc. (Nasdaq: SEPR) fell $3.22 to close at $14.67.
A federal appeals court allowed subscribers to Dish Network Corp. (Nasdaq: DISH) to continue using digital recording technology that TiVo (Nasdaq: TIVO) is challenging. Shares of Dish lost 38 cents to close at $16.10 while TiVo stock dropped $1.68 to close at $9.09.
Illumina Inc. (Nasdaq: ILMN) lowered its outlook due to reduced demand for its genetic testing services. The stock price tumbled $4.68 to close at $33.46.
Discovery Laboratories Inc. (Nasdaq: DSCO) warned that the Food and Drug Administration most likely will not approve its lung medication surfaxin prompting a downgrade. The stock price plummeted 53 cents to 52 cents.
An analyst upgraded Evergreen Solar Inc. (Nasdaq: ESLR) lifting the stock price 27 cents to $2.42.
Shares of LogMeIn Inc. (Nasdaq: LOGM) surged $4.02 to close at $20.02 on its first day of trading.
Unisys Corp. (NYSE: UIS) commenced private exchange offers and consent solicitations for senior notes. The stock price soared 36 cents to close at $1.87.
Oshkosh Corporation (NYSE: OSK) completed the sale of its Netherlands-based commercial vehicles unit to a private equity firm lifting the stock price $3.89 to close at $18.43.
Shares of wireless heart monitor maker CardioNet Inc. (Nasdaq: BEAT) skidded $6.49 to $9.83 after the company lowered its revenue and profit outlook for the year.
Myriad Genetics Inc. (Nasdaq: MYGN) warned that 2009 revenue from its molecular diagnostics unit will fall short. Analysts downgraded the company sending the stock price plunging $9.53 to $26.12.
